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    Saturday, November 15
    Ethereum

    ‘We are Buying’ — Michael Saylor Denies Reports of Strategy Dumping BTC

    KryptonewsBy No Comments2 Mins Read

    Michael Saylor, executive chair of Strategy, denied reports that the company was offloading some of its Bitcoin amid a flash crash in the cryptocurrency’s price.

    In a Friday X post, Saylor said that there was “no truth” to a report claiming that Strategy reduced its overall Bitcoin (BTC) holdings by about 47,000 BTC, or $4.6 billion at the time of publication. Saylor said the company was continuing to buy Bitcoin as the price dropped by more than 4% in less than 24 hours, from more than $100,000 to less than $95,000.

    “I think the volatility comes with the territory,” said Saylor in a Friday CNBC interview. “If you’re going to be a Bitcoin investor, you need a four-year time horizon and you need to be prepared to handle the volatility in this market.”

    Source: Michael Saylor

    Although Strategy remains the company with the largest Bitcoin treasury — about 640,000 BTC — it has seen its dominance decline as others enter the market. Cryptocurrency exchanges like Coinbase and Metaplanet, a BTC treasury company, outpurchased Strategy on Bitcoin in October. 

    Related: Bitcoin ETFs bleed $866M in second-worst day on record, but some analysts still bullish

    The share price of Strategy’s MSTR stock on Nasdaq has also declined. The exchange showed the price had fallen to $205.38 at the time of publication — a drop of more than 17% in the previous five days.

    The US government shutdown ended, but no significant BTC surge?

    Although the end of a 43-day US government shutdown this week resulted in a short-term rally for many stocks, the long-term impact on Bitcoin, if any, remains to be seen.

    The price surged to more than $106,000 on Sunday amid growing optimism that US lawmakers would soon reach a funding deal. BTC similarly surged on Wednesday following the House of Representatives passing a continuing resolution to fund the government and US President Donald Trump signing the bill into law.

    However, according to data from Nansen, when the government reopened on Thursday, the BTC price dropped below $100,000.