Analysts Maintain That Strategy's
Bitcoin
Approach Remains Effective—But Opportunities to Imitate Are Diminishing
Michael Saylor's
Strategy
, which holds the largest corporate stash of Bitcoin at 640,250 BTC (worth $71 billion), is hinting at the possibility of another substantial Bitcoin acquisition, even as it faces obstacles in securing new capital. Saylor recently posted a chart showing previous purchases and alluded to the
next buy
after Bitcoin climbed past $111,000. The company's market-to-Net-Asset-Value (mNAV) ratio has dropped to 1.3x, making it harder to expand its Bitcoin reserves without impacting shareholder value. The most recent acquisition, in early October, saw 220 BTC added at an average price of $123,561, primarily financed through preferred stock, according to the report.
Market signals remain mixed. On October 22, Bitcoin ETFs saw
ETF net inflows
totaling $477 million, with BlackRock's IBIT accounting for $210.9 million.
Ethereum
ETFs received
Ethereum ETF inflows
of $141 million, led by Fidelity's FETH and BlackRock's ETHA. These inflows contrast with the recent $19 billion crypto market downturn in October, which Standard Chartered’s Geoff Kendrick believes could help propel Bitcoin to $200,000 by 2025, even as ETF inflows remain sluggish, according to a
crypto crash analysis
.
Institutional developments are also transforming the Bitcoin sector. Swiss-based Sygnum Bank has introduced a
multisign custody model
for a Bitcoin lending solution, enabling borrowers to maintain control over their collateral via distributed key management. This system, planned for a 2026 rollout, is designed to meet the rising demand for transparent collateral frameworks and could broaden institutional involvement in Bitcoin-backed lending.
Yet, regulatory oversight is intensifying. The Bank of England is examining data-center lending linked to AI, cautioning that a collapse in AI valuations could threaten financial stability. With projections of $6.7 trillion to be invested in AI infrastructure by 2030, the BOE's
data-center lending probe
underscores possible ripple effects for crypto markets. At the same time, UK banks have already enacted restrictions on crypto payments, further complicating institutional access to digital assets.
In spite of these challenges, specialists contend that Strategy's approach is still sound. Its methodical accumulation of Bitcoin during price recoveries is consistent with historical trends. However, the company’s limited mNAV buffer and the growing dominance of ETFs—which now see BlackRock alone holding 803,287 BTC—indicate that the chance to mirror Strategy's achievements is rapidly closing.
