According to Cointelegraph, on June 21, Dell Technologies founder and CEO Michael Dell posted on the X platform that "scarcity creates value", a phrase often used to describe the limited supply of Bitcoin, which attracted the attention of Bitcoin supporter Michael Saylor. Dell then forwarded Saylor's reply and attached a picture of Cookie Monster eating Bitcoin, further triggering market expectations that he might invest in Bitcoin through individuals or companies.

Prior to the announcement, Dell had cashed out $2.1 billion in Dell Technologies Class C common stock, and the company's stock has appreciated nearly fivefold since returning to the public market in late 2018. Dell is currently worth about $120 billion, ranking 14th on the list of the world's richest people. This gives him enough capital to enter the Bitcoin market, especially in the context of rising US debt that could have a negative impact on the value of the dollar.