Strategy Corners 3% of Bitcoin Supply; Saylor Drops ‘Bigger Orange’ Hint
Strategy (MSTR) confirms a $1.25 billion Bitcoin buy, pushing holdings to 687,410 BTC as institutional demand outpaces miner supply by 4:1.
The Supply Shock Is Mathematical
Michael Saylor’s Strategy (NASDAQ: MSTR) has effectively removed another 13,627 BTC from circulation, paying $1.25 billion at an average of $91,519 per coin. The acquisition, confirmed in a filing Monday, pushes the company’s total stack to 687,410 BTC, approximately 3.2% of the total 21 million supply.
Bitcoin hovered at $95,150 (-0.8%) following the disclosure, showing resilience despite broader tech weakness. The sheer scale of this accumulation creates a verifiable supply imbalance: while Strategy absorbed 13,627 coins last week, global miners produced only ~3,150 BTC in the same period. Corporate demand is currently outstripping new issuance by a factor of 4:1.
“Bigger Orange.”
Saylor posted the cryptic phrase on X Sunday, a signal historically used to front-run official acquisition notices. The market reaction was immediate, with MSTR volume spiking as traders positioned for what is now confirmed as the firm’s largest single-week buy since July 2025.
Institutional Context
Since rebranding from MicroStrategy to Strategy in early 2025, the firm has aggressively targeted a “Bitcoin Treasury” mandate, decoupling further from its legacy software business. With an average cost basis of $75,353, the company sits on over $13 billion in unrealized gains. The aggressive accumulation comes as on-chain data indicates wallets holding 10-10k BTC have added over 56,000 coins since December, signaling a synchronized institutional restocking phase while retail remains sidelined.
