Michael Saylor's company Strategy continues to be the largest Bitcoin holder in the world among publicly traded companies.

To date, the giant has accumulated 553,555 BTC, which is estimated at $52.4 billion. Most importantly, purchases are gaining momentum: over the past year, Strategy has acquired 327,224 coins and increased its savings by 144 percent.

According to Richard Byworth, a representative of Syz Capital, the company is acting correctly so far, but it may soon need certain changes.

How many Bitcoins did Strategy buy?

Strategy has really succeeded in accumulating Bitcoins. At the moment, the company owns 2.636 percent of the maximum cryptocurrency supply of 21 million coins. Accordingly, she owns at least every fiftieth BTC that will ever be in circulation.

(Rating of the largest Bitcoin holders for today).

The closest competitor among public companies is MARA Holdings. The giant has 47,600 bitcoins, equivalent to 4.5 billion dollars. This is more than 11 times less than the amount at Strategy's disposal.

According to Richard Bayworth, a partner at Syz Capital and consultant to the Jan3 platform, Michael Saylor's strategy has been correct up to now. Moreover, the company as a whole does not care how high the price of Bitcoin will be when buying coins. Its sole purpose is to increase the net asset value in its holdings.

However, according to Byworth, Strategy needs to gradually increase the pace of acquiring cryptocurrencies. Nevertheless, the available supply of BTC on exchanges continues to decline, and over time this may lead to a sharp jump in the value of Bitcoin. In such conditions, the giant will no longer be able to purchase coins in the same volumes.

The expert described this situation as Bitcoin reaching the point of illiquid supply, when there will be no free coins available on cryptocurrency exchanges and so-called OTC platforms.

(Michael Saylor, Executive Chairman of MicroStrategy).

Should Saylor buy Bitcoin really recklessly? I mean, don't try to do it through an OTC desk, but just buy with the intention of dramatically inflating the price. Perhaps, as liquidity decreases, it is worth switching to super-aggressive careless buying for a while, with strong market momentum in all directions in order to push the price up.

According to Byworth, Strategy's management should consider the prospect of acquiring other companies. In this case, it will be possible to use the monetary assets of the latter to finance the purchase of BTC.

Note that the signs of a decrease in the available number of bitcoins on trading platforms are already noticeable. For example, last week, analysts at the Fidelity Digital Assets fund announced a drawdown in the available supply of BTC due to purchases of cryptocurrencies by public companies.

Moreover, experts believe that in the near future, such a trend will only gain momentum due to the increasing popularity of digital assets in general and the ability of Bitcoin to play the role of a value-saving tool in particular.

However, even in this scenario, Strategy will not stop investing billions of dollars in BTC. According to Bayworth, the company's attention will be focused on the indicator of the net asset value multiplier (mNav), that is, the value of the coins at its disposal. Nevertheless, it is "much more profitable for the shareholders" of the company.

(Three growth scenarios for Bitcoin by 2045, according to the forecast of Strategy co-founder Michael Saylor).

In other words, Michael Saylor's company Strategy will continue to buy bitcoins with their lower availability. This will have a stronger impact on the cryptocurrency exchange rate and Strategy's financial performance at the same time. The expert continues.

You can safely switch to aggressive buying, because as a result it will simply accelerate the price. This will dramatically increase the company's net asset value per share (mNAV), which means that capital dilution will be much more profitable.

To get free resources, Strategy should pay attention to the Japanese market. According to Byworth, there are many "zombie companies" in this country that keep large cash reserves.

According to the analyst, Strategy can acquire these companies and immediately convert funds into Bitcoin. This is reminiscent of the strategy of the Japanese investment firm Metaplanet, which also regularly increases the volume of bitcoins in its wallets.

Japan is full of such companies — they own boring but consistently profitable businesses and at the same time trade with very low price/cash flow ratios.