Strategy co-founder Michael Saylor signaled that the strategy would resume buying Bitcoin (BTC) after the company took a week’s break from accumulating digital assets.
“For a few weeks, you’re not just Hodol,” the executive wrote on Sunday. The company skipped its BTC purchase last week, but announced its $4.2 billion in funding. Before the break, the strategy achieved a 12th consecutive week of BTC accumulation.
The strategy’s latest BTC purchase came on June 30, when the company bought 4,980 BTC for $532 million, bringing its total holdings to 597,325 BTC, exceeding $70.9 billion.
The company’s shares trade hand at around $434, up more than 16% this month, but tracking an all-time high of $543 per share in November 2024.
Bitcoin finance companies are currently the leading players in the Bitcoin market, scooping up BTC at a faster rate than mining. This demand could lead to supply shocks and price hikes, but some analysts warn that the debt-fueled fuel agency BTC purchases are unsustainable and could lead to a systematic market slump.
Related: Set to post $13 billion Bitcoin profits, but revenues stall
Bitcoin finance companies outweigh newly mined supply
According to Bitcoin Treasury companies purchased 159,107 BTC in the second quarter, led by Strategies, the largest company holder of BTC.
Currently, the Ministry of Institutional Treasury, which includes public companies, private companies, crypto companies, government agencies, pension funds and asset managers, has 3.5 million BTC.
In April, Adam Livingston, author of “The Great Harvest: AI, Labor and The Bitcoin Lifeline,” said the strategy “synthetically half” of Bitcoin “synthetically harving” through the rapid accumulation of digital currencies.
Miners produce around 450 BTC per day, or around 13,500 BTC per month, but according to Livingston, the strategy has accumulated 379,800 BTC in six months.
“In the last 182 days, the strategy has accumulated 379,800, which is 2,087 BTC per day, far surpassing the miners,” Livingston wrote.
Magazine: Pakistan will deploy Bitcoin reserves to defi for yields, says Bilal bin Saqib
