A skilled Wyckoff analyst has called the XRP higher-timeframe structure disruptive, warning of a possible price crash to the 2020 lows.
XRP has slipped into a much larger corrective phase amid renewed selling pressure across the market. After ending May with a mildly positive run, the asset collapsed into June, dropping to $1.04 on June 6 before recovering to the current price of $1.17.
Despite XRP’s recent rebound effort, “The Wyckoff Architect,” a pseudonymous yet prominent market analyst who leverages the popular Wyckoff Method for market expositions, believes XRP remains in a danger zone, arguing that it could see a possible deeper crash to the 2020 lows around $0.1.
XRP HTF Structure Disruptive
According to the analyst, while XRP has recovered nearly 12.5% after dropping to the yearly low around $1.04 days back, the token’s higher timeframe structure remains “disruptive,” indicating that the price action is still weak.
Notably, external chart data confirms that XRP remains under bearish pressure on the weekly timeframe. Specifically, after a 13.24% crash last week, the Directional Moving Index (DMI) indicates that sellers have maintained control of the market.
XRP HTF Still Weak
Data shows the +DI has continued to slope lower, currently sitting around 13.9, while the -DI trends higher, now holding way above at 31.7. This confirms that the market remains in a predominant bearish momentum.
In addition, the ADX sits at 34, indicating that this bearish momentum is rather strong. Meanwhile, XRP also continues to trade firmly below the weekly Ichimoku Cloud, solidifying its bearish position.
Possible XRP Crash to “Blue Box”
Speaking on this apparent weakness, the Wyckoff Architect suggested that the downtrend could continue despite the recent recovery effort, potentially pushing XRP to a region he calls the “Blue Box.” The market watcher leveraged the Wyckoff Method for this assessment.
For the uninitiated, the Wyckoff Method studies price and volume to understand the behavior of large investors or “smart money.”
It helps traders recognize important phases and anticipate potential trend changes to improve entry and exit decisions. The trading method proposes that the market has four phases: accumulation, markup, distribution, and markdown.
XRP’s accumulation phase played out when it ranged between $0.4 and $0.6 throughout 2024. The markup occurred as it surged from November 2024 to the high of $3.4 by January 2025. Distribution followed in February 2025, and markdown started when prices began dropping in October 2025.
XRP Wyckoff Structure
The analyst suggests that this markdown phase has not yet concluded. His chart projects XRP to continue declining until it hits the “Blue Box” area, which sits within a range of $0.10 and $0.1450, representing lows last seen during the 2020 bear market.
However, it remains to be seen if XRP’s downward trend would lead to this area, which would mark a further 91% decline from current levels. Other analysts believe XRP could find its bottom around the $0.70 to $0.90 range, not below.
Asheesh Birla, the CEO of XRP treasury company Evernorth, recently shared observations that portray South Korea as a mature digital asset market, particularly for XRP.
Reflecting on last week’s Bitcoin Seoul conference, Birla revealed that XRP surpassed Bitcoin as one of the most actively traded cryptocurrencies in the country.
Birla emphasized XRP’s strong presence in the Korean market, noting that the XRP/KRW trading pair consistently ranks among the most active markets on Upbit, the nation’s largest crypto exchange.
According to Birla, XRP periodically generates more trading volume than Bitcoin and Ethereum during intense market activity. Consequently, South Korea has cemented its reputation as one of the deepest and most liquid XRP markets in the world.
XRP Outperforms Bitcoin and Ethereum in Upbit’s Trading Volume
Notably, market data supports Birla’s claims. At the time of writing, XRP/KRW ranks as the third most actively traded market on Upbit, recording approximately $89.64 million in trading volume.
By comparison, BTC/KRW and ETH/KRW occupy the fourth and seventh positions, respectively, with volumes of $72.48 million and $43.02 million.
XRP Outperforms Bitcoin and Ethereum in Trading Volume on Upbit
Korean Financial Giants Are Moving Into Crypto Infrastructure
Beyond XRP’s popularity, Birla disclosed that an even more significant transformation is unfolding behind the scenes. According to him, South Korea’s largest financial institutions no longer view crypto as an experimental industry. Instead, they are actively investing in the infrastructure that supports the digital asset ecosystem.
Birla pointed to Mirae Asset and Hana Financial Group as notable examples. He stated that Hana is pursuing investments related to Upbit, while Mirae Asset has reportedly acquired a significant stake in Korbit.
He explained that the developments suggest Korea’s biggest financial institutions are buying their way into exchanges, rather than building around them.
