Strategy Hints at More Bitcoin Buys Amid 2.8% Supply Control

Coin WorldMonday, Jun 23, 2025 1:06 am ET
1min read

Michael Saylor, co-founder and executive chairman of Strategy, has once again hinted at a potential Bitcoin accumulation through a cryptic message on X. In his June 22 post, Saylor shared a Bitcoin performance chart with the caption: “Nothing Stops This Orange.” This phrase is characteristic of his style when signaling upcoming Bitcoin purchases, which often precede filings with the U.S. Securities and Exchange Commission.

Strategy has been aggressively expanding its Bitcoin holdings in recent weeks. The firm now controls approximately 592,100 BTC, valued at more than $60 billion, representing around 2.8% of Bitcoin’s total supply. This positions Strategy as the largest corporate Bitcoin holder globally. The latest cryptic signal suggests that the firm may continue to accumulate more Bitcoin. With Bitcoin recently trading under high volatility amid global uncertainty, another strategic purchase could be imminent.

Saylor remains steadfast in his belief in Bitcoin’s long-term value. During a recent discussion, he projected that Bitcoin could reach $21 million per coin within the next 21 years, emphasizing the scarcity-driven nature of the asset. However, this vision has drawn criticism from some analysts who argue that Saylor’s optimism masks substantial financial risk for Strategy shareholders.

Prominent short-seller Jim Chanos has voiced sharp criticism of Saylor’s strategy, particularly the company’s use of convertible debt to fund Bitcoin purchases. Saylor maintains that the firm’s liabilities are safe due to their “unsecured,” “convertible,” and “no-recourse” nature. He has even claimed that Bitcoin could lose up to 90% of its value without threatening Strategy’s ability to meet its obligations. Chanos, however, refuted these claims, suggesting that Strategy’s financial exposure may be greater than Saylor implies, especially if Bitcoin’s price does not sustain or appreciate in time.

Chanos’s firm recently revealed a rare dual stance: long on Bitcoin, short on Strategy stock. This reflects a growing sentiment that while Bitcoin may continue to thrive, the aggressive tactics employed by Strategy could create significant downside risks for equity investors. Still, for Bitcoin maximalists, Saylor’s steadfast approach has helped institutionalize BTC as a treasury asset and created one of the most watched corporate crypto strategies in history.

Whether Strategy’s next Bitcoin buy happens this week or later in the year, one thing is clear: Michael Saylor remains one of Bitcoin’s most vocal and high-stakes advocates. As his firm’s holdings grow, so too does scrutiny over its financial structure and risk profile.