Strategy remains an effective proxy for bitcoin exposure, particularly for investors with a long-term view, analyst Lance Vitanza said.
Arthur Hayes is positioning for a 2026 liquidity rebound, arguing that Bitcoin’s weak 2025 wasn’t a referendum on “crypto narratives” so much as a straightforward dollar-credit story. In his latest essay, “Frowny Cloud,” the Maelstrom CIO says he is adding risk via Strategy (MSTR), Japan’s Metaplanet, and Zcash (ZEC) as he expects US dollar liquidity to inflect higher after a year in which Bitcoin lagged both gold and US tech stocks. Hayes frames 2025 as an awkward year for the standard cross-asset shorthand that treats Bitcoin as either digital gold or a high-beta proxy for US tech. In his telling, Bitcoin behaved “as expected” under tightening conditions, while gold and the Nasdaq 100 rose for different reasons despite falling dollar liquidity. Related Reading: Here’s Why Bitcoin Volatility Sparks Fresh Attention On MicroStrategy He argues gold’s bid is being driven by sovereign balance sheets rather than retail mania, rooted in distrust of US Treasury exposure after prior asset-freeze precedents. “If the US president steals your money, it’s an instant zero. Does it then matter what price you buy gold at?” he writes, casting central banks as price-insensitive buyers. On equities, Hayes leans into an industrial-policy interpretation of the AI trade. His claim is that the US and China have effectively treated “winning AI” as strategic, dulling the usual market discipline and helping explain why the Nasdaq decoupled from his dollar-liquidity index in 2025. That divergence matters because it sets up his core takeaway for 2026: Bitcoin needs expanding dollar liquidity to regain momentum. “Bitcoin and the Nasdaq rise when dollar liquidity expands. The only problem is the recent divergence,” Hayes writes, before returning to the “vicissitudes of dollar liquidity” as the primary driver he wants to track. The Three-Pillar Liquidity Pitch Hayes’ 2026 outlook hinges on a sharp rebound in dollar credit creation. He cites three channels: a growing Fed balance sheet via Reserve Management Purchases (RMP), commercial-bank lending into “strategic industries,” and lower mortgage rates catalyzed by policy-driven demand for mortgage-backed securities. In his account, quantitative tightening faded as a dominant headwind in late 2025, with QT ending in December and RMP beginning as a new, steady buyer. He claims RMP “at a minimum” expands the balance sheet by $40 billion per month, and expects that pace to rise as government funding needs increase. The second leg is bank credit creation, which he says accelerated in 4Q25, with large lenders willing to extend loans where government equity stakes or offtake agreements reduce default risk. The third is housing: Hayes points to Trump-backed directives for Fannie Mae and Freddie Mac to deploy $200 billion toward MBS purchases, arguing that lower mortgage rates could unlock a familiar wealth effect and, by extension, more credit. Related Reading: Bitcoin Accumulation Continues: Strategy Purchases 1,287 BTC Amid Rising Prices He ties the pieces together with a simple conclusion: if liquidity turns, Bitcoin should follow. “Bitcoin … and dollar liquidity bottomed around the same time,” he writes, arguing that the next major leg depends less on sentiment than on renewed credit expansion. MSTR, Metaplanet, And ZCash Hayes describes himself as a “degen speculator” and says Maelstrom is already “nearly fully invested,” but he still wants “MOAR risk” to capture upside convexity if Bitcoin reclaims higher levels. Rather than using perpetuals or options, he says he’s long Strategy and Metaplanet for levered exposure via corporate balance sheets. His timing argument is valuation-relative: he compares each company’s “DAT” to Bitcoin priced in the relevant currency (yen for Metaplanet, dollars for Strategy) and says those ratios sit near the low end of the past two years, after being “down substantially” from mid-2025 peaks. He adds a key condition: “If Bitcoin can retake $110,000, investors will get the itch to go long Bitcoin through these vehicles. Given the leverage embedded in the capital structure of these businesses, they will outperform Bitcoin on the upside.” He also flags continued accumulation of Zcash. Hayes argues the departure of developers at Electric Coin Company (ECC) is not bearish: “We continue to add to our Zcash position. The departure of the devs at ECC is not bearish. I firmly believe they will ship better, more impactful products within their own for-profit entity. I’m thankful for the opportunity to buy discounted ZEC from weak hands.” At press time, MSTR traded at $179.33. Featured image from YouTube, chart from TradingView.com
Despite the target cut, TD Cowen said Strategy remains an attractive vehicle for investors seeking bitcoin exposure.
