Saylor to buy Bitcoin for 11th consecutive week

Main Points：

• Michael Saylor’s 11-Week Bitcoin Buying Streak: From April 14 to June 23, Strategy (formerly MicroStrategy) acquired Bitcoin for eleven consecutive weeks, most recently purchasing 245 BTC for $24.5 million.
• Record-Breaking Corporate Treasury: Strategy now holds 592,345 BTC, valued at over $63.6 billion, making it the largest known corporate holder—more than double the combined holdings of the next 20 public Bitcoin treasury companies.
• Supply Shock and Price Impact Debate: Analysts argue that Strategy’s rapid accumulation could trigger a supply shock, potentially driving Bitcoin prices higher, while critics warn of market distortions and sustainability risks.
• Sustainability of the Corporate Treasury Model: Funding purchases via debt and equity raises concerns about over-leverage; some warn this corporate model could precipitate the next bear market if prices fall sharply.
• Breed Report on Treasury Company Survival: A recent Breed venture-capital report predicts most Bitcoin treasury companies will collapse in a price downturn, with only the strongest (e.g., Strategy) emerging and consolidating the sector.
• Strategy’s Resilience: Breed highlights Strategy’s size, disciplined buy-the-dip approach, and past performance in surviving bear markets as key factors underpinning its robustness.
• Potential S&P 500 Inclusion: Analyst Jeff Walton forecasts a 91 % chance that Strategy will join the S&P 500 in Q2 2025, reflecting its growing profile and market capitalization.

1. Michael Saylor’s 11-Week Bitcoin Buying Streak

Co-founder and Executive Chairman Michael Saylor reignited industry attention on June 23, 2025, when he confirmed on X that Strategy made its 11th consecutive weekly Bitcoin purchase. Beginning April 14, the company has added Bitcoin each week without interruption, signaling unwavering conviction in digital gold.

Saylor tweeted to his 4.4 million followers, “Twenty years from now, you’ll regret not buying more,” underscoring his long-term bullish thesis. His follower count itself has swelled by roughly one million over the past year, amplifying his influence within crypto and financial circles.

2. Record-Breaking Corporate Treasury Holdings

As of the latest purchase, Strategy holds 592,345 BTC, valued at over $63.6 billion based on current market prices. This eclipses every other publicly known corporate treasury. According to BitcoinTreasuries data, the combined holdings of the next 20 largest public Bitcoin treasury companies total less than half of Strategy’s hoard, underscoring its dominant market position.

Figure 1 below compares Strategy’s holdings to the aggregated top-20 competitors:

3. Supply Shock and Price Impact Debate

Analysts are split on whether Strategy’s voracious demand could spark a supply shock. On one side, proponents argue that regular, predictable purchases—totaling tens of thousands of BTC over three months—remove large quantities of Bitcoin from the open market, potentially propelling prices upward as scarcity intensifies.

Conversely, detractors caution that such concentrated demand may distort price discovery and liquidity. They argue that if Strategy or its peers pause purchases, the sudden absence of a major buyer could precipitate a sharp correction, exacerbated by speculative positioning tied to corporate treasury strategies.

4. Sustainability of the Corporate Treasury Model

Strategy and its copycats typically finance Bitcoin acquisitions through debt issuances or equity offerings. While effective in bull markets, this approach carries elevated risks if Bitcoin prices decline.

Market skeptics highlight:

• Leverage Risk: Rising debt burdens could force margin calls or bond covenant breaches.
• Equity Dilution: Repeated share issuances may dilute existing shareholders, eroding equity value.
• Market Psychology: Reliance on continuous capital raises may wane if investor appetite shifts or macroeconomic conditions tighten.

These factors underscore concerns that over-levered treasury firms could become the catalyst for the next Bitcoin bear market once volatility returns.

5. Breed Report: Survival of the Fittest

Venture-capital firm Breed’s latest industry report warns that a Bitcoin price downturn will be “unforgiving,” causing the majority of corporate treasuries to collapse. Breed’s authors predict a wave of consolidations, with the strongest players acquiring weakened competitors:>

“With failure inevitable, top-tier players will absorb struggling firms, driving industry consolidation,” the report states.

Breed identifies Strategy’s advantages: deep pockets, proven longevity through previous market cycles, and a strict buy-the-dip discipline. They contrast this with emerging treasury companies saddled with higher leverage costs and less access to capital, making them more vulnerable when BTC prices drop.

6. Strategy’s Resilience Through Bear Markets

Breed highlights key reasons Strategy is likely to endure the next major downturn:

1. Scale: Owning nearly 600,000 BTC affords unparalleled liquidity and negotiating power.
2. Track Record: The company navigated the 2022 bear market with minimal hiccups, maintaining buy discipline.
3. Capital Access: Established credit lines and equity issuance capacity provide buffers against sudden liquidity needs.

This resilience has not only cemented Strategy’s reputation but also set a benchmark for “ideal” treasury management, according to industry observers.

7. Prospects for S&P 500 Inclusion

Market analyst Jeff Walton recently projected a 91 % probability that Strategy will enter the S&P 500 index in Q2 2025, given its market cap growth and stock-trading volume. Inclusion would signal broader institutional acceptance and introduce fresh passive capital flows from index funds, potentially reinforcing both the company’s stock and Bitcoin exposure.

Conclusion

Strategy’s 11-week Bitcoin buying spree underlines Michael Saylor’s steadfast belief in Bitcoin as a superior long-term store of value. Holding over $63 billion in BTC—more than double the next 20 public corporate treasuries combined—Strategy stands at the forefront of the corporate Bitcoin treasury movement. While analysts debate the potential supply shock and sustainability of aggressive acquisition strategies, reports like Breed’s highlight that only the largest and most disciplined players are likely to survive future downturns. With a strong track record, deep reserves, and possible S&P 500 inclusion on the horizon, Strategy exemplifies both the promise and perils of bitcoin-centric corporate finance.