Saylor’s Strategy Resumes Bitcoin Buying at Record High

Strategy Inc, the Bitcoin treasury company founded by Michael Saylor, has broken its months-long purchasing hiatus with a significant acquisition at Bitcoin’s peak valuation. The timing is notable: the company resumed buying as Bitcoin reached a record price of $126,000 earlier this month, demonstrating continued conviction in the digital asset despite its elevated valuation. This purchase represents the first time Strategy has added to its Bitcoin treasury since the cryptocurrency began its latest rally, signaling a potential shift in corporate accumulation patterns.

The acquisition pushes Strategy’s total Bitcoin holdings to over $73 billion, reinforcing its position as the largest corporate holder of Bitcoin globally. For context, this $73 billion valuation reflects the current market price of Bitcoin rather than the acquisition cost, highlighting the substantial paper gains the company has realized through its long-term accumulation strategy. The move comes after what Bloomberg Technology described as ‘months of tapering off its purchases,’ suggesting that Strategy may be entering a new phase of active treasury management.

Formerly known as MicroStrategy Inc., the company has long been considered a barometer for institutional crypto sentiment. Under Michael Saylor’s leadership, Strategy pioneered the corporate Bitcoin treasury model, converting substantial portions of its balance sheet into digital assets. This approach has been closely watched by other corporations considering similar moves, making Strategy’s purchasing patterns a key indicator of institutional confidence in cryptocurrency markets.

The company’s latest purchase at record prices sends a powerful message to the market about its long-term belief in Bitcoin’s value proposition. Despite growing skepticism about the crypto treasury model among some investors and analysts, Strategy has maintained its commitment to Bitcoin as a primary treasury asset. This consistency has made the company’s actions particularly significant for market observers trying to gauge institutional sentiment toward digital assets.

While Bitcoin has surged to unprecedented heights, Strategy’s stock price has notably failed to keep pace with the cryptocurrency’s performance. This divergence highlights an interesting dynamic in the relationship between direct Bitcoin exposure and corporate equity tied to crypto holdings. Investors appear to be valuing Strategy’s stock differently than the underlying Bitcoin it holds, suggesting that market participants may be applying a discount to the corporate Bitcoin treasury model.

The stock’s underperformance relative to Bitcoin itself raises important questions about how public markets are pricing companies with substantial crypto exposure. Some analysts speculate that concerns about regulatory uncertainty, volatility, and the long-term viability of the crypto treasury model may be contributing to this valuation gap. Others point to the company’s specific business operations beyond Bitcoin holdings as factors influencing its stock performance.

This performance gap between Strategy’s stock (MSTR) and Bitcoin (BTC) represents a crucial development for investors monitoring the corporate adoption of cryptocurrency. It suggests that while direct Bitcoin ownership has delivered substantial returns, equity exposure through companies like Strategy may not provide the same leveraged returns that some investors initially anticipated when the corporate Bitcoin trend began.