According to on-chain data, companies have piled into Bitcoin at a pace that now outstrips new supply. Corporate treasuries held by public and private firms rose from about 854,000 BTC to roughly 1.11 million BTC over the past six months, an increase of around 260,000 BTC — roughly 43,000 BTC per month. This adds close to $25 billion in value to corporate balance sheets and points to a growing appetite among firms for holding the coin, on-chain analytics provider Glassnode disclosed, Tuesday. Related Reading: Dogecoin Bulls Watch $0.28 As Breakout Signals Stack Up Corporate Treasuries Swell A single firm dominates that pile. Strategy now controls the largest share of corporate Bitcoin, holding 687,410 BTC after a fresh buy earlier this month. The company disclosed it acquired 13,627 BTC between January 5 and January 11, its biggest purchase since last July. Reports have highlighted how this concentration means a few big buyers still shape the corporate treasury picture. Over the past 6 months, Bitcoin treasuries held by public and private companies have grown from ~854K BTC to ~1.11M BTC. That’s an increase of ~260K BTC, or roughly ~43K BTC per month, highlighting the steady expansion of corporate balance-sheet exposure to Bitcoin.… https://t.co/hHXjcSDDj4 pic.twitter.com/oluVGO2bGD — glassnode (@glassnode) January 13, 2026 Smaller, but still significant corporate holders are visible on the list. MARA Holdings, for example, holds about 53,250 BTC. That makes it one of the largest corporate holders after Strategy, and shows that miners and mining firms are also choosing to keep a chunk of the coin they create. ETF Demand Could Tighten Supply Exchange-traded funds are part of the story. Spot Bitcoin ETFs in the US pulled in more than $20 billion in flows during 2025, with some funds taking the largest share of those inflows. Analysts say ETF buying can soak up fresh supply and, if consistent, might remove available coins from the market for long periods. That dynamic has been flagged as one reason corporate accumulation could matter more now than in past cycles. Miners Are Producing Less Than Corporates Are Buying Over the same six months, miners are estimated to have created about 82,000 BTC. That means corporate buying has outpaced mining issuance by roughly three to one. In plain terms: more Bitcoin is being added to company balance sheets than is coming out of the ground, which tightens available supply if buyers continue to hold rather than sell. Related Reading: Futures Frenzy Pushed Crypto Exchange Volume To Nearly $80 Trillion In 2025 Price Action And Macro Watch Bitcoin has been trading in a narrow range near $92,000 ahead of key US inflation figures, with the $90,000 level seen as a psychological marker for traders. Safe-haven interest has stayed firm amid geopolitical noise and questions about central bank policy, leaving prices supported but range-bound. Short-term moves will likely reflect both ETF flows and whether existing holders keep selling into demand. Featured image from Unsplash, chart from TradingView
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
The following article is adapted from The Block’s newsletter, The Daily, which comes out on weekday afternoons.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $62 billion.
The threat of a massive forced sell-off in crypto-linked equities has been averted. However, that reprieve comes with a structural catch that fundamentally alters the economics of the “Bitcoin Treasury” trade. On Jan. 6, the dominant benchmark provider for global equity and ETF markets, MSCI Inc., announced it will retain “Digital Asset Treasury Companies” (DATCOs) […]
The post Strategy saved from Index expulsion, yet a hidden clause effectively kills the infinite money loop for investors appeared first on CryptoSlate.
MSCI won’t drop firms like Strategy from indexes yet, but a broader rule change may still be on the table
MSCI said it will continue to speak with market participants and evaluate whether it needs to create new “assessment criteria."
Shares of the Michael Saylor-led firm had been under pressure not just from weak bitcoin prices, but also the chance that the indexing giant might exclude DATs from its indexes.
The new governance token targets a roughly 7% annual yield funded by income from Strategy’s bitcoin-linked preferred stock.
