After a brief slowdown in its pace of bitcoin acquisition, Strategy has purchased almost $3.5 billion of BTC over the last two weeks.
The company now holds 709,715 bitcoin, acquired for nearly $54 billion.
Michael Saylor’s hint about a “Bigger Orange” has sent fresh energy through parts of the Bitcoin market. It came after Strategy executed a very large buy, and traders took the message as a sign there may be more accumulation ahead. Short bursts of buying have a way of changing tone on trading floors. Related Reading: What’s Driving The $1.42 Billion Comeback In Spot Bitcoin ETFs? Saylor Signals New Buying Spree According to reports, Strategy purchased more than $1.25 billion in Bitcoin in its latest move, adding thousands of coins to its holdings. That stack has pushed the company closer to a massive total that some sources put near 700,000 BTC. Markets reacted quickly. Prices nudged higher in the hours after the news, and shares of Strategy were treated by some investors as a way to get extra Bitcoin exposure. Traders Pounced And Charts Reacted Momentum traders were the first to lean in. They saw the buy as proof that a major corporate buyer still sees value in stacking coins during dips. Options desks showed increased call buying, and volume spiked on spot desks in New York and Asia. Sentiment grew more positive, but caution remained. Big buys can lift short-term prices, yet they don’t always start long, steady rallies. ₿igger Orange. pic.twitter.com/HI47hMCnui — Michael Saylor (@saylor) January 18, 2026 Market Reaction And Investor Moves Retail and institutional players both turned their attention to liquidity. Reports note that when one large buyer moves, other firms often reassess their risk and allocation plans. Hedge funds checked their models. Family offices ran fresh numbers. For some investors, the appeal is simple: owning a scarce asset that an influential buyer keeps adding to can feel reassuring. Corporate Treasuries And Public Perception Corporate cash strategies have been in the spotlight since Strategy first started buying coins. CEOs and boards watch those moves closely, and investors watch boards. For a public company to keep buying, confidence has to be high enough to risk press questions and regulatory attention. That choice is being watched by analysts who say such buys shape public debate about Bitcoin’s role as part of a company’s balance sheet. What Analysts Are Watching Analysts are tracking three things: how many coins are being taken off exchanges, whether accumulation is steady or one-off, and how the market digests more large purchases. On-chain trackers showed notable withdrawals after the reported purchase, which can tighten available supply. Some onlookers cautioned that short-term price jumps can be reversed if selling follows or if macro news turns sour. Related Reading: More XRP Than Cash? “You’re A Genius”, Analyst Says A Cautious Ending Note Based on market chatter, the “Bigger Orange” tease is more than a bit of bravado — it is treated as a strategic signal by many market players. Still, outcomes are far from certain. Buying by a major corporate holder can shift sentiment and squeeze short positions, but markets are shaped by many forces at once. For now, traders, investors, and watchers will keep an eye on any follow-up moves and how price and liquidity respond in the next sessions. Featured image from Unsplash, chart from TradingView
Strategy has bought nearly 15,000 BTC so far this year, pushing its stash to about 687,000 BTC as Saylor signals more purchases may be coming.
Strategy chairman Michael Saylor pushed back on critics who say companies that hold Bitcoin are reckless. He told a podcast that buying Bitcoin should be seen as a choice about where to put cash, not as a moral failing. Related Reading: Ethereum Staking Hits Record Levels As Buterin Urges Builders To Deliver Real Apps He said firms face few good options for idle money, and that Bitcoin is one of those options for companies that can stand big price swings. Corporate Bitcoin Treasury Choice Based on reports tracking public disclosures, publicly listed firms hold about 1.1 million BTC in total. That amount equals roughly 5.5% of the 19.97 million coins now in circulation. Strategy is the biggest public holder, with 687,410 BTC, according to BitcoinTreasuries data. Those numbers help explain why markets and regulators pay attention when companies buy large amounts. Saylor framed the issue as a simple accounting decision. He compared holding Bitcoin to other moves a firm might make with extra cash. Treasuries pay very little. Stock buybacks can fail if a company is losing money. He used a clear example: a company losing $10 million per year could still come out ahead if its Bitcoin position gained $30 million over the same time. That point is meant to show why some executives see Bitcoin as a way to improve net results. Risk Vs. Reward On Balance Sheets The argument has limits. Bitcoin can drop fast. A firm with heavy debt or thin margins may be forced to sell at the worst time. Not every company has the same ability to wait for a recovery. Strategy’s big size and long view make it hard to compare with smaller firms that don’t have the same runway or the same investor base. Investors and analysts see two sides. Some view large Bitcoin bets as proof of conviction. Others see concentration risk that adds volatility to corporate returns. That scrutiny grows as more firms add coins to their books. When holdings reach the hundreds of thousands, it is no longer a niche choice; it becomes part of how markets judge a firm’s financial picture. Related Reading: Ethereum On Fire: User Growth Sparks Massive Activity Spike Price Context Matters Bitcoin was trading around $95,250 at the time of writing, with an intraday range from about $94,320 to $95,660 on major exchanges. That level shapes how recent buyers are viewed. Gains make the strategy look smart. Losses make it look unattractive. Timing and cash needs often decide the outcome. Featured image from Unsplash, chart from TradingView
Strategy's preferred stock, STRC, sees a familiar ex dividend dip below the $100 par level.
