The orange man did it again today being Sunday, and if you have been following long enough you know exactly what today's tweet post means without him having to say it anything more. Michael Saylor posted his chart, one that has become a ritual for Bitcoin Twitter, and gave it just four words caption: "More orange than ever" and suddenly knew what to look forward to.
The chart has nothing on it except for the orange dots on black, a dot equals a memory of a buy, a buy equals a time when everybody else was scared and he wasn't. And this pattern has been holding for years, and whenever he posted it, people would count them and get ready to count them again, because every cluster of orange always meant the same thing – Strategy is buying again and he's going to announce it tomorrow.
The last confirm story was written just weeks ago, in the filing covering the week of September 21-27 when the filing listed 1,665 coins at an average of $85,681which is nearly what Bitcoin has been trading at recently ($85,250). One purchase alone was valued at $142.7 million and brought the total in the treasury to 847,666 BTC.
It's hard to understand what 847,666 Bitcoin actually means until you put it in perspective. This is over 4% of the total Bitcoin supply that would ever exist, and they got it at an average price of $75,442 for a total cost of $63.95 billion. Today that pile is worth $72.2 billion, leaving more than $8.25 billion in unrealized profits and yet the company still trades at a 14% premium to its net asset value.
He pays for this in a manner that wouldn't have made sense five years ago and still seems weird to this day by offering instrument with symbols STRC, STRD, STRF and STRK that have already brought in 12.68 billion in proceeds paying from nine to 13 percent. There are an additional 18.84 billion worth of MSTR shares remaining available to be issued which means the stock-forking device has plenty of fuel left in it and there's been no indication that he plans to stop feeding it.
So, when he braggs "more orange than ever," he is not showing off the density of dots on the Strategy Tracker chart of October 4th. He is not even trying to show off: no price, no amount, no transaction hash. He is creating the pattern which we have all been following.
That's maybe why it makes a good story, and not news, because every investor has been craving a sign amid all of that noise, and Saylor provided the simplest one.While ETFs have been buying 88k BTC since July one man just keeps colorizing his chart more orange than ever and challenging us to bet against it.