Strategy signals another Bitcoin buy on June 2 – Crypto News

Strategy co-founder Michael Saylor posted the Bitcoin (BTC) chart signaling an impending BTC acquisition by the company, marking week eight of consecutive purchases by the company during this latest buying stint.

“Orange is my preferred color,” Saylor wrote to his 4.4 million followers on X — a number that has been steadily growing over the past two years as the Strategy co-founder commands increased media attention due to the company’s corporate treasury plan.

The company’s most recent Bitcoin acquisition on May 26 of 4,020 BTC, valued at roughly $427 million at the time of purchase, brought Strategy’s total holdings to 580,250 BTC.

According to data from Bitcoin Treasuries, this makes Strategy the single largest known Bitcoin holder, with the company’s BTC holdings dwarfing the amount of BTC held by the US and Chinese governments combined.

Strategy has become synonymous with Bitcoin, with many traders seeing it as a proxy bet for the digital asset.

The company’s rapid accumulation of BTC is already altering market dynamics, according to CrytoQuant analyst Ki Young Ju. Institutional buying could also trigger a supply shock, sending BTC prices higher, executives from crypto-native Sygnum Bank told Cointelegraph.

Related: Michael Saylor shoots his shot for Rogan spot: ‘Let’s talk about Bitcoin’

Debate erupts over Strategy’s Bitcoin proof of reserves

Strategy has been characterized as an emerging financial superpower by authors like Adam Livingston. However, not all investors are convinced by Strategy’s reported Bitcoin accumulation numbers.

A growing number of market participants have voiced criticisms and suspicions that Strategy does not have the Bitcoin it purports to have in its corporate treasury, citing a lack of regular proof of reserve audits.

One individual responded to Saylor’s impending acquisition post by asking: “No proof of reserves is your preferred ‘trust me bro.’ When mempool? Or [are you] too scared to show that you do not have Bitcoin, but instead paper Bitcoin?”

The Strategy co-founder argues that proof of reserve audits are risky for large enterprises and institutions because they open up the institutions’ wallets to tracking and unwanted attention from potential threat actors.

This high degree of transparency inherent in public blockchains is often cited by industry professionals and business leaders as one of the main impediments to institutions putting their business operations onchain.

Magazine: Coinbase hack shows the law probably won’t protect you: Here’s why