Based on data provided by SaylorTracker, Strategy has seen its Bitcoin investment rise by more than 50%, resulting in over $20 billion in unrealized capital gains.
Strategy co-founder Michael Saylor shared a Bitcoin (BTC) chart, indicating the company’s potential upcoming acquisition of BTC. This move marks the eighth consecutive week of purchases made during the firm’s current buying phase.
“Orange is my favorite color,” Saylor told his 4.4 million followers on X — a figure that has consistently climbed over the past two years as the Strategy co-founder gains more media spotlight for the company’s corporate treasury strategy.
On May 26, the company added 4,020 BTC—worth approximately $427 million at the time—marking its latest Bitcoin acquisition. This purchase raised Strategy’s total BTC holdings to 580,250.
Data from Bitcoin Treasuries shows that Strategy has become the largest publicly known holder of Bitcoin, with its BTC reserves surpassing the combined total held by both the U.S. and Chinese governments.
Strategy has grown closely associated with Bitcoin, as numerous traders now view it as an indirect investment in the digital asset.
CryptoQuant analyst Ki Young Ju stated that the company’s swift accumulation of BTC is already impacting market behavior. Executives at crypto-focused Sygnum Bank also told that institutional purchasing might lead to a supply shock, potentially driving BTC prices upward.
Debate Sparks Over Strategy’s Bitcoin Reserve Transparency
Authors such as Adam Livingston have described Strategy as a rising force in global finance. However, some investors remain skeptical about the accuracy of the company’s reported Bitcoin accumulation figures.
An increasing number of market participants have raised doubts and concerns, claiming that Strategy may not hold the amount of Bitcoin it claims in its corporate treasury, pointing to the absence of consistent proof-of-reserve audits.
In response to Saylor’s post about the upcoming acquisition, one user commented, “No proof of reserves is your version of ‘trust me bro.’ When mempool? Or are you just afraid to reveal that you hold paper Bitcoin instead of actual BTC?”
The co-founder of Strategy maintains that conducting proof-of-reserve audits poses risks for major enterprises and institutions, as such disclosures could expose their wallets to surveillance and attract unwanted interest from malicious actors.
Industry professionals and business leaders often point to the high level of transparency in public blockchains as a major barrier preventing institutions from moving their operations onchain.
