Ignore the noise, says Michael Thaler, executive chairman of Strategy (MSTR).
Bitcoin available BTC$96,318.31 Saylor said in an appearance on CNBC on Friday morning that Strategy’s stock price continues to plummet and the company remains committed to its BTC accumulation strategy.
“We are purchasing Bitcoin. We will report on our next purchase on Monday morning,” Saylor said, adding that the company is “accelerating its purchases,” suggesting recent activity on its wallets indicates aggressive accumulation.
The statement follows speculation online that the strategy was selling Bitcoin after both Bitcoin and MSTR fell early on Friday. The rumor was sparked by on-chain data showing that BTC was being moved from wallets controlled by the company.
Shortly after appearing on CNBC, Saylor told X that there was “no truth to this rumor.”
Regarding Bitcoin’s crash and what’s next, Saylor, as usual, pointed out that Bitcoin was stuck in the $55,000 to $65,000 range just over a year ago, and advised frightened investors to exit. Even after the recent selloff, Bitcoin at $95,000 today still represents a pretty strong return.
“We have built a pretty strong base of support around here,” Saylor said, adding that there is a good chance Bitcoin will rise from this level.
MSTR fell 4% early Friday to below $200 and is now down nearly 35% year-to-date. Although Bitcoin has fallen from its worst levels, it is still up 5.8% in the past 24 hours to $96,200.
Read more: Strategy falls to weakest level in 13 months, but still trades at a premium to Bitcoin holdings
For investors, the rumors were not far-fetched. Strategy currently holds over 641,000 BTC (worth about $22.5 billion), but its market capitalization is less than that value. Due to this gap, MSTR’s market book value (mNAV) has fallen below 1, an indicator that the stock may be undervalued. With that in mind, it might seem logical to sell Bitcoin to stabilize the company.
