Strategy's Bitcoin Holdings Surge 36% to $63.5 Billion

On May 28, Ki Young Ju, CEO of CryptoQuant, referred to Michael Saylor’s Bitcoin strategy as a “hack” of U.S. capital markets. In a post on X, Ju highlighted how Saylor, through his firm Strategy, has redirected traditional market liquidity into Bitcoin. Strategy now holds 580,250 BTC, valued at over $63.5 billion. The firm's latest purchase of 4,020 BTC for $427.1 million exemplifies this approach, which has been praised for its innovative use of Wall Street tools to fund crypto accumulation. This method has enabled Strategy to acquire more than 2.7% of Bitcoin’s total supply.

Saylor’s strategy involves repurposing traditional financial tools such as convertible notes and equity sales to fund Bitcoin acquisitions. This approach, dubbed a “capital markets hack,” allows Strategy to raise capital from Wall Street without directly handling cryptocurrency. Many investors now view Strategy as a Bitcoin proxy, with its stock price closely following BTC movements. Despite market volatility, Saylor continues this strategy with strong shareholder support. However, critics from Wall Street question the long-term sustainability of this approach, citing concerns over high leverage, potential drawdowns, and over-reliance on Bitcoin’s price. Nevertheless, Strategy’s stock has outperformed many tech and finance companies in 2025.

Ki Young Ju’s comment on X emphasized how treasury firms with capital base desks act as a “perpetual-motion engine.” He noted that market volatility fuels this system, keeping liquidity flowing into Bitcoin. The phrase “up only” is no longer just a meme, Ju stated, reflecting rising confidence among long-term Bitcoin believers. This endorsement underscores how Strategy’s model is seen as a blueprint for corporate Bitcoin accumulation. The firm’s certified BTC treasury strategy sets it apart from traditional institutions and newer crypto startups.

Saylor recently addressed the topic of proof-of-reserves at a side event during Bitcoin 2025 in Las Vegas. He warned that publishing wallet addresses creates serious attack vectors, opening the door for hackers, nation-state actors, and legal liabilities. He called it a “bad idea” and likened it to exposing private financial details of family members. Saylor emphasized that institutional investors need complete financial visibility, including liabilities. He argued that publishing wallet balances without liabilities gives a false sense of security. His preferred method includes Big Four audits, verified by CFOs and boards, ensuring accountability under U.S. law.

Although Saylor currently opposes on-chain proof-of-reserves, he expressed interest in zero-knowledge proofs. These cryptographic tools could offer transparency without revealing wallet addresses. However, he stressed that such a system must gain approval from auditors, exchanges, custodians, and risk managers. Even if adopted, Saylor noted that zero-knowledge methods still fail to cover liabilities. For true financial assurance, he said institutional-grade audits remain the gold standard. He urged crypto users to self-custody Bitcoin if privacy is a priority and warned against relying on offshore exchanges.

Strategy now holds Bitcoin worth over $63.5 billion, with paper gains exceeding $23 billion. Its average purchase price stands at $69,979 per BTC. The firm’s unique approach has influenced other companies and hedge funds to explore crypto asset allocations. However, no other public firm has committed to Bitcoin at this scale. Saylor’s strategy remains a high-risk, high-reward case study in corporate crypto integration. The model challenges traditional capital management and continues to spark debates on security, transparency, and regulatory standards. With Ki Young Ju’s public backing, Strategy’s momentum appears far from slowing. Whether zero-knowledge proof models or stricter audit frameworks emerge as the norm, one thing is clear: Strategy has reshaped how institutions view digital assets.