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?