Despite the recent and sustained fall in stock prices of Strategy, Executive Chairman Michael Seller has released a signal of continued increase in the holding of bitcoin. This statement continues the company ' s aggressive purchase of bitcoin over the past two years and brings the market focus back to its treasury strategy and financing structure.
Hold the graph and release the signal.
Seller recently shared a chart that tracks Strategy bitcoin holding and said, “More charts are needed”. The market generally interprets this phrase as indicating that companies are still prepared to continue buying bitcoin. The graph shows that Strategy ' s purchases increased significantly in 2024 and 2025, reaching a warehouse size of about $50 billion.
Against the background of bitcoin price movements, this figure superseds the position of Strategy's successive purchases. The orange bubble in the figure represents the company ' s purchase of nodes, indicating that it has been stowing for almost two years and that the average purchase cost line is moving up.
Financing models re-examined by the market
Sélé's optimism, however, did not dispel any doubts. The market is now more concerned about the sustainability of Strategy ' s financing model to support the purchase of currency, particularly in the context of the related preferential share price pressure.
Last week, Ripple Chief Executive Officer Brad Garinghouse stated that he was still looking at bitcoin, but believed that the way Seller promoted the purchase of money had had a negative impact on the wider encryption market. The context of the dispute was that one of the priority shares in the Strategy model had recently fallen to record lows.
The price of the stock has fallen and there is still a cash buffer.
Strategy's regular share of MSTR dropped 8 per cent last Thursday and reported $86, reflecting the market's concern about its ability to pay in cash. The stock price has continued to decline since then, with an update of $82,31. The related STRC price rose slightly on Sunday to $74.57.
However, according to the data cited in the report, Strategy still has a reserve of approximately 10 months of United States dollars that covers the STRC bonus obligation. This means that, at least in the short term, companies still have some room for a cash buffer, but the market's doubts about the sustainability of long-term financing in these cases have not disappeared.