In an era marked by rising inflation, Bitcoin was framed as a radical experiment in digital cash. However, as the global economic landscape has shifted, the narrative around BTC has changed. It is now being discussed as a modern savings tool designed for a world where traditional savings are steadily losing their purchasing power. Normalisation Of Bitcoin As A Savings Asset A common framing of Bitcoin today is that it is a savings technology, digital gold, and something to hold, rather than use. According to Ben SAN’s post on X, that framing has become incomplete and ultimately wrong. This is because BTC is not meant to sit alongside fiat as another savings vehicle, but to replace fiat as a monetary base and a financial base that cannot be used or function as money. Related Reading: Bitcoin Supply Is Being Absorbed By Powerful Financial Players — What This Means However, for BTC to operate as a form of finance, it has to be usable at scale. That usability at scale implies execution, settlement abstraction, fast interactions, and cost-efficient transactions. BTC layer 1 is designed for finality and neutrality, not to satisfy these requirements, and it shouldn’t be. This is why BTC needs layer 2s to operate as money. “Once you accept that Bitcoin needs L2s to be usable as money, you stop asking whether alts are competing with Bitcoin and start asking whether they are serving Bitcoin,” the expert stated. If acceptance of altcoins is ever possible in the BTC-first community, it won’t come from alternative monetary assets. Instead, the acceptance of the altcoins will only come from systems that keep BTC as the unit of account and native asset, while extending its usability crucially without weakening its guarantees. In these cases, auxiliary tokens may be introduced, but only where BTC is structurally incapable of performing the required coordination or incentive functions around expressiveness and yield. Furthermore, any non-BTC asset that has a legitimate chance of being accepted within the community will earn that legitimacy by filling those gaps in a way BTC itself cannot fulfill. History Shows What Happens After These Bitcoin Buys Crypto analyst Mattertrades highlighted that Bitcoin is trading above the weekly resistance, and the path is slow and clear. This setup is a result of Michael Saylor stepping in this week with his largest purchase since July, acquiring $1.5 billion worth of BTC. The last time he did this, BTC surged to $126,000. Related Reading: Bitcoin Demand Remains Weak: Setting The Stage For Long-Term Accumulation At the same time, the Morgan Stanley Capital International (MSCI)-related news for Strategy was very bullish, and it actually attracted more buyers. Mattertrades concluded that this is how a bullish case quietly forms. If Saylor’s purchases bring in more buyers, reflexivity will begin because when he starts accumulating such large amounts again, other players will follow suit. Featured image from Getty Images, chart from Tradingview.com
Stretch traded $175.7 million on Monday, almost three times its 30 day average trading volume.
Strategy purchased 13,267 BTC for $1.25 billion via the use of common stock and it's perpetual preferred equity STRC.
Risk sentiment deteriorates as safe havens outperform and equities weaken.
The Michael Saylor-led company added 1,287 BTC and $62 million in cash through via the sale of common stock.
Strategy, the largest public BTC holder resumes buying, lifting holdings to 672,497 coins.
The company expanded its USD buffer runway beyond 2027, supporting dividends and reduces refinancing risk ahead of the next bitcoin halving.
