Strategy's Michael Saylor Asks Crucial Bitcoin Question

Michael Saylor kept it brief on social media today: “Are you a Bull?” No market analysis, no price targets — just the question, paired with an image of a lone red bull standing out in a field of sheep.

The post came a day after Strategy (formerly MicroStrategy) disclosed its latest Bitcoin purchase. The company acquired 4,020 $BTC for $427 million, paying an average of $106,237 per coin. The purchase was funded through a mix of stock and preferred security sales.

With this latest move, Strategy now holds 580,250 $BTC — about 3% of the total supply that will ever exist. It is the company’s second major accumulation this month, bringing its May total to over 11,000 $BTC so far.

At current prices, the firm’s Bitcoin stash is valued at around $63.46 billion. Strategy’s market cap stands at $102.5 billion, while its enterprise value sits just above $110 billion. Roughly 62% of the company’s valuation is tied directly to its Bitcoin position. The stock, trading under the ticker MSTR, is priced at $370.71, with a NAV multiple of 1.616.

Bitcoin Strategy

Strategy began its Bitcoin-focused approach in August 2020 and has stuck with it through market volatility. The company has used equity raises, debt offerings and internal cash to expand its holdings — often stepping in with large buys during both rallies and pullbacks.

Yesterday’s purchase continues that pattern, coming at a time when both Bitcoin and MSTR shares are trading near local highs.

The message from Saylor did not come with a press release or a breakdown. But the timing lines up — and the question stands.

Are you a bull?