Bitcoin’s Reckless Gamblers Strike Gold—Again
Another day, another ATH—because apparently, fundamentals are so 2023.
How the crypto cowboys rode volatility to fresh peaks (before the inevitable plunge).
Wall Street’s still pretending they ’don’t get it’ while quietly hoarding BTC like digital toilet paper.

Strategy’s Bitcoin Portfolio Surpasses 581,000 BTC
Funding for Strategy’s recent acquisition came from market sales of the company’s STRK and STRF preferred shares, as part of its “42/42” capital-raising strategy. Last week, the firm sold 353,511 STRK shares and 374,968 STRF shares, raising $36.2 million and $38.4 million, respectively. These sales leave $20.68 billion and $2.05 billion sale limits remaining in the respective programs.
With the average cost per BTC at $70,023, Strategy’s holdings now indicate a paper profit of $19.3 billion. The company’s relatively low debt structure, with no maturities until 2028, allows room for additional acquisitions. Saylor’s critique of “on-chain reserve proof” as a bad idea underscores the firm’s commitment to security. By labeling Bitcoin as “perfected capital” at the Bitcoin 2025 summit in Las Vegas, Saylor continues to draw investor interest.
Corporate Bitcoin Acquisitions Add New Market Dynamics
The model of maintaining Bitcoin in corporate treasuries is spreading beyond Strategy. Last week, TRUMP Media reported acquiring $2.3 billion worth, GameStop purchased 4,710 BTC for the first time, and PSG confirmed its secret portfolio. Additionally, European broker K33 has announced a plan to buy Bitcoin by raising $6.2 million. Japan’s Metaplanet increased its BTC holdings by 1,088, reaching a total of 8,888 BTC.
Bernstein analysts forecast that firms like Strategy could add $330 billion in Bitcoin to their treasuries over the next five years. This momentum, combined with expectations for a more favorable regulatory environment in the U.S., strengthens the structural impact of institutional demand on prices. Despite Strategy’s $101 billion market cap trading at a premium to its net asset value, some investors are wary. Nevertheless, analysts emphasize the sustainability of its low-debt profile and aggressive capital plans.
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