Michael Saylor’s brief post on X that showed “green dots” ahead of orange dots has stirred fresh talk in markets. According to traders who track his public messages, the pattern is being read as a possible hint that more Bitcoin buying could be on the way. Related Reading: Bitcoin’s $126K Sprint May Be Over — Fidelity Predicts 2026 Slide Bitcoin is trading just below a heavy resistance band around $90,000, a level where selling pressure has built up and where traders and market desks are closely watching for either a breakout or another rejection. Market Reaction And Signals Prices moved on the rumor alone. Short-term traders bought into the idea that a large buyer may be shifting action back toward accumulation. Based on reports, some market participants compared the signal to earlier Saylor posts that preceded corporate purchases. Green Dots ₿eget Orange Dots. pic.twitter.com/aLdvPe4YuG — Michael Saylor (@saylor) December 21, 2025 No official company filing or treasury update has been released to confirm any new acquisition. The message was posted without any accompanying press release, and that lack of confirmation kept some desks cautious. Institutional Demand And On-Chain Clues Reports have disclosed that institutional flows still matter to Bitcoin’s price path. Large spot Bitcoin ETFs and corporate treasuries are part of the backdrop that traders cite when interpreting a high-profile hint from a corporate figure. On-chain metrics, where available, are being scanned for coin movements into custody accounts. One key piece of evidence that would change market conviction is a clear transfer into an exchange or ETF custody wallet, followed by a public disclosure; absent that, the green-dot post remains a market signal more than a proof point. What Traders Are Watching Liquidity sits near $90,000. Many orders cluster around that level, and that makes it a psychological and technical barrier. If a big buyer steps in under the wall, sellers may be cleared and price could push higher. If selling stays firm, BTC could stall and move sideways for several sessions. Traders are also watching order books, funding rates, and ETF balances for shifts. Volume spikes paired with visible custody inflows would be a stronger signal than a social post alone. Related Reading: Banks Could Favor A Higher XRP Price, Finance Expert Says History And Context Michael Saylor is a visible buyer historically, and his public comments have affected sentiment before. Reports linking his posts to later buys have circulated in market media, and traders use that history to give the current message weight. Featured image from Unsplash, chart from TradingView
Led by Executive Chairman Michael Saylor, the company raised the funds entirely by sales of common stock.
Over the past few months, Strategy (formerly known as MicroStrategy), the largest publicly traded Bitcoin (BTC) treasury company, has found itself at the center of a pressing issue that could lead to its exclusion from the Morgan Stanley Capital International (MSCI) index. This potential move not only poses significant financial risks for the firm but could also have broader implications for the cryptocurrency sector, with analysts estimating that it could result in losses up to $9 billion in demand for its shares. Industry-Wide Consequences The MSCI proposed in October that companies holding digital assets comprising 50% or more of their total assets should be removed from its global benchmarks, arguing that such companies resemble investment funds, which are excluded from its indexes. However, many firms, including Strategy, assert that they are operational companies creating innovative products and argue that MSCI’s proposal is biased against the cryptocurrency industry. Related Reading: Solana (SOL) Support Shattered, Potential $100 Test Looms, Says Analyst MSCI is currently conducting a public consultation, and analysts warn that if it decides to exclude Digital Asset Treasury (DAT) companies, it could prompt other index providers to follow suit. “The conversation already extends beyond just MSCI… to the eligibility of DATs in equity indexes in general,” said Kaasha Saini, head of index strategy at Jefferies, who anticipates that most equity indexes will align with MSCI’s decisions. Asset managers are believed to hold as much as 30% of a large-cap company’s free float, leading to potentially significant outflows if these companies are dropped from major indexes. This situation is particularly precarious for the DAT sector, which often finances its token purchases by selling stock. The company’s CEO, Phong Le, and co-founder Michael Saylor addressed the potential MSCI exclusion in a public letter. They estimated that such a move could lead to $2.8 billion worth of the company’s stock being liquidated and may “chill” the entire industry. In their letter, they explained that excluding DATs could shut them out from the roughly $15 trillion passive investment market, drastically undermining their competitive standing. Major Outflows Predicted For Strategy Analysts at TD Cowen estimated in November that around $2.5 billion of Strategy’s market value is linked to MSCI, with an additional $5.5 billion reliant on other indexes. JPMorgan’s analysis suggested that if MSCI were to exclude Strategy, the company could see $2.8 billion in outflows, a figure that could rise to $8.8 billion if it faced exclusion from other indexes, such as the Nasdaq 100, the CRSP US Total Market Index, and various Russell indexes owned by LSEG. In addition to Strategy, MSCI’s preliminary list identifies 38 companies at risk of exclusion, with a combined issuer market cap of $46.7 billion as of September 30, including French firm Capital B, which is also investing in Bitcoin. Related Reading: Crypto Payments Firm MoonPay Set For $5 Billion Valuation With NYSE Owner’s Backing Alexandre Laizet, Capital B’s director of Bitcoin strategy, remarked that while the current holdings of passive funds in their shares are limited, having access to passive flows is crucial for future adoption. Matt Cole, CEO of US-based Bitcoin buyer Strive—which is not at risk of exclusion—notes that the proposals have largely been factored into market valuations. He added, “On a longer-term basis, I think it raises the cost of capital for all Bitcoin treasury companies.” At the time of writing, the firm’s stock, which trades on the Nasdaq under the ticker symbol MSTR, was trading at $165, marking gains of almost 4% ahead of the close of trading this week. Featured image from DALL-E, chart from TradingView.com
