Michael Saylor's Strategy Buys $255 Million of Bitcoin as Market Signals Flash Caution

Michael Saylor's Strategy ramped up its Bitcoin buying again, adding 3,273 BTC on April 27 for $255.0 million at an average of $77,906 per coin. The purchase lifted the firm's year-to-date "BTC yield" to 9.6%, a metric Strategy uses to show the increase in Bitcoin backing per share since the start of the year. Bitcoin was trading at $76,451.03 at the time of writing, putting the latest buy at an unrealized loss of about $4.76 million versus the new average entry price. Strategy's average Bitcoin purchase price since 2020 stands at $75,537. Strategy's total stash has climbed to a record 818,334 BTC, valued at roughly $61.81 billion, according to BitcoinTreasuries.NET. The accumulation followed Saylor's "Orange Dot" teaser posted on April 26. The move sparked mixed reactions online. Gold advocate Peter Schiff criticized the buying, arguing that Strategy's purchases have not driven Bitcoin high enough to support the $1 million-per-BTC narrative. Others pushed back. Adam Livingston said the company's debt risk is often overstated because a significant portion is convertible rather than traditional borrowing. He described the leverage as manageable, estimating it at about 10.5% of enterprise value, while noting the outlook remains sensitive to both Bitcoin prices and continued strength in MSTR shares. Another commentator, posting under the name 'Plan C', projected Strategy could reach a $1 trillion market cap within five years and $2 to $2.5 trillion over a longer horizon of 79 years, contingent on the "Saylor Curve" and "Bitcoin Power Curve" holding. The latest purchase also comes as near-term market indicators turn less supportive. MSTR was trading at $169.20, down 1.06% on the day, though still up more than 11% year to date. Spot Bitcoin ETFs, after a stretch of inflows, recorded $263.2 million in outflows on April 27, according to Farside Investors. CryptoQuant's Bitcoin Exchange NetFlow chart also flagged potential distribution pressure as a large amount of Bitcoin moved onto exchanges. Summary: Despite softer market dynamics, Strategy added to its Bitcoin position, taking holdings to 818,334 BTC. Schiff warned that if MSTR were to reach 5% of total Bitcoin supply, Bitcoin could fall as low as $60,000.