Saylor’s company vowed not to issue new shares below 2.5× NAV to prevent dilution.
A new wave of Bitcoin hoarding was verified by Michael Saylor, founder and executive chairman of Strategy. The company has already acquired 641, 205 BTC, which is worth more than 45 billion according to the current market price. This ranks Strategy as the biggest corporate holder of Bitcoin in the world based on BitcoinTreasuries.net. The business strategy is a reflection of its long time thesis that Bitcoin is digital energy and a better store of value than cash or gold. This news supports the idea of the Bitcoin as the asset of the core reserves of corporate treasuries across the world expressed by Saylor.
The Bitcoin acquisitions of Strategy are funded by a combination of debt issuance and equity issues. Its most recent big acquisition was in August 2025 and it paid 2.46 billion on approximately 20,945 BTC at an average price of $117,526 per coin. This was the third-largest Bitcoin purchase by Strategy in terms of value. Nonetheless, the average purchase price is high, but the policy of the company has not changed: they utilize cheap capital to amass Bitcoin and invest it in long-term treasury holdings. This astronomical growth is indicative of positive investor expectations in the Bitcoin-focused model by Saylor. The share price of Strategy has emerged as an informal Bitcoin proxy to institutional investors who want regulated exposure to Bitcoin but no actual crypto.
Strategy gave a guarantee that it would not also issue new common shares below 2.5 times its net asset value with an exception of debt servicing or paying dividends on its preferred shares. The commitment is an indicator of financial discipline and is an expression of optimism in the long-term value trend of Bitcoin. The release of its Q2 2025 earnings also report July 31 affirmed that the company has become the first Bitcoin Treasury Company in the world with 2,100 employees spread across the world.
The most recent action of strategy is based on an increasing trend of institutional Bitcoin buying. Trump Media and Technology Group, which announced a $2.5 billion acquisition plan in Bitcoin in early this year, and which follows the same playbook as Saylor, would provide debt and equity capital to fund the acquisition. According to analysts of Cointelegraph (May 2025), corporate demand and anticipation of steady U.S. Federal Reserve rates has driven Bitcoin above its previous prices of over $70,000. Such macro environment: constrained liquidity and institutional appetite, puts announcements of Strategy as a possible catalyst of the next market leg upwards.
Michael Saylor is also a vocalist of the Bitcoin monetary supremacy. He has since 2020 positioned Bitcoin as the best hedge against currency debasement and inflation. Strategy is currently almost entirely Bitcoin-backed in its balance sheet, and Saylor has redefined the management of corporate treasuries. His assumption that Bitcoin will become bigger than the gold market of 13 trillion is still the guide to the strategy of the firm. The new acquisition is an indication of belief in the direction of Bitcoin and a larger institutional shift to digital assets as macroeconomic uncertainty continues to exist.
