Michael Saylor, the executive chairman of Strategy and corporate America’s most relentless Bitcoin bull, has dropped his favorite cryptic hint: "Back to Orange."
In the lore of MicroStrategy’s treasury reserve strategy, an orange dot represents a confirmed Bitcoin purchase execution.
The visual comes from the company's public portfolio tracker, where every single tranche of Bitcoin acquired by the firm is plotted as a discrete orange point.
The reveal typically happens on Monday morning before the market opens.
MicroStrategy files a Form 8-K with the SEC or issues a press release confirming the acquisition.
The next batch of dots has been bought but not yet plotted.
Large purchase, little impact
As reported by U.Today, Strategy recently skipped a Bitcoin purchase, disappointing the jaded market.
Prior to this, however, it announced several mammoth BTC buys that still failed to lift the price.
Even if Saylor does announce a significant Bitcoin purchase, it is unlikely to move the market. A $1 billion buy spread over a week represents a small fraction of total turnover. It is significant, but often not enough to reverse a broader macro trend if the rest of the important players are selling.
Large portions of these trades happen over-the-counter (OTC). This volume doesn't immediately hit the "spot" price you see on exchanges.
Giustra's anti-MSTR prediction
In a recent social media post, Canadian billionaire Frank Giustra has suggested that MicroStrategy might be forced to "unwind" its Bitcoin stack to pay back its loans.
"It may or may not happen, but if it does, it will cause a real sell-off in Bitcoin," he said.
