TLDR
- Michael Saylor posted “More Orange” on Sunday, signaling Strategy plans to buy more Bitcoin after the crypto dropped over 13% this weekend
- Bitcoin briefly fell below Strategy’s average purchase price of $76,040, hitting $75,892 before recovering to around $76,765
- The crash followed President Trump’s nomination of Kevin Warsh as new Federal Reserve chair, sparking concerns about hawkish monetary policy
- Strategy raised its STRC dividend to 11.25% to fund additional Bitcoin purchases, despite holding 712,647 BTC worth roughly $55 billion
- The crypto Fear & Greed Index dropped to 14 out of 100, the lowest level in over six weeks
Strategy executive chairman Michael Saylor posted “More Orange” to social media Sunday. The message came with a chart showing the company’s Bitcoin purchases since August 2020.
More Orange. pic.twitter.com/b5iYIMARJX
— Michael Saylor (@saylor) February 1, 2026
This would be Strategy’s fifth Bitcoin purchase in 2026. The company is the largest Bitcoin treasury company in the world.
Strategy currently holds 712,647 Bitcoin on its balance sheet. That amounts to roughly $55 billion worth of the cryptocurrency.
The timing is interesting. Bitcoin dropped more than 13% over the weekend.
The crypto briefly fell to $75,892. That price sits below Strategy’s average purchase price of $76,040 per coin.
Bitcoin has since recovered somewhat. The cryptocurrency bounced back to around $76,765.
This marks a rare moment when Strategy’s massive Bitcoin position went underwater. The company’s early purchases and Bitcoin’s general price rise have kept the holdings profitable for most of the past five years.
The weekend crash didn’t happen in isolation. President Trump nominated Kevin Warsh to replace Jerome Powell as Federal Reserve chair on Friday.
Warsh previously served as a Federal Reserve governor. While he has spoken favorably about Bitcoin, markets view him as a hawkish pick.
Investors expect Warsh to push for fiscal restraint and lower inflation. His appointment signals a potential exit from quantitative easing policies.
Market Reactions Spread Beyond Crypto
The Warsh nomination hit other markets too. Gold and silver both dropped by double digits after months of rallies to new highs.
The S&P 500 stock index fell roughly 0.43%. The broad market pullback suggests investor nervousness about future monetary policy.
Crypto market sentiment has soured recently. The Fear & Greed Index dropped six points to just 14 out of 100 on Sunday.
That represents the lowest score in over six weeks. Former Binance CEO Changpeng Zhao even walked back his earlier predictions.
Zhao said Saturday he is “less confident” about the Bitcoin supercycle he predicted last month. The shift in his outlook reflects the current market mood.
Strategy Raises Dividend to Fund More Purchases
Strategy isn’t backing down despite the volatility. The company raised the dividend on its Series A Perpetual Stretch Preferred Stock to 11.25% for February.
That’s a 25 basis point increase. The STRC product has become Strategy’s primary capital-raising tool.
The 11.25% payout offers a large premium over typical corporate bonds. It reflects both the company’s need for capital and the volatility of its Bitcoin-focused business model.
STRC sales have funded the purchase of over 27,000 Bitcoin since the product launched in November. The company still has billions available under its at-the-market offerings.
Strategy’s largest Bitcoin purchase this year came on January 20. The company bought 22,305 Bitcoin in that single transaction.
Critics warn the high dividend costs could create cash-flow problems. This risk grows if Bitcoin stays flat or drops below the company’s cost basis.
Strategy has marked 2,000 days since adopting its “Bitcoin Standard.” The company continues doubling down on its strategy despite current market conditions.
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