Tokenization Dominated Discussions at Bitcoin Seoul
Although Bitcoin Seoul was officially a Bitcoin-focused event, Birla noted that discussions on tokenization and real-world assets (RWAs) dominated the conference floor.
Participants explored a broad range of topics, including tokenized government securities, tokenized intellectual property, and other forms of real-world asset digitization. Birla specifically highlighted tokenized treasury offerings from Ondo Finance and tokenized music initiatives from SBI Digital Markets.
According to Birla, the growth of tokenized assets is shifting industry priorities. Since these assets require high throughput, low transaction costs, and fast settlement finality, institutions are evaluating blockchain networks based on their infrastructure capabilities rather than brand recognition or community loyalty.
XRPL Continues to Gain Ground in the RWA Market
Notably, the XRP Ledger has emerged as a significant player in the growing RWA sector.
As previously reported, the market capitalization of real-world assets on XRPL surged 124% quarter-over-quarter to $2.25 billion in Q1 2026. Since then, that figure has climbed further to approximately $3.7 billion, while the number of tokenized assets on the network has reached 293, according to data from rwa.xyz.
Meanwhile, Evernorth recently highlighted XRPL’s rapid progress in the sector. According to the firm, the XRP Ledger reached $400 million in RWA value within just 15 months, outperforming Ethereum, which took 36 months to achieve the same milestone.
XRP bears pushed prices below February lows but still couldn’t test key weekly support. Does this represent a temporary defeat or a failed breakdown?
Since the start of the week, XRP is up nearly 2%. From its low near $1.05, the prominent altcoin has gained 11%. With prices beginning to show stability around the current price, the failure from bears to push the asset to the nearby key support zone is starting to make the rounds.
Prominent market watcher Duke discussed this in his recent TradingView analysis. His commentary highlighted the stop just below the February lows without further downside despite market weakness and what it could mean for the XRP price.
Failed Breakdown or a Pause?
He noted that XRP broke below $1.117 last week, a bottom that has existed since the February 6 market crash. It dipped over 13% to an intra-week low of $1.05, but recovered towards the end of the week to close at $1.15.
The late recovery left a wick on last week’s large red candlestick, which, according to Duke, remains unfilled. As such, he raised the question of whether the dip was a potential price breakdown that did not happen or the market is simply postponing the inevitable.
The analyst further highlighted that the rejection means that there is a pool of liquidity below the lows. XRP bulls view it as a key price level and are defending it massively.
It could also be where most stop losses and liquidation trigger levels are for large amounts of futures positions or an area of large buy orders for spot traders. Either way, he feels that the liquidity around that area is significant.
As such, Duke claimed that until XRP fills the wick or subsequent price development invalidates lower prices, bears will continue to target grabbing the liquidity around the $1.05 price level.
XRP Weekly Wick/Duke
Pressure Mounts on XRP Price
While XRP has recovered slightly from recent lows, it still faces downward pressure above. Duke noted that one of the coin’s problems is the persistent lower high formation. Each price recovery has faced a rejection at levels lower than the previous peak, confirming a bearish continuation.
The recent lower high was at $1.607 in mid-March, where a recovery attempt at the time proved to be a relief bounce. The analyst highlighted that this was a clear sign of seller dominance, as they usually step in and drive prices lower even before it gets to the previous high.
Another major pressure comes from the 21-week exponential moving average (EMA) above. XRP continues to trend below this key trend indicator, with a recovery attempt on May 14 stalling near it. The weekly EMA also faces downward, reinforcing the bearish bias.
Next Support Level to Watch
Notably, XRP remains above the major weekly support near $0.94, a swing high seen in June 2023. Holding this level despite the recent dip is part of the reason why the analyst believes there is strong liquidity around the recent low.
However, should bears continue to dominate proceedings and XRP fill the wick from last week, the next target is this major support at $0.94. From the current price of $1.17, this represents an almost 20% correction. Notably, this falls short of a projected corrective target in a parallel analysis from CasiTrades, which sees the coin bottoming at $0.87.
Dogecoin is nearing one of the most important price levels on its higher-timeframe chart amid a broader structure that has been developing since 2024.
A TradingView analysis from Cryptollica on Monday highlighted this trend for Dogecoin (DOGE) as the meme coin’s price sees a slight recovery. After dropping to a low of $0.0776 on June 6, it has rebounded over the past three days to its current price near $0.0865.
