Since its post-FTX surge, bitcoin has experienced a new chill. Prices are falling, investors panic… and some are already sniffing out a good deal. Should we rush to fill our pockets? For Michael Saylor, the question doesn’t even arise. Rain or shine, whether the price soars or plummets, he stacks up. Again and again. His latest statement? Two words: “Best continue.” A cryptic message. Or rather, a signal?
In Brief
- •This week, Strategy will buy 397 more BTC, despite the decline in bitcoin price.
- •The company now holds 641,205 BTC at an average cost of 74,064 dollars.
- •In August, it invested 2.46 billion for 20,945 BTC, at 117,526 dollars each.
- •Strategy refuses to issue shares below 2.5 times net asset value to avoid dilution.
When Buying BTC Becomes a Corporate Mission
Accumulating BTC has become much more than an option for Strategy. Since Michael Saylor transformed his company into a digital vault, every bitcoin dip is an invitation to buy more. This week again, 397 BTC will be added to the treasury. Last August, 2.46 billion dollars were invested for 20,945 BTC, at 117,526 $ each. A price higher than the current rate — 106,064 $ — but that is not a concern for Saylor. He thinks long term, nothing else.
The total wallet reaches 641,205 BTC, acquired over 85 distinct transactions, with an average cost of 74,064 $. The strategy is based on a clear mechanism: borrow smartly, buy massively, wait for BTC to do the work. In this spirit, Strategy forbids issuing shares below 2.5 times its net asset value to avoid diluting its shareholders. Is the bet risky? Maybe. But for investors seeking a regulated exposure to bitcoin, the Strategy stock has become a gateway.
And the results speak: +3,000% stock market performance since 2020. Without mining a single block.
Bitcoin: Digital Reserve or Ticking Bomb?
Michael Saylor does not just buy. He tells a vision: that of a world where bitcoin becomes the foundation of financial reserves. According to him, this crypto is destined to surpass the 13 trillion gold market. A rare, incorruptible, unstoppable asset. And above all, decentralized. But behind the heroic stance hides a well-oiled mechanism.
Strategy juggles debt and share issuance, but imposes a strict rule to protect its perceived value. In the short term, this leverage may make purists wince. Yet, it does not stop other groups from adopting the method. Trump Media and Technology Group announced a similar operation in 2025: 2 billion dollars for bitcoin, financed by capital and loan. The current macroeconomic context, with a cautious Fed and tense markets, strengthens this trend.
The logic? Rather than suffer inflation or let cash sit idle, these companies choose to bet on cryptocurrency. The result: a new wave of institutional purchases seems to be forming, discreet but powerful. Even if other cryptos like Ethereum await their moment, it is bitcoin that holds the throne for now.
The Strategy model raises questions, but it establishes itself. Here are some benchmarks to better grasp its impact:
- •20,945 BTC bought in August 2025 for 2.46 billion dollars, at a price higher than the current market;
- •641,205 BTC: the total held by Strategy, an absolute record for a publicly traded company;
- •106,064 dollars: bitcoin price at the time of writing;
- •+3,000%: the Strategy stock surge since its bitcoin beginnings;
- •85 documented purchase events on BitcoinTreasuries.net since the launch of their crypto policy.
The wind is changing, some analysts say. What was celebrated yesterday is now being questioned. Some institutional actors are beginning to turn away from bitcoin and ethereum, seeking more stable havens. Volatility, regulatory pressure, and the search for immediate yield are said to be the causes. Yet, at Strategy, the compass remains pointed at BTC. And it does not move.