Michael Saylor’s firm Strategy continues to make Bitcoin headlines with its enormous purchases, making it one of the largest holders in the world. Related Reading: TechCrunch Founder Names XRP Among His Largest Crypto Positions Reports show the company owns 671,268 Bitcoin, roughly 3.2% of the total supply, valued at about $58.61 billion at the time of publication, according to Saylor Tracker. Bitcoin entrepreneur Anthony Pompliano said on his podcast that it would be extremely difficult for any other public company to match Strategy’s buying pace. Massive Holdings And Recent Purchase Strategy announced a fresh buy of 10,645 Bitcoin for $980.3 million, paying an average of $92,098 per coin. That move pushed its total hoard to roughly 3.2% of all Bitcoin in existence. Those are large figures. They also show why rivals would need huge sums to close the gap. Pompliano On The Scale Needed To Compete According to comments made on The Pomp Podcast, Pompliano said that a company trying to match Strategy would have to “raise hundreds of billions of dollars.” He said it would be “very hard to see that happening.” He pointed to Strategy’s early entry in 2020, when Saylor’s initial purchase was about $500 million while Bitcoin traded between $9,000 and $10,000. That initial stake, based on current prices cited in reports, is now worth more than $4.8 billion with Bitcoin trading around $86,950. Market Impact And Buying Method Market watchers have flagged Strategy’s growing share as something to watch. Some worry a single large holder could influence price moves. Others note the firm does most of its buying through over-the-counter desks. OTC trades are used to handle big orders without sending shockwaves through exchange order books. Many investors see the regular, large purchases as a positive sign for Bitcoin demand. Holding Strategy And Influence Concerns Pompliano described 3.2% as “a big number, but it’s also a small number.” He added, “It’s not like they own 10%.” That view captures a split: the holding is large enough to matter for supply dynamics and market psychology, but not so large that it gives absolute control. Still, the combination of size and repeated buys draws attention from traders and regulators alike. Outlook And Long Term Plans Reports quote Strategy’s CEO Phong Lee as saying the company probably won’t sell any Bitcoin until at least 2065. Saylor has also posted that he plans on “buying the top forever.” Those statements reinforce a long-term stance rather than short-term trading. The market tends to treat such commitments as bullish, and many participants adjust expectations for future demand accordingly. Related Reading: Ethereum Meets Wall Street: JPMorgan Rolls Out Tokenized Fund A Dominant Buyer With 671,268 Bitcoin on the books and a steady program of purchases, Strategy remains a dominant public buyer. Based on current numbers and public comments, it will be difficult for another listed company to match that level of accumulation without very large capital raises or a dramatic change in corporate behavior. The pace set by Strategy is likely to keep drawing attention from investors watching supply and demand for Bitcoin. Featured image from Pexels, chart from TradingView
Despite the continued struggles of its share price, Strategy again funded the purchase mostly via sales of common stock
Strategy chair Michael Saylor signaled that his firm may add to its Bitcoin holdings just as the market slid again on Sunday, a move that kept traders on edge and fed fresh debate over what is driving the declines. Related Reading: Analyst: Bitcoin’s Cycle Is Intact, Yet No Longer Purely Market-Driven Back To More Orange Dots According to a post on X, Saylor shared a chart with the phrase “Back to More Orange Dots,” a shorthand that investors interpret as fresh buying. Based on reports tracked by SaylorTracker, Strategy bought 10,624 BTC on Dec. 12 — its biggest single purchase since late July. The firm now holds about 660,624 BTC, which at current prices is worth roughly $58.5 billion, and its average cost per coin stands at $74,696. ₿ack to More Orange Dots. pic.twitter.com/rBi1aagDVO — Michael Saylor (@saylor) December 14, 2025 Sunday Wick, Low Liquidity Bitcoin briefly dipped to a two-week low near $87,750 in late trading on Sunday, before climbing back above $89,000 by the time of writing. Traders pointed to a familiar pattern: quick wick-downs on weekends when liquidity is thin. Ether showed relative strength while major altcoins lagged, and market participants were seen positioning ahead of a packed calendar of US data and central bank decisions this week. Analysts Eye Bank Of Japan According to analyst commentary, some market participants blame the selling on expectations around the Bank Of Japan. People are seriously underestimating what the bank is about to do to crypto, said one analyst using the handle NoLimit. Justin d’Anethan, head of research at Arctic Digital, said the slide toward $88,000 “feels like a