However, the analysis highlighted a broader picture, where Dogecoin trades within a multi-month descending wedge on the 3-day timeframe. Despite the recent rebound, the token’s price is also near a key support area, with notable long-term implications.
Dogecoin Tests Area That Previously Triggered Major Rebounds
Cryptollica’s commentary shows DOGE trading near the $0.075-$0.050 range, a zone that has repeatedly acted as a foundation during previous market cycles. Looking at the accompanying chart, this key support area stands out immediately.
Dogecoin Near Support/Cryptollica
It has served as a long-term floor on multiple occasions since 2022. Each time the price revisited this zone, buyers eventually stepped in and helped establish a base for a larger move higher.
The first instance was in June 2022 when DOGE dropped to $0.0491. Prices rebounded there to the October 2022 peak near $0.15. A similar event happened in June and October 2023, when the token bottomed at $0.0581 and $0.0568, respectively.
Meanwhile, after spending a lengthy period consolidating near this support in late 2024, DOGE started a powerful rally that carried the asset toward the cycle’s peak near $0.50 in December 2024. Since this top, the token has entered a downtrend, dropping by 82% to its current price.
The analysis emphasized that what makes the current price trend notable is that DOGE has now returned to the same support region that helped launch the previous expansion phase.
Descending Wedge Dictates Trend
The chart also shows a clearly defined descending wedge. This structure started forming at the December 2024 peak, compressing DOGE as it consolidates. The last notable event within the wedge is a rejection at its upper resistance near the $0.30 area in September 2025.
Since failing there, DOGE has continued to produce lower highs and lower lows, gradually compressing between declining resistance and long-term support. Cryptollica noted that this type of compression often signals that the market is moving toward a larger directional decision.
For one, the longer this compression continues, the more important the eventual breakout or breakdown becomes. Meanwhile, the analyst highlighted two possible scenarios for Dogecoin depending on how it reacts to the current support.
Possible Dogecoin Reactions from Support
He mentioned a bullish scenario where DOGE continues defending the $0.075 support zone and begins establishing stability above it. If this happens, attention will likely shift toward a retest of the descending trendline that has defined the correction.
Meanwhile, a successful break above that resistance would mark the first meaningful indication that the long-term downtrend is losing strength. The analyst suggested that after clearing that barrier, the $0.30 and $0.50 resistance areas become the next possible targets. This represents a 249% to 481% increase from the current price.
In this case, Cryptollica views the current area as an accumulation zone. He sees recovery momentum building around the support in preparation for the next expansion.
However, breaking the $0.0755-$0.50 support changes everything. It paves the way for a further downtrend to lower prices.
In the meantime, market sentiment remains low, a condition the analyst suggests is usual. After months of downtrend, it is expected that confidence around DOGE has deteriorated and attention has shifted elsewhere. Nonetheless, he added that this is where “the next important phase starts forming.”
XRPL dUNL validator Vet has highlighted a major security milestone for the upcoming XRP Ledger lending protocol, revealing that it is currently undergoing formal verification.
According to Vet, Ripple developers are applying formal verification techniques typically used in nuclear power plants, aircraft systems, and military-grade software to secure XRPL’s expanding native DeFi ecosystem.
The commentary focuses on RippleX’s ongoing efforts to formally verify the XRP Ledger’s upcoming Lending Protocol and Single Asset Vaults. These features aim to bring decentralized finance (DeFi) directly to XRPL’s Layer-1 architecture without relying on traditional smart contracts.
Building Fortress XRP
Notably, Vet described the initiative as a significant step toward building “Fortress XRP,” a vision in which XRPL’s native DeFi infrastructure operates under some of the highest available security and assurance standards.
Unlike many blockchain networks that depend heavily on smart contracts, the XRP Ledger embeds DeFi functionality directly into its core Layer-1 architecture.
As a result, developers must ensure an even higher level of security and correctness, since flaws at the protocol level can affect the entire network.
Why Traditional Testing Is No Longer Enough
Expanding on the development, Ripple software engineer Vito Tumas explained that traditional testing alone cannot adequately secure complex Layer-1 financial protocols. While developers can only test scenarios they anticipate, formal verification mathematically proves that code behaves correctly across a wide range of possible conditions, including edge cases that human testers might never consider.
To achieve this, Ripple is working alongside Common Prefix. Together, the teams build an abstract model of the protocol and continuously compare it against the C++ implementation of xrpld—the XRP Ledger server software—through a verification framework designed to identify discrepancies and potential vulnerabilities.
