While Bitcoin exceeded $ 126,000 for the first time, Michael Saylor has chosen to stay away. The manager of Strategy, used to strengthening his positions at each summit, did not purchase this quarter. This unusual decision slices with its aggressive accumulation strategy and questions observers.
In short
- Michael Saylor surprises by interrupting his Bitcoin purchases, despite a new historic BTC record beyond $ 126,000.
- Strategy recorded $ 3.89 billion in unrealized gains in the fourth quarter, without strengthening its position.
- The company now holds 640,031 BTC, purchased at an average price of less than $ 74,000, for a valuation of around 79 billion.
- The decision not to buy makes the crypto community react, some seeing it as a change of course or a waiting strategy.
Exceptional results, but no bitcoin purchase at the top
The fourth quarter was marked by an unusual decision. Michael Saylor did not make a new Bitcoin purchase, despite the outbreak of the course to a historic summit.
On the X platform (ex-Twitter), he summed up this posture in a tone that is both ironic and confident: “No new orange point this week, just a reminder of $ 9 billion on the reasons why we continue to keep at all costs”.
This sentence refers to the famous “Orange points” which traditionally symbolize BTC purchases on the graphics published by the company. The emphasis is therefore put, for once, on the results obtained, rather than on an offensive strategy.
The figures published in The quarterly ratio to the dry give a precise idea of the magnitude of performance:
- 640 031 BTC held on September 30, 2025;
- The average purchase price: less than $ 74,000;
- Estimated market valuation: around $ 79 billion;
- The accounting value of assets: $ 73.21 billion;
- Gains not made on T3 alone: $ 3.89 billion;
- Total unrealized gains: more than $ 9 billion;
- A deferred tax debt: $ 7.43 billion.
These elements confirm the profitability of the accumulation strategy carried out by strategy. By choosing not to buy at the highest, Saylor surprises, but does not question his long -term positioning on Bitcoin.
A break between timing and tax management strategy
While these results could have provided Michael Saylor with an ideal pretext to strengthen his exhibition, the latter chose the restraint. On social networks, many reactions have highlighted this change of tone.
“Did you understand that it is not very smart to buy at the highest?” Are you waiting for the drop? »» has spear one user on X, while another put into perspective :: “Everyone needs to breathe, even Saylor”. For a figure that was built on an aggressive accumulation, this break necessarily challenges intentions.
This withdrawal could be explained by a series of technical considerations. On the one hand, the potential tax burden remains high with more than $ 7 billion in delayed liabilities, which could encourage the company to delay to optimize its accounting strategy. On the other hand, while the BTC sales on the exchange platforms are at its lowest, the company could wait a decline in the market to regain its purchases in better conditions.
The choice not to buy can therefore be interpreted as a finer management of the entry timing, without calling into question the overall commitment Strategy on Bitcoin.
By deviating from his usual systematic buyer behavior, Michael Saylor seems to test a more nuanced approach, or simply take the time to blow after an accelerated growth phase. This decision could point out the entry into a new phase of strategic maturity for Strategy with $ 77.4 billion in Bitcoin, without breaking with the childcare philosophy that made its success.
Maximize your Cointribne experience with our 'Read to Earn' program! For each article you read, earn points and access exclusive rewards. Sign up now and start accumulating advantages.