defeat,” and linked the move to fear of a carry trade unwind tied to Japanese rate expectations. Markets May Have Priced It In Sykodelic, another market watcher, argued that Japan’s actions are largely priced in. “Markets are forward-thinking, forward-moving. They move in anticipation of events, not when those events happen,” they wrote. Based on that view, the recent drop is less about a fresh shock and more about ordinary back-and-forth: macro funds trimming exposure, short-term traders taking profit, and buyers stepping in at lower levels. Related Reading: Bitcoin Headed For $200 Trillion? CEO Makes Bold Prediction That push-and-pull helps explain why Bitcoin keeps snapping lower on thin pockets of liquidity but does not break decisively below key support. Meanwhile, the tension between long-term holders — represented by companies like Strategy — and short-term macro flows is shaping price action. There is no sign yet of widespread liquidations or a funding crisis, which suggests the declines are measured rather than chaotic. Featured image from Australian Farmers, chart from TradingView
Despite facing a year of tough conditions for bitcoin treasury companies, Michael Saylor’s Strategy developed new ways to make money — and acquire more bitcoin for its vast holdings — in 2025.
Strategy, formerly known as MicroStrategy, has expressed strong opposition to a proposal by the Morgan Stanley Capital International (MSCI) to exclude digital asset treasury companies (DATs) from its indexes. Calls For Fair Treatment Of Digital Asset Companies In a recent letter signed by Michael Saylor and the firm’s CEO Phong Le, Strategy highlighted its support for MSCI’s efforts to establish consistent eligibility criteria across its indices. However, the company criticized the proposed threshold for excluding firms with more than 50% digital assets on their balance sheets, calling it “misguided.” The company argued that this measure could have negative implications not only for Strategy’s operations but also for the broader cryptocurrency market. Related Reading: Expert Declares Bitcoin Has Reached Midpoint Of Bear Cycle: What Lies Ahead? Strategy emphasized that, unlike traditional investment funds, it maintains the operational agility to adapt its value-creation strategies in tune with the evolving technology underlying Bitcoin. The firm asserts that this flexibility is a critical asset for investors and distinguishes Strategy and other DATs from traditional digital asset investment vehicles. The firm likened its investment approach in a singular asset class to that of real estate investment trusts (REITs) or oil companies, stating that MSCI categorizes those entities correctly without labeling them as investment funds. Therefore, it argued, DATs should be afforded similar treatment. ‘Discriminatory And Arbitrary’ The letter criticized the proposed 50% digital asset threshold as “discriminatory and arbitrary,” suggesting that it imposes uniquely unfavorable conditions on digital asset companies while allowing other industries—like oil, timber, and real estate—to maintain concentrated asset holdings without similar scrutiny. Strategy raised concerns that enforcing this rule would necessitate MSCI to create new methods for measuring balance sheet concentration, complicating the indexing process unnecessarily due to varying accounting principles across asset classes and jurisdictions. Additionally, Strategy elaborated on how the exclusion of DATs could substantially inhibit innovation within the digital asset industry, which the current administration strongly promotes as part of its economic strategy. The company said that digital assets like Bitcoin have the potential to become foundational elements of global financial systems, but the proposed measures could limit access to these transformative technologies for pension plans and 401(k)s, ultimately redirecting billions away from the sector. Strategy cautioned that a hasty exclusion of DATs could be based on misconceptions about their business models, asserting that it reflects a misunderstanding of the nature of these entities. The firm advocated for a more measured approach similar to MSCI’s past handling of the “Communication Services” sector, which underwent extensive consultation and a thorough review before reorganizing traditional telecom, media, and internet companies. Strategy Urges MSCI To Reconsider If implemented, Strategy warns that MSCI’s proposal could lead to the delisting of numerous companies heavily involved in digital assets. JPMorgan analysts estimate that Strategy alone might face liquidations of up to $2.8 billion as a direct consequence of this exclusion. Such a move is also expected to potentially distort market dynamics by incentivizing Bitcoin miners to sell their assets immediately instead of holding them as part of their business strategy. Related Reading: Ethereum Price Climbs Toward $3,300 For The First Time Since November: What’s Driving The Surge? In light of these concerns, Strategy urged MSCI to withdraw the proposal for excluding companies with over 50% digital asset holdings from its Global Investable Market Indexes. The firm asserted that the proposal is rooted in a flawed understanding of DATs and would impose conditions unaligned with national interests, particularly those advocating for the responsible growth of the digital asset space. As of this writing, the company’s stock, trading under the ticker symbol MSTR, is trading at $185. There has been almost no difference since Tuesday’s trading session amid consolidating crypto prices. Featured image from DALL-E, chart from TradingView.com
Michale Saylor and team urged MSCI to maintain neutral index standards after a plan to exclude firms with significant digital asset holdings.