Moreover, Tumas revealed that the process has already uncovered complex edge cases that conventional testing methods failed to detect. These findings further demonstrate the value of formal verification for high-stakes financial infrastructure, where a bug in Layer-1 code could impact the entire network rather than a single application.
AI-Powered Formal Verification to Boost XRPL Security and Institutional Trust
Meanwhile, Vet emphasized AI’s growing role in making formal verification more practical, scalable, and accessible. He believes the combination of AI and formal verification could power the next wave of institutional adoption across the XRP Ledger ecosystem.
Notably, the XRPL community has already witnessed the benefits of AI-assisted security analysis. Earlier this year, an AI tool helped uncover a flaw in the proposed XRPL Batch amendment that could have exposed user funds to risk if left unresolved.
After security researcher Pranamya Keshkamat identified the issue, developers quickly released a fix and expanded the use of AI-powered audits within other review processes.
Native XRPL Lending
In the meantime, the XRPL ecosystem is aiming to bring native lending and borrowing functionality directly on-chain. The system enables both institutions and retail users to access credit using assets such as XRP and RLUSD without depending on traditional smart contracts.
Introduced under the XLS-66 amendment, the initiative entered the validator voting phase earlier this year following the release of XRPL version 3.1.0.
According to Vet, developers are currently testing the lending protocol while implementing the necessary safeguards to ensure the security of users’ funds before activation.
Recent insights from crypto data aggregator CoinGecko reveal a remarkable milestone for XRP.
According to CoinGecko, XRP is the only cryptocurrency besides Bitcoin to have remained among the top 10 digital assets by market capitalization continuously since 2014. The finding highlights XRP’s exceptional longevity in an industry where many once-dominant cryptocurrencies have surged in popularity only to later fall out of the top rankings.
By 2014, the crypto market already featured prominent assets such as Litecoin, Dogecoin, Dash, and Monero. Although these projects were launched between 2011 and 2014, none managed to maintain a top-10 position throughout the period.
In contrast, XRP debuted in 2012 and has remained among the 10 largest cryptocurrencies by market capitalization since 2014. While Ethereum has also spent years in the top 10, its native token launched in 2015. Similarly, Tether (USDT) launched in 2014 but did not break into the top 10 until 2018.
XRP Preserved Its Position Despite Major Challenges
What makes the milestone even more notable is that XRP has maintained its standing despite facing significant obstacles over the years.
The asset weathered multiple bear markets, intense regulatory scrutiny, exchange delistings in several jurisdictions, and the highly publicized legal battle between Ripple and the U.S. SEC. Nonetheless, XRP retained enough market value throughout these periods to remain among the industry’s largest cryptocurrencies.
Moreover, unlike many newer projects that experienced brief periods of explosive growth before fading, XRP has demonstrated staying power across multiple market cycles.
Legal Expert Calls the Milestone an “Inconvenient Truth”
Reacting to CoinGecko’s observation, prominent legal expert and XRP advocate Bill Morgan described the achievement as both a fact and “an inconvenient truth” for many crypto enthusiasts.
Notably, critics often focus on XRP’s price performance, regulatory headwinds, or competition from newer blockchain networks while overlooking its long-term market position. In Morgan’s view, XRP’s ability to remain among the top 10 cryptocurrencies for more than a decade represents an inconvenient reality that many critics struggle to acknowledge.
XRP Still Among Top 10 Cryptos
Meanwhile, XRP continues to rank among the world’s largest digital assets. At the time of writing, it holds the sixth position on CoinGecko with a market capitalization of approximately $72.76 billion and a unit price of $1.17.
Notably, XRP has maintained its top-10 status despite the market turbulence of the past week, which briefly pushed its price down to $1.05. Even during the sell-off, XRP remained among the industry’s largest cryptocurrencies and has since rebounded by more than 11% from its recent low.
Recent drop in Bitcoin below $60,000 have rattled some investors but institutional buyers are viewing the decline as a buying opportunity rather than a reason to panic.
Coinbase Head of Institutional Strategy John D’Agostino shared this view in a recent interview with CNBC. This comes as Bitcoin trades at $63,000 after a sharp correction last week.
Despite the dip, D’Agostino said many large investors remain bullish on the asset. He noted that institutions have spent years studying Bitcoin and have become more interested when prices fall.
Institutions Continue Buying the Dip
According to D’Agostino, family offices, sovereign wealth funds, and government investment entities in the Middle East are not discouraged by lower prices. Instead, many see the correction as an opportunity to accumulate Bitcoin at a discount.
