Michael Saylor confirms pause in accumulation as Bitcoin spot ETFs face outflows
Michael Saylor, co-founder and chairman of Strategy, announced that the Bitcoin treasury company skipped accumulation this week and purchased bonds instead. “This week we bought bonds, not bitcoin,” Saylor said.
The move marks a tactical shift for Strategy, which has been accumulating Bitcoin since 2020. Last Monday, the company announced a 24,869 BTC acquisition for $2.01 billion, bringing its total holdings to 843,738 BTC. That purchase valued Strategy’s cost basis at $75,701 per token, positioning the company at a 2.6% profit on current holdings at spot price.
Strategy’s decision to redirect capital toward bonds comes as Bitcoin spot ETFs have experienced negative netflows over the last two weeks, a reversal from six weeks of inflows. Bitcoin itself briefly dipped under $75,000 during the weekend before surging back to $77,400.
The bond purchase decision follows Strategy’s recent filing to repurchase $1.5 billion of convertible senior notes due in 2029. Source did not specify the exact bonds purchased, their terms, or whether the shift to bonds signals a temporary tactical pause or a broader strategic change.
Saylor, who regularly posts Sunday updates with portfolio tracker images and hints at Monday purchase announcements, described the current environment with a cryptic reference: “The ₿itVac is charging.”
Strategy’s holdings have shown volatility. The company was underwater between February and April before recent profitability. The latest bond purchase represents the first week since last Monday’s mega-acquisition that Strategy has not deployed capital into Bitcoin.
Source did not confirm whether Strategy will resume Bitcoin accumulation or provide a timeline for future purchases.