The executive chairman of Strategy pitched BTC-backed banking and yield products as a $200 trillion opportunity at the Bitcoin MENA conference.
Michael Saylor’s hint about a fresh Bitcoin purchase has renewed talk among traders and investors, even as on-chain stress signals point to a tougher stretch for the network. The mix of heavy buying by public firms and signs of miner strain is drawing attention from both bulls and bears. Related Reading: Bitcoin Adoption Is Just Getting Started — 200x Growth Possible, Tom Lee Says Saylor’s Tracker Signals According to a StrategyTracker chart shared by Michael Saylor, Strategy holds about 650,000 BTC with a portfolio value near $58 billion. The chart lists an average purchase price of $74,436 and shows 88 confirmed buy events over time. Saylor captioned the image “Back to Orange Dots?” — a short, familiar cue that has often come before a new accumulation round. Strategy’s most recent reported move was a 130 BTC buy, which fits the company’s long habit of adding during periods of market fear. That pattern matters because when an entity repeatedly buys through downswings, it shapes how other investors react. ₿ack to Orange Dots? pic.twitter.com/npB0NWSZ52 — Michael Saylor (@saylor) December 7, 2025 Corporate Buying Continues Based on reports from BitcoinTreasuries.NET, the top 100 public firms now hold about 1,059,453 BTC combined. ABTC reportedly added 363 BTC, the largest increase this week, while Cango Inc. purchased 130.6 BTC. Other names cited in recent filings include Bitdeer, BitFuFu, Hyperscale Data, Genius Group, and Bitcoin Hodl Co. These moves show that some companies keep expanding reserves even when prices wobble. For market watchers, steady corporate accumulation can be a calming force, though it does not erase broader sell pressure. On-Chain Stress Indicators According to Glassnode charts shared by the Bitcoin Archive, the Hash Ribbon has shifted bearish again, a sign that some miners are facing stress or even pausing operations. Short-Term Holder NUPL has fallen below zero, meaning many recent buyers are holding coins at a loss. Historically, episodes where miners are squeezed at the same time new holders are underwater have appeared near significant lows. That outcome is not certain, but the combination of technical miner strain and unrealized losses among short-term wallets is the kind of setup traders watch closely. Related Reading: Massive Bitcoin Awakening: 2 Physical Coins Unlock $179 Million After 13 Years What Traders Are Watching Now Traders are monitoring whether the miner stress and losses among fresh buyers will coincide with renewed buying by big holders. Some expect that corporate purchases and purchases by Strategy could blunt downside and spark a rebound. Others remain cautious because on-chain indicators point to real strain. Market action around major events, like central bank announcements, has also shown Bitcoin can stall before policy moves and then move sharply after. Featured image from Unsplash, chart from TradingView
The company's senior preferred stock has rebounded 20% from November lows, with investors apparently favoring that over the more junior issues.
CryptoQuant’s latest report shows the company preparing for weaker conditions with smaller buys and a growing USD buffer, yet traders continue to price in a playbook built on reflexive accumulation.