He added that the infrastructure supporting institutional Bitcoin investment is far stronger than it was during previous market downturns. This includes improved market infrastructure, evolving regulations, and pending legislation that strengthen the digital asset industry.
D’Agostino also pointed to the resilience of spot Bitcoin ETFs. Despite Bitcoin’s steep decline from recent highs, investors have maintained over $750 billion in ETF exposure. Retail participation, meanwhile, has only seen a modest drop.
“I think both retail and institutional are signaling this is a long-term asset you want to hold,” D’Agostino said during the interview.
Why Bitcoin Pulled Back
During the discussion, CNBC host Joe Kernen highlighted several factors that may have contributed to Bitcoin’s recent weakness.
These included a risk-off market environment, investors shifting capital into other assets, elevated interest rates, and slower-than-expected progress on regulatory clarity.
D’Agostino agreed that these are among the key concerns cited by market participants. However, he stressed that volatility is normal for Bitcoin and other commodity-like assets.
He also argued that Bitcoin’s long-term investment case remains intact despite geopolitical concerns. These include tensions involving Iran and uncertainty surrounding the Strait of Hormuz.
No Evidence of Institutional Panic
The interview also addressed concerns about leverage among large Bitcoin holders. D’Agostino said he is unaware of any major institutional investors facing dangerous levels of leverage or imminent liquidation risks. Instead, many large investors are reportedly looking for ways to raise additional capital and expand their Bitcoin positions.
According to D’Agostino, institutions that were willing to buy Bitcoin at $100,000 and $125,000 are even more interested in the asset around the $60,000 level.
Bitcoin Recovers Above $63,000
After briefly falling below $60,000 last week, Bitcoin’s price has rebounded. Data from CoinMarketCap shows Bitcoin is currently trading at $63,841, up 3.3% over the past 24 hours.
The cryptocurrency fell to around $59,500 last week after trading above $70,000 just days earlier. The recovery suggests buyers stepped in near the key $60,000 psychological level.
While Bitcoin has recovered slightly following the latest price drop, market data suggests the premier crypto asset remains in the danger zone.
Bitcoin (BTC) is seeing renewed selling pressure in recent weeks, dropping from about $73,000 at the start of the month to below $60,000. While the crypto asset has since recovered above $63,000, data shows weakness remains.
This is according to the latest weekly report from Glassnode. Specifically, data confirms that bearish sentiment has spread across key areas of the market, including spot trading, derivatives, ETFs, and on-chain activity.
Bitcoin Sees Weakness in Spot and Derivatives Market
First, Glassnode noted that Bitcoin’s Price Momentum has fallen. The metric currently stands at 10.6, well below the lower statistical band of 31.6. This decline shows that buying strength has weakened considerably and that short-term price action has moved deeper into oversold territory.
Bitcoin Price Momentum | Glassnode
Moreover, spot CVD dropped to -$168.8 million, moving close to the lower statistical threshold of -$200.9 million, as traders on centralized exchanges continue to sell aggressively and choose to exit positions.
Despite the decline in price, trading activity has remained elevated. Spot Volume climbed to $7.8 billion, placing it between the lower band of $5.3 billion and the upper band of $10.3 billion. The increase indicates that investors remain active and are responding to the recent volatility.
The futures market also shows signs of caution. Specifically, futures Open Interest declined to $32.5 billion, although it remains within the statistical range of $30.0 billion to $38.0 billion. The drop suggests that traders have reduced leveraged positions and that speculative interest has cooled.
Meanwhile, Long-Side Funding Payment fell to $0.97 million, remaining near the upper statistical band of $1.2 million. Also, perpetual CVD reached -$876.8 million, falling below the lower statistical threshold of -$469.3 million.
Options Market Turns More Defensive
The options market also shows similar bearish sentiment. For instance, Options Open Interest dropped below the lower statistical band of $33.0 billion, as traders have reduced exposure by closing positions or taking profits.
Meanwhile, Bitcoin’s Volatility Spread remains high and continues to trade above the upper statistical band of 22.15%.
The Options 25-Delta Skew has also risen beyond the upper statistical band of 15.68%. This increase shows that traders are paying more for put options, confirming the growing demand for downside protection and a more cautious market outlook.
Bitcoin Options Delta Skew Glassnode
Bitcoin ETF Investors Continue to Pull Capital
Institutional investors have also shown signs of caution. Glassnode reported that U.S. Spot Bitcoin ETFs recorded $1.4 billion in weekly outflows, remaining below the lower statistical bound.
