Michael Saylor’s Strategy Buys $357M in Bitcoin as Corporate Treasury Trend Weakens

Andrew Chen
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  • Corporate Bitcoin stocks are underperforming despite BTC gains.
  • The Swiss National Bank quietly bought shares of Strategy.
  • Saylor added 3,081 BTC, bringing total holdings above 632K.

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Michael Saylor’s firm, Strategy (formerly MicroStrategy), has long been a symbol of corporate Bitcoin adoption. Its bold approach—turning company reserves into Bitcoin holdings—helped normalize the idea of a corporate crypto treasury. But recent market signals show cracks in this once-unshakable narrative.

Bitcoin Rises, Corporate Stocks Slide

Even as Bitcoin rose 3% in the past month, Strategy’s stock slipped 4%. That modest drop looks almost gentle compared to other firms that copied its playbook. Japanese hotel operator Metaplanet fell 27% in the same period. KindlyMD, a healthcare startup, saw its shares collapse by 87%, while Semler Scientific is down 12%. The mismatch between Bitcoin’s price action and the performance of “Bitcoin proxy” stocks is raising fresh doubts.

Institutional Optimism Remains

Not all signs are negative. The Swiss National Bank recently purchased shares of Strategy, gaining indirect exposure to Bitcoin without buying it directly. For some investors, Saylor’s firm remains the clearest bet on Bitcoin at scale. But analysts warn that with over 180 public firms now holding Bitcoin—roughly 5% of the total supply—saturation is setting in. Some companies even trade below the value of their reserves, highlighting the risk of investor frustration or forced sales.

Also Read: MemeCore, Pump.fun & Zcash Rally After MicroStrategy Snub

Saylor Stays the Course

Despite mounting skepticism, Saylor is pressing forward. Strategy recently acquired another 3,081 BTC, worth about $357 million, lifting its holdings to more than 632,000 BTC. In August, Saylor even hinted at targeting 3–7% of all Bitcoin in circulation, underscoring his conviction that Bitcoin remains the superior corporate reserve asset.

The broader corporate Bitcoin adoption story may be losing steam, but Saylor shows no signs of retreat. Whether this latest accumulation cements Strategy as the ultimate Bitcoin proxy or exposes it to dangerous overreach remains uncertain. What is clear: Saylor is still betting big on Bitcoin, even as others pull back.

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Disclaimer: The information in this article is for general purposes only and does not constitute financial advice. The author’s views are personal and may not reflect the views of Chain Affairs. Before making any investment decisions, you should always conduct your own research. Chain Affairs is not responsible for any financial losses.

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