Michael Saylor Cryptically Hints at Another Bitcoin Buy While Facing Lawsuit Over Strategy’s Q1 Losses
On Monday, June 23, 2025, Cointelegraph reported that Michael Saylor, chairman of Strategy (formerly MicroStrategy), hinted at potential new Bitcoin purchases despite a recent investor lawsuit targeting the company’s leadership over a $5.9 billion first-quarter loss tied to its Bitcoin holdings.
Saylor shared a chart on X on June 22, 2025, detailing Strategy’s past Bitcoin acquisitions, captioned “Nothing Stops This Orange,” a phrase often linked to the company’s Bitcoin strategy. Strategy holds 592,100 BTC, valued at approximately $59.7 billion, making it the largest public company Bitcoin holder, with Bitcoin priced near $101,000.
The lawsuit, filed by investor Abhey Parmar in a Virginia federal court on June 19, 2025, accuses Saylor, Strategy CEO Phong Le, CFO Andrew Kang, and four board directors of breaching fiduciary duties. The complaint centers on a Financial Accounting Standards Board (FASB) rule adopted by Strategy in January 2025, which allowed corporate holders of crypto to use the estimated market value of their crypto in their balance sheets.
According to the lawsuit, this change led Strategy to record a $5.9 billion unrealized loss on its Bitcoin holdings in its Q1 results, announced in early April 2025. The loss triggered a nearly 9% drop in Strategy’s stock price.
Parmar’s suit alleges that Strategy’s executives made misleading statements about the accounting change and failed to fully disclose its potential impact or the risks tied to Bitcoin’s volatility. It further claims the company overstated the profitability of its Bitcoin-focused investment strategy.
Additionally, the complaint accuses the executives of selling $31.5 million in company stock at inflated prices before the accounting change’s impact was public, alleging abuse of control, mismanagement, and waste of corporate assets.
In a separate but related legal action, a proposed class-action lawsuit filed in mid-May 2025 by Anas Hamza also targeted Strategy’s adoption of the FASB rule, claiming the company downplayed associated risks. Strategy responded in a regulatory filing, stating it would vigorously defend against these claims.
Source: Cointelegraph