However, trading activity within these products remains strong. U.S. Spot ETF Trade Volume jumped to $18.2 billion on the weekly timeframe.
Meanwhile, U.S. Spot ETF MVRV fell to 1.01, close to the lower statistical bound of 1.0, indicating that the average institutional investor now holds Bitcoin at a value close to their original purchase price, which could limit near-term profit-taking.
Bitcoin ETF MVRV | Glassnode
On-Chain Data Shows Mixed Signals
While market sentiment remains weak, some on-chain metrics show sustained network activity. Daily Active Address Count rose to 661,100, remaining within its statistical range.
In addition, Entity-Adjusted Transfer Volume climbed to $7.2 billion, approaching its statistical high band. By contrast, Total Fee Volume declined while remaining within normal ranges.
Glassnode also reported that Realized Cap Change turned negative at -0.7%. Despite this, long-term holders continue to maintain a strong presence in the market. The STH-to-LTH Supply Ratio rose slightly to 14.0% but remained below the lower statistical threshold of 14.7%.
Very few companies have become as closely associated with Bitcoin as MicroStrategy, now known as Strategy Inc.
Under the leadership of its co-founder and executive chairman, Michael Saylor, the company transformed from a business intelligence software firm into the largest corporate holder of Bitcoin in the world.
What began as a treasury diversification strategy eventually evolved into a corporate model centered around acquiring and holding Bitcoin at scale.
As a result, investors, analysts, and market participants have continued to monitor every Bitcoin (BTC) purchase announced by the company. Strategy’s holdings have grown so large that its buying activity can influence broader market sentiment, while its stock has increasingly become a proxy for Bitcoin exposure.
The questions many people continue to ask are exactly how much Bitcoin MicroStrategy owns today, how much it plans to hold, and what that means for the company. Let’s look at these topics in detail.
Exactly How Much Bitcoin Does MicroStrategy Own Today?
Strategy currently holds more Bitcoin than any other publicly traded company worldwide. Over the past several years, the firm has consistently added to its position through a series of purchases funded by cash reserves, convertible notes, equity offerings, and other capital-raising initiatives.
The company’s Bitcoin treasury stands at 843,706 BTC as of June 7, representing about 4% of the asset’s maximum supply of 21 million coins. This accumulation strategy has made Strategy one of the most influential institutional participants in the Bitcoin ecosystem.
The scale of these holdings is even more remarkable when compared to other corporate buyers. Many public companies hold Bitcoin as a small treasury allocation. Strategy, by contrast, has made Bitcoin the centerpiece of its corporate strategy.
Because the company reports its holdings through regulatory filings and public announcements, investors receive frequent updates regarding additional purchases. Every acquisition attracts attention because even relatively small additions involve hundreds of millions of dollars.
This aggressive approach has helped establish Michael Saylor as one of Bitcoin’s most vocal advocates. While some executives view Bitcoin as a speculative asset, Saylor has repeatedly described it as a superior long-term store of value and a strategic corporate reserve asset.
MicroStrategy’s Bitcoin Portfolio: Average Cost Basis and Total Investment
Over the past six years, MicroStrategy has accumulated Bitcoin across a wide range of market conditions. Some purchases occurred during bull markets when prices approached all-time highs, while others took place during periods of significant market weakness. This dollar-cost averaging approach has allowed the company to build one of the largest Bitcoin portfolios in history.
Currently, Strategy acquired its 843,706 BTC at an average price of $75,701. This brings the total amount deployed into Bitcoin purchases to $63.87 billion
Notably, the high average price comes despite buying its first BTC in August 2020 when the asset’s price was around $11,400 per coin. The persistent DCA and the fact that it bought most of its BTC holdings in the past two years when prices stood well above $70,000 have ensured that its early advantage has continued to dwindle.
At press time, the portfolio has a valuation of $53.09 billion, down 16% from the firm’s total cost. Strategy is nursing an unrealized loss of $10.78 billion as the coin falls below its average cost of $75,701 to its current price of $63,000.
Strategy Bitcoin Holding/Saylortracker
Meanwhile, the portfolio’s value can fluctuate dramatically as Bitcoin moves higher or lower. During strong rallies, Strategy’s unrealized gains can reach tens of billions of dollars. Also, during corrective phases like the current market condition, the company may experience substantial unrealized losses.
However, Michael Saylor has consistently emphasized a long-term approach for its BTC stash. The company’s strategy has largely centered on continued DCA rather than attempting to time market cycles.
