Strategy (formerly MicroStrategy), has further cemented its position as the world’s largest corporate holder of Bitcoin after growing its stash to 843,738 BTC, now valued at approximately $64.45 billion.
The company’s aggressive accumulation strategy, championed by Executive Chairman Michael Saylor, continues to draw global attention as Bitcoin’s rising price boosts the firm’s unrealized gains and strengthens its influence within the cryptocurrency market.
CEO Saylor shared a major update on the company’s Bitcoin treasury on X. In his signature style, he wrote, “This week we bought bonds, not bitcoin. The BitVac is charging.”
Strategy’s BTC holdings surge comes after the crypto asset had retraced from a low of $74,220 earlier in May. Bitcoin recently reclaimed the $77,000 on Monday, following a recovery in global stock markets.
US president Donald Trump stated on Saturday that talks with Iran to reopen the strait of Hormuz were progressing causing crude Brent oil prices to retreat to a five week low and setting the stage for a potential Bitcoin price run to $82,000.
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Strategy has developed a reputation in the crypto market for its consistent and aggressive Bitcoin acquisition strategy, with many investors closely watching the company’s frequent Monday purchase.
However, on Monday, the company did not purchase Bitcoin, but focused on repurchasing its 2029 convertible notes. Recall that earlier in May this year, Strategy announced plans to retire up to $1.5 billion principal amount of these notes.
This move according to company;
- Reduces future share dilution risk from convertible debt.
- Strengthens the balance sheet
Demonstrates disciplined capital allocation. - Signals confidence in long-term Bitcoin strategy.
Many analysts view the bond repurchase as financially accretive, especially if bought below par, effectively acting like a share buyback while preserving Bitcoin holdings.
Strategy has become the largest corporate Bitcoin holder in the world, controlling nearly 4% of Bitcoin’s total supply. Its aggressive accumulation strategy often called the “BitVac” (Bitcoin Vacuum) has consistently delivered outsized returns compared to simply holding spot Bitcoin.
Why Buy Bonds Instead of Bitcoin?
This pause in direct Bitcoin purchases is not a slowdown but a tactical shift. By managing liabilities and optimizing its capital structure (including the highly successful STRC preferred stock), Strategy creates a more robust platform for future Bitcoin acquisitions.
The company continues to generate capital through equity offerings, preferred stock, and operational cash flow to fuel long-term growth.
Saylor has long argued that Strategy is not just a software company but a Bitcoin development company and a leveraged proxy for Bitcoin exposure. The combination of Bitcoin on the balance sheet and innovative digital credit instruments like STRC positions the company uniquely in the market.
Outlook
Bitcoin’s price has shown volatility in recent weeks, but Saylor remains relentlessly bullish, frequently calling current levels a “99% discount” to future value.
Strategy’s approach using convertible debt and preferred equity to acquire more Bitcoin has drawn both praise for innovation and scrutiny over leverage risks.
Despite the temporary pause in BTC buying, the “BitVac” shows no signs of stopping. Investors and Bitcoin enthusiasts continue to watch Strategy’s weekly 8-K filings closely for the next major purchase.