On Monday, Strategy, formerly known as MicroStrategy, announced a new acquisition of Bitcoin (BTC) in a filing with the US Securities and Exchange Commission (SEC). Notably, this latest purchase brings the company’s total holdings to nearly 680,000 BTC, with current figures standing at 672,497 BTC. Bitcoin Buys Vs. Stock Struggles Analysts, including Lirrato on the social media platform X, revealed that the company acquired 22,498 BTC in December alone. To reach the target of 680,000 BTC by January, Strategy needs only 7,503 more coins—an amount they surpassed last month. Related Reading: Bitcoin Reaches $93,000 Amid Renewed Optimism: What To Keep An Eye On This Week However, despite this bullish acquisition, the company’s stock (MSTR) has experienced a significant decline, plummeting by over 50% throughout 2025 to its current trading price of around $163 on Monday. Adding to the challenges facing Strategy, the firm could be just ten days away from being delisted from the Morgan Stanley Capital International (MSCI) index, awaiting for the formal announcement. In an October proposal, MSCI indicated that firms holding digital assets amounting to 50% or more of their total assets should be removed from its global benchmarks. This move was justified by MSCI’s assertion that these firms resemble investment funds, which are excluded from its indexes. Strategy Braces For Potential Financial Turmoil Presently, MSCI is conducting a public consultation, and if it determines that Digital Asset Treasury (DAT) companies like Strategy should be excluded, it could set a precedent that other index providers might follow. In a public letter, Strategy’s CEO, Phong Le, and co-founder Michael Saylor discussed the possible implications of an MSCI exclusion. They estimated that such a decision could lead to around $2.8 billion worth of the company’s stock being liquidated, creating a potential chilling effect across the entire industry. Analysts from TD Cowen highlighted that approximately $2.5 billion of Strategy’s market value is tied to MSCI, while an additional $5.5 billion hinges on other indexes. JPMorgan’s analysis suggests that if MSCI were to exclude Strategy, the company could face $2.8 billion in outflows, a number that could escalate to $8.8 billion if it were delisted from additional indexes, including the Nasdaq 100, the CRSP US Total Market Index, and various Russell indexes owned by the London Stock Exchange Group (LSEG). Related Reading: Consumer Crypto Spending Grows in 2026 as Visa Reports Major Card Growth Alongside these potential challenges, Strategy may soon have to contend with substantial financial losses that starkly contrast the $2.8 billion profit they reported in the previous year’s third quarter. Additionally, the Bloomberg Billionaires Index indicates that Michael Saylor has seen his personal wealth diminish dramatically during this downturn, dropping approximately 40% to about $3.8 billion. Nevertheless, on Monday, cryptocurrency prices saw a notable recovery, with Bitcoin and other digital assets such as Ethereum (ETH), Binance Coin (BNB), Solana (SOL) and XRP climbing back above key levels, sparking a new wave of optimism among investors. Featured image from DALL-E, chart from TradingView.com
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $63 billion.
More than 200 new DATs are estimated to have launched in 2025, pushing the value of crypto held by companies beyond $100 billion.
Crypto analyst Chris Millas has highlighted an unusually persistent slump in Strategy shares, breaking with past drawdown patterns even as the firm continued accumulating bitcoin.
U.S. spot crypto ETF flows, stablecoin supply, prediction markets, perp DEX activity, and the DAT craze were among the data trends of 2025.