This commitment has distinguished Strategy from many institutional buyers that entered the market during periods of enthusiasm only to reduce exposure during downturns.
Did MicroStrategy Sell Bitcoin? Analyzing the Historical 8-K Filings
Given its large holding, a MicroStrategy Bitcoin sell will not only impact sentiment but also influence price direction. A recent dump, despite its minimal significance compared to the firm’s total stash, confirmed this.
For context, on June 1, Strategy filed an 8-K Form with the US SEC showing it sold some of its holdings. Between May 26 and 31, the firm sold 32 BTC (0.0038% of its holdings) at an average price of $77,135, realizing approximately $2.5 million.
According to the form, this was to fund dividend distribution on the STRC perpetual preferred stock. The news sparked widespread panic in the market, as it deviated from the company’s pledge to never sell its BTC. As a result, the coin dropped 20% in four days from $74,000 to $59,110 before rebounding to its current price.
Notably, the May-end sales were the first time since December 2022. Then, MicroStrategy sold 704 BTC ($11.8 million then) for “tax-loss harvesting” reasons. This meant that it sold the coins to generate a capital loss to compensate its previous corporate capital gains. Two days later, Strategy bought back the coins, purchasing 810 bitcoins.
The takeaway from both sales was that it was not due to a loss of confidence in Bitcoin’s trajectory. They were technical sales that were mainly business oriented.
There are also risks of future minor sales for such purposes, as the company announced it is shifting from its “never sell” strategy to an actively managed portfolio. Nonetheless, it remains an aggressive Bitcoin accumulator and plans to buy much more than it sells.
The Capital Strategy: How Does Michael Saylor Finance Corporate BTC Purchases?
One of the most fascinating aspects of Strategy’s Bitcoin accumulation is how the company finances its purchases. Rather than relying solely on operating cash flow, Strategy has developed a sophisticated capital-raising framework designed to support additional Bitcoin acquisitions.
The company has frequently issued convertible notes, allowing it to raise substantial amounts of capital from institutional investors. It has also utilized equity offerings and other financing mechanisms to generate funds for Bitcoin purchases.
The most recent invention is the STRC (Stretch) preferred stock. Strategy sells the financial instrument to institutional investors seeking steady monthly revenue, currently offering them 11.5% ROI annually.
Strategy uses a demand and supply mechanism to keep the asset steadily at $100 and uses proceeds from the product to buy Bitcoin. Interestingly, the STRC has increased the firm’s overall Bitcoin purchasing power so far.
Strategy’s model has inspired several other companies to explore Bitcoin treasury strategies, though none have approached the scale of accumulation achieved by Michael Saylor’s firm.
Recently, Tom Lee’s Bitmine Immersion took a page from the strategy, offering a 9.5% annual dividend for 3 million preferred stocks of the company at $100 each. The Ethereum treasury company will use the $300 million proceeds to buy more ETH.
Corporate Bitcoin Leaderboard: How Strategy Inc. Compares to Other Companies
Following Strategy’s success, several public companies now hold Bitcoin. Currently, 270 corporate firms have the premier crypto asset on their balance sheet, holding a combined 1.54 million BTC.
Still, Strategy remains in a category of its own. For context, the firm’s holdings exceed those of all public companies combined. The closest public Bitcoin treasury company to MicroStrategy is Twenty One Capital, with 43,514 BTC. Saylor’s firm has over 19x more Bitcoin than the company.
Public Bitcoin Treasury Companies/BitcoinTreasuries
Strategy Inc. also outholds the entire list of private companies holding Bitcoin. Led by Block.one, these firms possess a combined 300,463 BTC, which is 543,243 BTC below MicroStrategy’s. The closest singular company that comes close to the Saylor-chaired firm is BlackRock. Its ETF product, the iShares Bitcoin Trust (IBIT), holds 811,291 BTC, which is 32,415 BTC less than Strategy’s.
The difference in holdings highlights MicroStrategy’s unique approach. For many corporations, Bitcoin represents one component of a broader treasury strategy. For Strategy, however, the asset has become the defining feature of the company’s identity in financial markets.
This dominance has turned Strategy into a benchmark for institutional Bitcoin adoption. As institutional interest continues evolving, Strategy’s position at the top of the corporate Bitcoin leaderboard remains largely uncontested.
The Risks of MSTR Stock Operating as a Leveraged Bitcoin Proxy
Although many investors view MSTR stock as a convenient way to gain Bitcoin exposure, the relationship is not without risks.
