Michael Saylor hints at Strategy’s 113th Bitcoin buy – But critics ask…

Michael Saylor has teased again with his recent X post amid a flurry of discussion about Strategy. Posting the usual orange dot chart on Strategy’s Bitcoin [BTC] purchase, Saylor said, 

Considering the trend, this could indicate that Strategy will buy Bitcoin for the 113th time. Since the last update, Strategy has made 112 purchases, increasing its total Bitcoin holdings to 846,842 BTC, which is valued at $54.3 billion.

Data from BitcoinTreasuries.NET shows that since the 11th of August 2020, there has only been one sell-off in this period.

For those unaware, Strategy had sold 32 BTC on the 1st of June 2026.  Additionally, this resulted in the decline of Stretch [STRC], one of the Strategy’s preferred stocks, to $90. 

Crypto community flags concerns

However, unlike usual, when the crypto community gets excited about Saylor’s tweets, this time, there has been drawn criticism. 

Byzantine General, an X user, for example, asked how Strategy can keep accumulating Bitcoin in light of the company’s present financial limitations.

Since Strategy’s mNAV ratio is currently at or near 1, issuing more MSTR shares would no longer generate the premium value that Saylor’s own capital allocation framework depends on.

A somewhat similar argument was made by another X user, who claimed that Saylor and Strategy are caught in a vicious cycle and that they must continue purchasing Bitcoin to keep its price stable. This is because a steep drop could jeopardize the company’s heavily leveraged position.

Even though it would mean abandoning Strategy’s current business model, the X user thinks that selling enough Bitcoin or MSTR stock to settle debt and preferred obligations would be a more sustainable course of action.

Many are still supporting Strategy’s Bitcoin plan

Needless to say, not everyone had the same echoes of criticism, as Nicolas Cole, a co-founder of Premium Ghostwriting Academy, said,  

Additionally, Adam Livingston, a well-known Bitcoin expert, added, 

As predicted, Strategy will sell MSTR to buy more Bitcoin and cash. As they should.

He further went on to express optimism about Strategy’s capital allocation strategy, contending that the business can raise money by issuing more MSTR shares and dividing the proceeds between cash reserves and more Bitcoin acquisitions.

Even if the yield on Bitcoin per share temporarily goes negative, Livingston claims that this strategy is still accretive to shareholders at the balance-sheet level.

He claims that dilution-focused critics ignore the importance of cash holdings and the function of preferred securities like STRC, which, when operating correctly, can increase Bitcoin yield without increasing the number of common shares.

Despite such mixed sentiments, Saylor recently celebrated Strategy’s comeback from the bear market of 2022. All this happened while Bitcoin was trading at $64,106.25 at press time, still below the $65K mark that it had last reached on the 18th of June.

Final Summary

• As Saylor posts its new tease, many in the crypto community slam Strategy’s Bitcoin plan.
• However, many in the crypto community also applauded Strategy’s Bitcoin conviction since 2020.