Strategy Inc.’s continued accumulation now totals 660,624 bitcoin. The company has financed these acquisitions through repeated issuance of equity and debt, exchanging future claims on the firm for present access to a scarce monetary asset. This approach converts the balance sheet into a leveraged position on Bitcoin rather than a traditional operating enterprise.
The numbers are large, but the economic principle remains simple. Bitcoin has a fixed supply and a predictable issuance schedule. Any entity that accumulates coins faster than they are created increases its exposure to volatility and to the constraints of its capital structure. Shareholders absorb dilution, preferred dividends and debt obligations that do not exist for ordinary holders. The asset is neutral. The liabilities are not.
The recent purchase of 10,624 BTC at an average price near ninety thousand dollars raises the aggregate cost basis to around seventy four thousand six hundred ninety six dollars per coin. These figures matter less than the structure behind them. A system built on external financing must continually maintain market confidence. If that confidence weakens, funding becomes more expensive and the premium over net asset value can reverse, which is what has occurred through much of 2025.
From Bitcoin’s perspective, Strategy is one participant securing a large share of the supply. If its strategy succeeds, the coins remain off the market under a long-term holder. If it fails, the holdings disperse to others without affecting the protocol or its monetary rules. This asymmetry is intentional. No single actor, regardless of scale, can alter the design or the economic incentives that govern the network.
Bitcoin’s resilience comes from decentralised verification and fixed issuance, not from corporate treasuries or public endorsements. Entities may choose to accumulate at any pace they wish, but the long-term outcome still depends on prudent management of liabilities. The protocol imposes no requirements and offers no guarantees. It simply continues producing blocks at the expected rate.
It is also important to separate Bitcoin’s utility from its fiat price. One bitcoin is always one bitcoin. The unit does not change as external currencies fluctuate. Price is a temporary expression of how the fiat system values scarcity at a given moment. The success of Bitcoin is measured by its integrity and predictable monetary policy, not by the number it trades at in depreciating currency.