The stock often amplifies Bitcoin’s price movements in both directions. When Bitcoin rallies, MSTR frequently outperforms because investors anticipate higher portfolio values and additional accumulation opportunities. When Bitcoin declines, the stock can experience sharper losses than the underlying asset itself.
For context, BTC is down 21% in the past month. Meanwhile, MSTR has dropped 35% within the same timeframe. BTC is also down 40% in the past year, compared to MSTR’s almost 70% drawdown. This dynamic has led many analysts to describe MSTR as a leveraged Bitcoin proxy.
Strategy’s use of debt and capital market financing further adds to the risks. While these tools have helped fund additional Bitcoin purchases, they also introduce financial obligations and more price volatility that traditional Bitcoin holders do not face.
For investors seeking direct Bitcoin exposure, this difference is important. Owning MSTR stock means gaining beta exposure to both Bitcoin and the risks associated with a publicly traded corporation pursuing an aggressive accumulation strategy.
Conclusion
Strategy’s Bitcoin model has transformed the company into one of the most closely watched names in global financial markets. With holdings exceeding 840,000 Bitcoin, the firm controls a meaningful share of the asset’s total supply and continues to influence institutional discussions around digital asset adoption.
The company’s success ultimately remains tied to Bitcoin’s long-term trajectory. If Bitcoin continues gaining acceptance as a global reserve asset, Strategy’s position could strengthen further. If market conditions deteriorate, the company’s concentrated exposure may face greater scrutiny.
Either way, Strategy has already secured a unique place in financial history. No other public company has committed so heavily to Bitcoin, and no corporate treasury strategy has attracted as much attention from investors worldwide.
Still, Strategy does not plan to stop soon. Saylor noted that they will keep “buying the top forever,” also pledging to buy the remaining Bitcoin that miners will produce from now until 2140.
Prominent gold advocate and Bitcoin critic Peter Schiff has renewed his criticism of Strategy and its aggressive Bitcoin accumulation strategy.
According to Schiff, Strategy has abandoned the model that previously increased Bitcoin’s value for common shareholders. In an X post, Schiff argued that the company initially generated positive Bitcoin yield through shareholder-friendly capital raises.
Specifically, Strategy sold common stock at a premium to its underlying value and issued preferred shares with relatively low dividend obligations. The company then used the proceeds to acquire more Bitcoin, allowing its Bitcoin holdings to grow faster than the dilution created by new share issuance. As a result, shareholders benefited from increasing Bitcoin exposure on a per-share basis.
Schiff Says Strategy Is Forcing Shareholders to Accept Negative Bitcoin Yield
However, Schiff believes that Strategy’s approach has since changed. He claims the company is now forcing shareholders to accept a negative Bitcoin yield. In his view, Strategy is now issuing additional shares in a manner that generates negative Bitcoin yield for investors, meaning the amount of Bitcoin backing each common share declines over time.
This dilution, according to him, is now outpacing the growth of Bitcoin holdings on a per-share basis. Furthermore, Schiff argues that the company has prioritized continued Bitcoin purchases and support for Bitcoin demand over maximizing value for existing shareholders.
Strategy Buys 1,550 Bitcoin After Recent 32 BTC Sale
Schiff’s criticism came shortly after Strategy resumed its Bitcoin accumulation campaign. Last week, the company sparked concern across the crypto market after selling 32 BTC, marking its first Bitcoin sale since 2022.
However, Strategy quickly reversed course. In an update released today, the company announced an acquisition of 1,550 BTC for approximately $101 million. The purchase increased Strategy’s total Bitcoin holdings to 845,256 BTC, currently valued at roughly $53.92 billion. In addition, the company disclosed that it had increased its USD reserves by $100 million, bringing the total to $1 billion.
Schiff Says Strategy’s Bitcoin Game Is Over
Following the announcement, Schiff accused Strategy Executive Chairman Michael Saylor of deliberately omitting details that, in his view, would show the purchase diluted existing common shareholders.
Notably, neither Strategy nor Saylor disclosed the company’s Bitcoin yield metric in the latest acquisition update, unlike previous announcements. As a result, Schiff declared that Strategy’s Bitcoin acquisition game is effectively over.
Meanwhile, Bitcoin responded positively to the news of Strategy’s BTC acquisition. Following the announcement, the asset climbed above $63,000 and eventually reached $63,770 within an hour. At press time, Bitcoin was up 3.01% over the past 24 hours, although it remains down 10.78% over the previous seven days.
