Following a brief one-week pause from accumulating Bitcoin (BTC), MicroStrategy, the company co-founded by Michael Saylor, indicated plans to resume purchasing the digital asset with effect from Monday.
Saylor commented on the strategy change on Sunday, stating, “Some weeks, you don’t just HODL.” Earlier that day, MicroStrategy reported raising $4.2 billion in capital, temporarily overshadowing planned BTC purchases. Prior to this pause, the company maintained a streak of 12 consecutive weeks of Bitcoin buybacks.
MicroStrategy’s latest significant purchase predating the hiatus was 4,980 BTC, acquired on June 30 for $532 million. This acquisitions brought the company’s cumulative BTC holdings up to 597,325 coins, valuing them at over $70.9 billion.
As of current trading, MicroStrategy’s stock price hovers around $434 per share, indicating a roughly 16% increase month-to-date, but still below the all-time high of $543 reached in November 2024.
Institutional entities acquiring Bitcoin, often termed “Bitcoin treasury companies,” are increasingly seen as significant market participants, capable of influencing supply and demand dynamics more rapidly than the Bitcoin network itself generates new coins through mining.
This significant rate of accumulation is viewed by some analysts with caution. While it could create a supply shock pushing prices upward, there are warnings that debt-financed institutional purchases might prove unsustainable and potentially trigger a broader market downturn.
Related: MicroStrategy reports potential $13B Bitcoin gains amid stalled core revenue
Institutional Accumulation Outpaces Monthly Mining Rate
According to data provider BitcoinTreasuries, MicroStrategy led the market in buying 159,107 BTC during Q2. This places MicroStrategy as the largest recorded corporate holder of Bitcoin at the time.
Data indicates a total of 3.5 million BTC are currently held by institutional treasuries, encompassing holdings by public corporations, private entities, crypto businesses, government agencies, pension funds, and asset managers.
Analyst Adam Livingston, author of “The Great Harvest: AI, Labor, and the Bitcoin Lifeline,” suggested a provocative theory that entities like MicroStrategy might be “synthetically halving” Bitcoin via rapid accumulation.
Livingston highlighted that while miners produce approximately 450 BTC daily (13,500 BTC monthly), MicroStrategy acquired a substantial 379,800 BTC (worth roughly $56 billion based on June 30 price) over its six-month period under Saylor’s leadership.
Livingston noted, “Strategy has accumulated 379,800 in the past 182 days. That’s 2,087 BTC per day — far outpacing the miners.” He further speculated on the potential evolution of Bitcoin treasury companies, forecasting them to assume the role of a “financial superpower” in the future.
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