Unstoppable Orange: Strategy Now Holds 3.4% of All Bitcoin

Michael Saylor is on a relentless pursuit. While the cryptocurrency market continues to catch its breath after last year's highs, the founder of Strategy has been busy adding more Bitcoin to the company's balance sheet. Between January 20 and 25, the company made another significant purchase: 2,932 Bitcoins for approximately $264 million. The scale at which Saylor operates has long surpassed the proportions of Strategy's original software business. According to an SEC filing, Strategy now holds a total of 712,647 BTC, which represents about 3.4% of the total Bitcoin ever in existence. Just the previous week, the company had acquired Bitcoin worth $2.1 billion. Saylor himself, true to form, described the latest acquisition with his characteristic bravado on platform X, calling it "Unstoppable Orange."

Stability or Overreach?

While other public companies like MARA, with 53,250 BTC, or Metaplanet, holding 35,102 BTC, follow similar strategies, none has embraced such a risk-heavy capital structure as Strategy. Saylor consistently defends his approach, which involves a mix of equity, convertible bonds, and preferred shares. He claims that the company could withstand even a 90% price drop over four to five years. However, critics view this as dangerous self-deception. If market sentiment shifts and the stock persistently trades below the asset value, refinancing the substantial debt could become increasingly difficult and expensive. Strategy has evolved from a software company into a highly leveraged Bitcoin proxy with a residual IT business. The latest acquisitions demonstrate Saylor's unwavering commitment to his strategy, regardless of the cost. Investors seeking Bitcoin exposure might consider the Bitcoin ETP from nxtAssets, which allows them to benefit directly from Bitcoin's performance without needing their own wallet. More information is available on their [website](https://nxtassets.com/). The nxtAssets GmbH, in which Börsenmedien AG holds a direct stake, is the issuer of the financial product: nxtAssets Bitcoin direct.