Michael Saylor Resumes Bitcoin Purchases After A Brief Pause

Sometimes just one week of silence is enough to sow doubt. When Michael Saylor stopped his weekly bitcoin purchases, speculation ran wild. A strategic pause or a sign of exhaustion? The answer hit skeptics like a slap: a new massive BTC buyback, accompanied by a colossal fundraising. Saylor’s obsession with the digital asset is only intensifying, and behind this frantic accumulation lies a logic far more ambitious than a simple speculative bet.

A Pause to Leap Higher

The interruption of purchases last week was just a decoy. In reality, Strategy was preparing a much larger operation. By raising 4.2 billion dollars, the company was sharpening its weapons to strengthen its grip on the bitcoin market.

The return to accumulation was felt as early as June 30, with the acquisition of 4,980 BTC for an amount of 532 million dollars. This new addition brings the company’s reserves to 597,325 bitcoins, valued at over 70.9 billion dollars.

Michael Saylor, always quick to set the market’s pace, accompanied this recovery with a comment as simple as it was loaded with implications: “Some weeks, we don’t just HODL”. Translation: accumulation continues, but at his own pace, according to a long-term strategy.

Meanwhile, Strategy’s stock is climbing. Trading around 434 dollars, it shows a gain of more than 16% over the month, although it remains far from its all-time high reached in November 2024.

A Model Based on Debt… and Conviction

What sets Strategy apart from other institutional players is its operating mode. Where others favor waiting or caution, Saylor’s company bets on a powerful lever: debt.

By issuing bonds and shares, it finances the massive bitcoin purchase without directly diluting its core capital. This approach, audacious or even reckless according to some, allows it to buy faster than what the network produces.

At a rate of 2,087 BTC acquired daily over the past six months, Strategy far exceeds the daily production of miners, estimated at 450 BTC. It is a fundamental, almost artificial imbalance that changes market dynamics.

This tactic transforms Strategy into a full monetary player. It doesn’t just follow the market; it shapes it in its own way, controlling the available supply.

Towards a Supply Shock for Bitcoin or a Cycle Reversal?

The impact of this strategy is beginning to be felt across the ecosystem. With 3.5 million BTC now locked in institutional treasuries, the secondary market is running short of supply. This massive capture by a few large entities, dominated by Strategy, causes a gradual drying up of the liquid market.

At first glance, this scarcity is a blessing for Bitcoin holders. Fewer BTC available potentially means a price rise. But some analysts point out a vulnerability: the leverage effect.

If the macroeconomic environment turns or if interest rates become stifling, Strategy’s credit model could falter. And in a market so sensitive to trust, the slightest doubt can become a catalyst for a fall.

The issue therefore is no longer only economic: it becomes structural. If Strategy comes to dominate excessively, it could become the breaking point of a system it helps make less liquid, more unstable, but also more speculative. Moreover, another threat looms: that of a Bitcoin drop following a Fed decision.