Buy high, sell never: Saylor keeps buying Bitcoin at local tops despite mounting risk

Michael Saylor’s Strategy has consistently acquired Bitcoin near local price highs, a practice that has drawn criticism despite yielding substantial profits. These purchases aren’t based on market timing but rather on corporate treasury operations tied to events like equity sales and internal liquidity, which often occur during periods of high market liquidity. While appearing mistimed, this strategy has resulted in significant gains – approximately $20.5 billion in paper profits on a $68 billion investment – since 2020. However, the company now carries substantial interest-bearing debt, raising concerns about its vulnerability to a prolonged cryptocurrency downturn and potential need for dilutive capital issuances. Despite these risks, Strategy’s consistent buying serves as positive market signaling, reinforcing Bitcoin’s image as a long-term monetary asset and stabilizing sentiment, prioritizing long-term accumulation over short-term gains.

(Source：CryptoSlate)