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Strategy completes largest Bitcoin buy in months
Strategy Inc. purchased 10,624 Bitcoin last week for roughly $962.7 million, marking its biggest weekly acquisition since July 2025. The purchase increases the firm's crypto treasury to 660,624 BTC, now valued at about $49.35 billion. Despite the sizable accumulation, the company’s stock remains under pressure after dropping nearly 60% over the past six months.
Key metrics and market context
The company reported a year-to-date yield of roughly 24.7% on its Bitcoin holdings. Yet its equity price has slumped from the $400s into the $170s, with immediate resistance clustered between $195 and $215 that has hampered short-term rebounds. Investors are watching whether the firm’s long-term Bitcoin accumulation strategy can withstand both market volatility and increasing institutional competition.
Saylor’s long-term accumulation strategy
Founder and CEO Michael Saylor continues to push a “Bitcoin-maximalist” approach, reiterating that selling the firm’s BTC to pay dividends is off the table. Instead, the company has built a $1.44 billion cash cushion intended to cover dividend obligations for nearly two years. Strategy has also launched perpetual preferred shares, which management expects to become an important financing tool over the next 12–24 months.
Capital strategy and shareholder implications
The cash buffer and preferred share issuance allow Strategy to preserve its Bitcoin treasury while maintaining liquidity for corporate needs. That position may appeal to long-term crypto-focused investors, but short-sellers and skeptics remain active. Prominent short-seller Jim Chanos has flagged the company as a target, underscoring the reputational and market risks tied to a concentrated Bitcoin treasury.
Rising competition from institutional players
Traditional finance is moving into crypto exposure: JPMorgan and Morgan Stanley have rolled out Bitcoin-linked products that offer controlled institutional access with capped upside. These offerings may attract risk-averse clients who previously looked to Strategy for corporate Bitcoin exposure, potentially diluting Strategy’s unique market role.
What this means for corporate Bitcoin adoption
As banks and other public companies—including newcomers that mimic heavy Bitcoin treasury strategies—expand their crypto offerings, Strategy’s leadership position as the go-to corporate Bitcoin accumulator faces growing scrutiny. The company’s aggressive accumulation against a backdrop of a steep stock decline highlights the broader trade-offs public companies face when converting treasury reserves into crypto.
Overall, Strategy’s latest buy demonstrates continued conviction in Bitcoin as a corporate treasury asset, while raising fresh questions about competition, capital structure, and how public markets price concentrated crypto exposure.
Source: crypto
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