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Michael Saylor’s Bitcoin accumulation strategy has long fascinated traders, investors, and critics alike. As the largest corporate holder of Bitcoin, Saylor’s firm, Strategy, controls a treasury that has become a defining force in the digital asset market. Yet despite its massive holdings, the company insists its buying activity does not directly influence the price of Bitcoin.
Speaking on the Coin Stories podcast with Natalie Brunell, Strategy’s corporate treasurer and head of investor relations, Shirish Jajodia, clarified how the company executes its purchases.
“The way we buy Bitcoin is we do not move the price of the Bitcoin,” Jajodia said. “We manage our buys in a way that we are kind of some proportion of the market liquidity. So we do not eat up into the price of Bitcoin.”
This approach, he explained, is key to ensuring that the firm can steadily accumulate without sparking volatility or distorting market dynamics.
How Strategy Buys Without Moving the Market
Market participants often speculate that Strategy’s large Bitcoin buys provide bullish pressure, driving up BTC’s value. However, Jajodia said the firm deliberately avoids such outcomes.
The company typically utilizes Over-the-Counter (OTC) desks, which allow large transactions to be executed privately rather than through public exchange order books. This method prevents significant slippage and avoids the visible spikes in buy-side demand that could otherwise alert speculators.
“We’re actually buying Bitcoin around the clock. Almost every day, every hour, every second we are in the market,” Jajodia revealed. The firm’s activity is constant but carefully paced in accordance with overall market liquidity.
Interestingly, he added that the strategy is flexible. “If it is going down, we can take the opportunity to move faster,” he noted, suggesting the firm sometimes accelerates buying during periods of weakness.
Mixed Market Reactions to Strategy’s Purchases
Although traders often expect a rally whenever Saylor reveals a purchase, historical price action shows mixed outcomes.
For example:
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On Nov. 25, 2024, Strategy revealed it had acquired 55,000 BTC for $5.4 billion between Nov. 18 and 24 at an average price of $97,862. Just weeks later, Bitcoin surged to a new all-time high above $106,000, fueled partly by optimism following Donald Trump’s U.S. election victory.
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By contrast, on July 29, 2025, the company purchased 21,021 BTC for $2.46 billion. Within four days, however, Bitcoin fell nearly 4%, slipping to $113,320 by Aug. 2.
This inconsistency suggests that while Strategy’s reveal may boost sentiment, its actual transactions are structured to minimize immediate market disruption. Broader macroeconomic forces and investor sentiment often play larger roles in Bitcoin’s price trajectory.
A Relentless Accumulation Strategy
Since it began accumulating in 2020, Strategy has consistently added to its Bitcoin reserves regardless of price trends. As of publication, the company holds approximately 629,376 BTC, worth around $70.85 billion, according to SaylorTracker data.
Saylor himself has made it clear that his approach is to focus on long-term accumulation rather than short-term price fluctuations. In a May 22 post on X, he reiterated:
“I only buy Bitcoin with money I can’t afford to lose,” he said after BTC fell from $112,000.
Similarly, in late 2024, he pledged to keep buying even at peak prices, reinforcing his belief in Bitcoin as a long-term store of value and strategic asset.
Why Traders Watch Strategy Closely
Despite Jajodia’s insistence that the firm does not move the price, the market still reacts strongly whenever Saylor shares updates or charts. Each purchase reveal is dissected by retail and institutional traders alike, with many interpreting it as a sign of bullish conviction.
This attention reflects not only the scale of Strategy’s holdings but also Saylor’s role as one of Bitcoin’s most visible evangelists. His unflinching commitment to Bitcoin has inspired other corporations and funds to consider allocating to the asset class, helping to normalize BTC as a treasury reserve.
The Bigger Picture
Jajodia’s comments highlight the balance between responsible accumulation and market perception. While Strategy insists its buying is structured to avoid pushing prices, its growing reserves undeniably shape market sentiment. The company’s actions demonstrate how corporate treasuries can engage with Bitcoin at scale without destabilizing liquidity.
Still, the broader market’s reaction underscores Bitcoin’s unique psychology. Unlike traditional assets, where corporate accumulation might remain unnoticed, each move in Bitcoin’s supply is scrutinized as part of its evolving monetary narrative.
As Strategy continues to buy “around the clock,” Bitcoin’s price will remain subject to far larger forces—macroeconomic trends, regulation, and institutional adoption. But in the eyes of many traders, Michael Saylor’s next purchase will always be worth watching.