Bitcoin (BTC) has seen a slight recovery, edging back above the $89,000 mark as it attempts to break through the $90,000 resistance level. Nonetheless, concerns loom over further downward moves, raising worries about the risks this trend poses to firms like Strategy (formerly MicroStrategy). Analysts at the Bull Theory have posed a critical question regarding the potential financial vulnerabilities of Michael Saylor’s Strategy should Bitcoin drop to the critical $74,000 price threshold. This narrative suggests that a drop to this key price point could place Strategy in financial jeopardy or force the company to sell its Bitcoin assets. However, the analysts assert that these dire predictions do not align with the real financial situation of the company. Debunking Insolvency Fears Currently, Strategy boasts a major 672,497 BTC stockpile valued at approximately $58.7 billion on its balance sheet. In contrast, its total debt stands at about $8.24 billion. The Analysts emphasize that even if Bitcoin were to decline to $74,000, the total value of its Bitcoin holdings would still be around $49.76 billion—well above its liabilities. Thus, they assert that there is no feasible scenario where a decline from $87,000 to $74,000 would lead to insolvency. Related Reading: Bitcoin And Ethereum Influx: Strategy Grabs 1,200 BTC, Bitmine Immersion Ups ETH by 44,000 A crucial point of distinction is that Strategy does not operate like a hedge fund dealing with margin loans; it has no collateral-backed Bitcoin debt, which means there are no liquidations triggered by price drops. As the analysts explain, the concerns surrounding forced selling stem from applying trading logic to a corporate balance sheet. The Bitcoin that Strategy holds is neither pledged as collateral nor subjected to margin calls. Instead, the firm’s borrowings come from unsecured convertible notes, thus lenders do not have the right to demand Bitcoin simply due to falling prices. External Pressures Impacting Strategy Liquidity remains another concern for some investors who fear that Strategy might be forced to liquidate its Bitcoin to manage its obligations. However, the company has set aside a reserve of $2.188 billion in USD, enough to cover approximately 32 months of its dividend payments, which range between $750 million and $800 million annually. So, what accounts for the recent decline in Strategy’s stock price if the company’s fundamentals are sound? The analysts highlighted that since October, several external factors have generated fear around Strategy, not due to concerns about insolvency but because of shifting market conditions and institutional positioning. Beginning on October 10, the MSCI index proposed new regulations that could potentially remove companies with over 50% of their assets in Bitcoin from their indexes. This created apprehension about forced index selling, even though a final decision is yet to be made on January 15, 2026. Additionally, analysts at JPMorgan raised margin requirements for trading Strategy’s stock from 50% to 95%, leading some investors to reduce their exposure, which in turn resulted in selling pressure. Dilution Dangers But while Strategy’s balance sheet appears robust, certain risks merit vigilance. One significant risk highlighted by Bull Theory analysts is dilution. The company has frequently relied on issuing new shares to enhance its Bitcoin holdings. Related Reading: US Strategic Bitcoin Reserve: Key Catalyst For Potential Surge Toward $150,000 Next Year While many investors view this strategy positively, concerns arise that continuous share issuance during a downtrend may heighten dilution, ultimately weakening existing shareholder value. Additionally, there are concerns that excessive dilution could drive Strategy’s net asset value (NAV) ratio below 1, an important threshold that would limit the company’s ability to raise new capital through share issuance. At the time of writing, Bitcoin was trading at $89,200, having recorded slight gains of 1.5% over the previous 24 hours. Strategy’s stock (MSTR) is trading at $157 per share, mirroring BTC’s surge with gains of 1.25% in the same time frame. Featured image from DALL-E, chart from TradingView.com
In 2025, Strategy (formerly MicroStrategy) executed a capital markets feat that effectively cornered the supply of new Bitcoin, purchasing more coins than the global mining network produced for the entire year. Throughout the year, Strategy added approximately 225,027 BTC to its corporate treasury, bringing its total holdings to roughly 672,497 BTC. This purchasing campaign exceeded […]
The post How Strategy used half its stock price to buy 225,000 Bitcoin in 2025 appeared first on CryptoSlate.
The purchase brings Strategy’s total bitcoin holdings to 672,497 BTC, acquired at an average price of about $74,997 per bitcoin.
There's always something going on in the crypto space, and this year was no exception. We take a look back at 2025's highlights.
Overall, the S&P 500 rose nearly 20% year-to-date while the price of bitcoin dropped around 4% in the same period.
TD Cowen said the added cash strengthens Strategy’s ability to operate through a “prolonged crypto winter” by improving liquidity.
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
Strategy has paused its streak of bitcoin purchases, instead adding $748 million to its USD reserve, bringing the fund to $2.19 billion
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
Circle remains the bank's top pick in the sector, with Bullish and Coinbase following.
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
The narrowing spread between yields on STRD and the 10-year U.S. Treasury could signal boosted demand for the preferred stock.
Strategy's holdings account for more than 3% of the total 21 million bitcoin supply — worth around $60 billion.