Bitocin treasury companies continue to accumulate a significant amount of BTC despite current market conditions and now control around 5% of the total BTC supply. These companies are led by Michael Saylor’s Strategy and Metaplanet, which have recently raised fresh capital to buy the dip. Bitcoin Treasury Companies Now Hold Over 1 Million In BTC Bitcoin Treasuries data shows that the top 100 public Bitcoin treasury companies currently hold 1,058,929 BTC, while all public companies combined hold 1,061,697. Notably, Strategy is the largest public Bitcoin holder with 650,000 BTC. Michael Saylor’s company yesterday announced another 130 BTC purchase for $11.7 million. Related Reading: Strategy’s Crash Rumors Intensify, CEO Reveals When $46 Billion In Bitcoin Will Be Sold Meanwhile, the second-largest Bitcoin treasury company is BTC miner MARA holdings, which holds 53,250 BTC. Tether-backed Twenty One Capital, Metaplanet, and Bitcoin Standard Treasury Company complete the top 5, with 43,514, 30,823, and 30,021 BTC, respectively. Meanwhile, companies like Coinbase, Bullish, and Trump Media are among the top 10 largest BTC treasury companies. It is worth noting that these public companies account for only a part of the Bitcoin treasuries. Further data from Bitcoin Treasuries shows that there is currently 4 million BTC in treasuries as a whole, including the coins held by governments, private companies, exchanges, DeFi platforms, and ETFs. BlackRock is currently the second-largest Bitcoin holder, only behind Satoshi Nakamoto. Strategy is third on the list, while Binance and the U.S. government complete the top 5, with BTC holdings of 628,868 and 323,588, respectively. The 4 million BTC held by these treasury companies as a group accounts for 19% of the total Bitcoin supply. Bitcoin treasury companies such as Strategy and Metaplanet have raised new capital amid the recent crash to buy more BTC. Saylor’s company recently raised $836 million from its STRE offering, which it used to buy 8,178 BTC. Meanwhile, Metaplanet raised $130 million to expand its BTC treasury. More Companies Set To Adopt Bitcoin More Bitcoin treasury companies are set to emerge as $10 trillion asset manager, Vanguard, will start offering BTC ETFs from today. Notably, some companies gain BTC exposure through these ETFs rather than buying Bitcoin directly. On-chain analytics platform Arkham Intelligence revealed that the largest U.S. bank, JPMorgan, holds $300 million worth of BlackRock’s BTC ETF. Related Reading: Analyst Who Predicted Bitcoin Price Action With Chinese Astrology Shares When Prices Will Surge Meanwhile, it is worth mentioning that Bitcoin treasuries such as Strategy are coming under immense pressure amid the current market downtrend. Strategy’s CEO, Phong Le, admitted that they might have to sell Bitcoin as a last resort to fund dividend payments if their mNAV drops below 1x and they can no longer raise capital. At the time of writing, the Bitcoin price is trading at around $87,000, up in the last 24 hours, according to data from CoinMarketCap. Featured image from Pngtree, chart from Tradingview.com
Strategy Inc., the firm once best known as MicroStrategy, said Monday it has raised cash and set aside a $1.44 billion US reserve to cover near-term obligations as Bitcoin tumbles. The move came after recent share sales and follows a brief buy of new coins, according to company statements and market reports. Related Reading: Bitcoin Miners Face A Harsh December: Rising BTC Difficulty, Falling Hashprice Strategy Establishes $1.44B Cash Reserve According to filings and market reports, the reserve was funded by selling Class A common stock under an at-the-market program and is meant to fund dividends on Strategy’s preferred shares and to help pay interest on its debt for at least 12 months, with a target to extend cover to 24 months or more. The company said it did not liquidate its Bitcoin stash to create the reserve. The size of the company’s Bitcoin holdings remains unusually large. Based on reports, Strategy now holds about 650,000 BTC after a small recent purchase of roughly 130 BTC that cost about $11.7 million. That hoard is still worth tens of billions of dollars at current prices, but price swings have put fresh pressure on a business built around holding the asset. Strategy Inc. announced a $1.44 billion USD reserve to cover at least 12 months of preferred dividends and interest payments, funded through its at-the-market stock sales. The company now holds 650,000 BTC and says the reserve will help manage volatility. https://t.co/i4X1J62Qel — Wu Blockchain (@WuBlockchain) December 1, 2025 Bitcoin: Market Reaction And Risks Investors reacted quickly. Strategy’s shares have fallen sharply this year, and analysts say the new cash buffer may calm some fears but won’t erase larger funding and debt timelines that loom over the company. Strategy announces $1.44B USD Reserve and now hodls 650,000 $BTC. pic.twitter.com/FNFivMNQgh — Strategy (@Strategy) December 1, 2025 Reports put convertible debt tied to past financing at about $8 billion, and company metrics show the market-to-Bitcoin ratio (mNAV) sliding closer to levels where management has said it might consider selling coins only as a last resort. Peter