As markets fluctuate and capital flees from risk assets, Michael Saylor persists. The founder of Strategy, indifferent to macroeconomic turmoil, has just added over 22,000 bitcoins to his treasury. Indeed, the timing is questionable: the BTC correction intensifies, geopolitical uncertainty sets in. However, Saylor does not waver. For him, bitcoin is not a bet, it is a conviction. An emphatic position, counter to the consensus, that reignites the debate about the resilience of the maximalist strategy.
A massive acquisition that challenges market signals
On March 31, Strategy acquired 22,048 bitcoins, raising its total portfolio to 528,185 BTC. This decision comes after a brief pause in acquisitions, breaking a series of several consecutive purchases.
The latent appreciation of these assets now exceeds 8.6 billion dollars, with a global return of about 24% since the company's initial investments. This operation occurs while bitcoin has fallen back below 80,000 dollars, in a context of high volatility induced by macroeconomic tensions.
BTCUSDT chart by TradingView
Far from being intimidated by this drop, Michael Saylor asserts that 'bitcoin is the best long-term asset available to date,' which justifies the continuation of the accumulation strategy. This approach by Strategy is based on several numerical findings.
Thanks to the continuity of this accumulation policy despite macroeconomic uncertainties, Saylor reaffirms his ambition to position his company as a pioneer in the digital monetary paradigm.
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An increasing dependence on an unstable asset
Strategy's appetite for bitcoin is not fueled solely by its liquidity reserves. Thus, the company raised 21 billion dollars through the issuance of preferred shares, with the explicit goal of financing its BTC purchases.
This approach reinforces a strategy already criticized for its high use of leverage and its almost monolithic exposure to a single asset. In a period where the slightest price movement can generate significant fluctuations on the balance sheet, this orientation raises growing concerns.
Adam Back, CEO of Blockstream, mentions a prospect of returning to sustained inflation between 10 and 15% in the next decade. In this context, he believes that bitcoin may 'begin to compete with gold in its use cases,' which would consolidate its position as a safe-haven asset.
However, this hypothesis lacks consensus, especially since a public company's extreme dependence on such a volatile asset remains a bold, even risky, bet.
In the event of a prolonged correction or unfavorable regulation, Strategy may find itself in a delicate position, which would affect its market valuation, but also its ability to mobilize new funds. This polarizing stance, between conviction and speculation, will certainly be the subject of attention in the coming months as macroeconomic winds continue to blow. Michael Saylor's strategy, as visionary as it may be, will still need to prove itself in a rapidly changing global economy.