Corporate Accumulation Surges Past 700,000 BTC
“Thinking about buying more bitcoin,” Michael Saylor casually dropped on X early Thursday morning. This came just two days after Strategy disclosed its latest shopping spree—22,305 BTC for roughly $2.13 billion. The average price? About $95,284 per coin.
With this purchase, the software company now holds 709,715 bitcoin, making it the single largest corporate holder of the digital asset by a wide margin. It’s not even close. The firm has essentially turned its balance sheet into a bitcoin accumulation vehicle, and Saylor shows no signs of slowing down.
The funding mechanism has become almost predictable at this point. Strategy sells equity and preferred stock through at-the-market offerings, then immediately converts the proceeds into bitcoin. The strategy—pun intended—is straightforward: raise capital when it’s cheap, buy bitcoin during sideways markets, then sit back and wait.
All told, Strategy has spent around $53.9 billion building this position. Even after bitcoin’s recent pullback from all-time highs, the company is sitting on a paper gain of nearly $8 billion. Not a bad return for what critics initially dismissed as financial recklessness.
Saylor frames the whole thing differently than most CFOs would. He doesn’t see bitcoin as just another volatile asset. To him, it’s “economic property”—something like a perpetual bond with a fixed supply and no counterparty risk. His argument goes that fiat currencies dilute over time through inflation, and bitcoin’s price swings are preferable to the slow, steady erosion of purchasing power. Whether you buy that thesis or not, he’s betting billions on it.
Market Holds the $85K–$90K Floor Amid Macro Jitters
Bitcoin was trading around $88,800 on Thursday, down a modest 0.3% from the day before but still up nearly 40% year-over-year. The price has settled into a holding pattern, bouncing between rough support at $90,000 and resistance just under $100,000. Buyers keep showing up on dips, but rallies lose steam before breaking through six figures.
The choppiest action this week came on January 20th, when U.S.–European trade tensions flared up alongside fresh talk about American claims over Greenland. Global equities tanked, gold shot to new highs, and bitcoin briefly dropped to $87,000 before steadying. Since then, spot volumes have been quiet. Traders seem to be waiting for something—a surprise data print, a Fed pivot, a big institutional buy—to break the standoff.
Right now, the market is in wait-and-see mode. Nobody wants to commit too heavily in either direction without a clearer macro signal.
Strategy’s High-Conviction Bet Faces Its Next Test
By teasing another round of purchases in the middle of a range-bound market, Saylor is doubling down on his core message: bitcoin’s scarcity is the point. Either you believe in it or you don’t. For shareholders who do, Strategy’s stock has been a wild ride in the best way—outperforming the Nasdaq over multiple timeframes thanks to its leveraged exposure to bitcoin.
But there’s a flip side. The more bitcoin Strategy accumulates, the more it becomes a pure-play proxy for digital assets. If the thesis breaks, there’s not much else to fall back on. The company’s fortunes are now almost entirely tied to bitcoin’s trajectory.
Management doesn’t seem fazed. Saylor has said before that “volatility is not risk; it’s opportunity.” With fresh capital in hand and the next halving event coming in April, we’ll soon find out if his relentless accumulation strategy during consolidation phases is genius—or just hubris disguised as conviction.
Either way, Strategy has already changed the conversation around corporate treasury management. No other public company has gone this hard into a single digital asset, and every move Saylor makes is now watched closely by the entire crypto market. The biggest corporate whale in the space isn’t done swimming yet.
