Today in crypto, Strategy’s Michael Saylor has hinted at another Bitcoin purchase this week, after the asset briefly plummeted under $100,000 on the weekend. His firm is also the subject of a new lawsuit tied to the company’s $5.9 billion loss in Q1. Meanwhile, Texas Governor Greg Abbott has officially authorized the creation of the Texas Strategic Bitcoin Reserve and Jan3 founder Samson Mow eyes expanding Bitcoin nation-state adoption in Europe.
Saylor hints next Bitcoin buy as investor sues over Strategy’s Q1 loss
Michael Saylor has again hinted that Strategy would buy more Bitcoin, though the company formerly known as MicroStrategy and its top brass were hit with an investor lawsuit over its $5.9 billion first-quarter loss on its Bitcoin holdings.
Saylor posted a chart showing Strategy’s past Bitcoin (BTC) purchases to X on Sunday with the caption: “Nothing Stops This Orange.”
His past similar cryptic X posts have been the precursor to Strategy buying Bitcoin. The company has the largest Bitcoin holdings of all public companies at 592,100 BTC, worth around $59.7 billion, with Bitcoin trading just under $101,000.
However, it comes just days after Strategy and the company’s top executives were sued by an investor on Thursday, who claimed they breached their fiduciary duties before reporting a multibillion-dollar Bitcoin loss in its first quarter results.
Texas governor signs bill adding Bitcoin to official reserves
Texas Governor Greg Abbott has signed Senate Bill 21 (SB21), officially authorizing the creation of the Texas Strategic Bitcoin Reserve, a state-managed fund that will hold Bitcoin as part of the state’s long-term financial assets.
The newly established reserve operates independently of Texas’ general treasury system and aims to strengthen the state’s financial resilience while serving as a potential hedge against inflation, according to the bill text.
Furthermore, only assets with a market capitalization exceeding $500 billion are eligible for inclusion, a threshold currently met only by Bitcoin (BTC).
The fund will be administered by the Texas Comptroller of Public Accounts and guided by an advisory committee of three crypto investment professionals.
Samson Mow wants Bitcoin in ‘all of Europe,’ receives invite to France
Jan3 founder Samson Mow is setting his sights on ramping up Bitcoin nation-state adoption in Europe following a positive meeting with pro-Bitcoin French lawmaker Sarah Knafo.
“Looking forward to starting a nation-state Bitcoin adoption wave in France and perhaps all of Europe,” Mow said in an X post on Saturday, following his meeting with Sarah Knafo, a French member of the European Parliament, at BTC Prague this week. They discussed plans to develop a Strategic Bitcoin Reserve for France and promote “friendly regulations” for the asset.
Mow said Knafo has invited his team to France. On the same day, Knafo addressed the meeting with Mow on her X account, stating, “France must take hold of these issues.”