Schiff, a well-known Bitcoin critic, took to social media after the announcement and described the reserve as proof the model has failed, calling Michael Saylor a “conman” and saying Saylor is “finished.” Today is the beginning of the end of $MSTR. Saylor was forced to sell stock not to buy Bitcoin, but to buy U.S. dollars merely to fund MSTR’s interest and dividend obligations. The stock is broken. The business model is a fraud, and @Saylor is the biggest con man on Wall Street. — Peter Schiff (@PeterSchiff) December 1, 2025 Other market voices urged caution, saying the move changes how investors should value the company — from a pure Bitcoin treasury play to an entity with ongoing cash obligations. According to reports, Strategy also cut its 2025 profit and Bitcoin-linked yield targets after recent price moves, a sign that management is dealing with a less bullish near-term outlook than it expected earlier this year. The reserve is meant to prevent forced sales of Bitcoin to meet fixed payouts, but holding cash has its own costs and raises governance questions among long-time backers. Related Reading: XRP Is About To Hit A Major Turning Point This Week, Analyst Says Schiff’s Issue With Saylor Schiff’s blistering attack — calling Saylor a fraud and declaring him done — adds a sharp political edge to what had been framed as a financial maneuver. His claims amplify worries among some investors about Strategy’s governance and capital plan, even as others dismiss the remarks as partisan rhetoric. Ultimately, whether Schiff’s accusations stick will depend less on social-media barbs than on Strategy’s next moves around debt, disclosure and any future coin sales — actions that will tell investors whether Saylor’s stewardship can weather this storm. Featured image from Unsplash, chart from TradingView
Strategy Inc., the corporate Bitcoin vault formerly known as MicroStrategy, has signaled that the mechanics driving its rapid growth have hit a cyclical wall. On Dec. 1, the Tysons Corner-based firm revealed that it was prioritizing a $1.44 billion cash reserve and providing investors with detailed parameters for potential asset sales. This represents a pragmatic […]
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In a turbulent market marked by falling prices, Bitcoin (BTC) has once again dipped below the $85,000 threshold, driven by growing speculation that Strategy, formerly known as MicroStrategy, may be on the verge of selling some of its Bitcoin holdings. This intensified after a recent interview on the What Bitcoin Did podcast, during which Strategy CEO Phong Le was directly asked whether the company would consider parting with any of its BTC holdings. While the firm’s former CEO, Michael Saylor, has consistently maintained a resolute stance against selling, Le’s comments have raised concerns about potential sales in the future. Is A Bitcoin Sell-Off Imminent? Le indicated that if Strategy’s stock trades below the actual value of its Bitcoin holdings and the company is unable to raise additional capital for preferred dividends, selling some Bitcoin could become a necessity. “If the stock trades below the value of our Bitcoin… then mathematically we would have to sell some Bitcoin. It would be the last resort,” he explained. While this does not confirm an imminent sale, it visibly places the option on the table, leading to increased speculation about a forced sale as preferred dividend payments approach due on December 31. Related Reading: Here’s Why The Bitcoin Price Is Crashing Today Adding to the unease, Strategy disclosed in a recent filing with the US Securities and Exchange Commission (SEC) that it has established a USD Reserve of $1.44 billion to cover these upcoming preferred dividends and mitigate the interest on its substantial debt. This reserve was funded through the proceeds from sales of its class A common stock under the company’s at-the-market offering program. Such moves have diluted current shareholders and contributed to a nearly 11% drop in Strategy’s stock price. Strategy Downgrades BTC Price Forecast This shift contrasts sharply with the company’s previous forecasts, which predicted that Bitcoin would soar to $150,000 by the end of the year. Strategy has now revised its expectations, projecting prices to range between $85,000 and $110,000. The forecast for BTC yields has also been revised down to 24% from a previous estimate of 30%, along with projected Bitcoin gains decreasing significantly from $20 billion to $10.6 billion at the midpoint. Related Reading: $300 Million Crypto Bet: Kazakhstan’s Central Bank Gears Up As Bitcoin’s value continues to plummet, it further unravels Strategy’s financial outlook. Nevertheless, social media experts have pointed to a paradox within the company’s messaging. AlejandroXBT noted that while Saylor has consistently stated he will never sell Bitcoin, he has been conducting private presentations to clients outlining various strategic approaches, suggesting a potential disconnect between public declarations and private planning. When writing, the market’s leading cryptocurrency trades at $84,880, recording major losses of over 7% in the 24-hour time frame. Featured image from DALL-E, chart from TradingView.com