Michael Saylor has reignited speculation about Strategy returning to Bitcoin purchases after the company sold 32 BTC for roughly $2.5 million last week. Summary Michael Saylor’s latest “₿ack to Work” post has sparked speculation that Strategy may resume Bitcoin purchases. Citigroup said spot Bitcoin ETF outflows have weighed on BTC prices more than Strategy’s recent sale. While Strategy reduced its holdings, Strive added 2,500 BTC and expanded its fundraising plans by $4.2 billion to support further Bitcoin acquisitions. In a June 3 X post, Saylor shared a short message reading “₿ack to Work,” accompanied by a Bitcoin-themed animated image. The post quickly drew attention from market participants because it arrived only days after Strategy disclosed its first Bitcoin sale in years. The timing has become a focal point for investors watching the company’s next move. Unlike many of Saylor’s previous Bitcoin-related posts, the latest update did not include Strategy’s widely followed Bitcoin tracker, often referred to by the community as the “Orange Dots” chart. The post also broke from the company’s usual pattern of sharing those updates on Sundays. Earlier this week, crypto.news reported that Strategy sold 32 BTC between May 26 and May 31 at an average price of $77,135 per coin. The transaction generated extensive discussion across crypto markets because the company had long promoted a strategy centered on accumulating Bitcoin rather than selling it. Despite the sale, Strategy remains the largest corporate holder of Bitcoin. Company disclosures show it owns 843,706 BTC, valued at nearly $56 billion based on current market prices. ETF outflows have remained a larger concern for Bitcoin prices While the Strategy transaction attracted significant attention, analysts at Citigroup recently argued that investors may be overlooking a more important driver behind Bitcoin’s recent decline. In a research note, Citigroup said sustained withdrawals from U.S. spot Bitcoin exchange-traded funds have played a much larger role in recent price weakness than Strategy’s Bitcoin sale. The bank estimated that ETF flows account for approximately 45% of weekly fluctuations in Bitcoin returns, making them one of the most important indicators of investor demand. Notably, U.S. spot Bitcoin ETFs recorded nearly $4 billion in net outflows between May 15 and June 2, removing a substantial source of demand from the market during a period of increased volatility. Against that backdrop, Citigroup identified ETF redemptions as the primary factor weighing on Bitcoin prices rather than isolated corporate treasury transactions. Additional details from Strategy’s SEC filing showed the company raised roughly $128.3 million through sales of MSTR shares. The filing also indicated that the firm held around $900 million in cash reserves. Corporate Bitcoin accumulation has continued outside Strategy Not every Bitcoin treasury company has been reducing exposure. As reported earlier by crypto.news, Strive recently increased its Bitcoin holdings to 19,000 BTC after purchasing an additional 2,500 BTC between May 23 and June 1. The purchases came shortly after the company expanded its fundraising plans by $4.2 billion as it seeks capital for future Bitcoin acquisitions. Those purchases provide a contrast to the attention surrounding Strategy’s sale and suggest that some corporate buyers continue to view current prices as an opportunity to accumulate. Market reaction to Strategy’s recent developments has been less positive. MSTR shares fell more than 9% on June 2 and have declined nearly 26% over the past month as investors assessed the implications of the Bitcoin sale and the company’s financing activities. For now, Saylor’s latest post has offered no direct confirmation of a new purchase. Still, with Strategy holding more than 843,000 BTC and maintaining access to fresh capital, investors are closely watching for signs that the company may soon resume its Bitcoin buying program.
