Michael Saylor’s Strategy, the largest corporate holder of Bitcoin, does not try to influence the price of Bitcoin when it executes its buys, according to the executive who oversees the company’s massive BTC treasury.
“The way we buy Bitcoin is we do not move the price of the Bitcoin,” Strategy’s corporate treasurer and head of investor relations, Shirish Jajodia, told Natalie Brunell on the Coin Stories podcast on Wednesday.
Market participants often speculate that Strategy’s significant Bitcoin (BTC) acquisitions help push the price of Bitcoin, but Jajodia says the firm carefully structures its purchases to avoid impacting the market.
Strategy started accumulating Bitcoin in 2020 and, at the time of publication, holds 629,376 Bitcoin, worth approximately $70.85 billion, according to SaylorTracker.
Shirish Jajodia spoke to Natalie Brunell on the Coin Stories podcast this week. Source: Natalie Brunell
“We manage our buys in a way that we are kind of some proportion of the market liquidity,” he explained. “So we do not eat up into the price of Bitcoin,” he added.
One way that companies manage significant transactions without affecting market prices is through Over-the-Counter (OTC) desks, which allow trades to take place privately rather than on public exchange order books.
All eyes on Strategy’s Bitcoin buys
Jajodia may be telling the truth, as Cointelegraph found that Bitcoin has had mixed behavior around Strategy’s most significant purchases, with some instances where Bitcoin rose, and others where it fell after a Strategy buy.
On Nov. 25, the company said it had acquired approximately 55,000 Bitcoin for $5.4 billion between Nov. 18 and 24, at an average price of $97,862 per coin.
Just a few weeks later, on Dec. 17, Bitcoin reached an all-time high above $106,000, amid a broader rally following Donald Trump’s US election victory, CoinMarketCap data shows.
In another case on July 29, Strategy bought 21,021 BTC for about $2.46 billion, yet within four days the price fell nearly 4%, sliding to $113,320 by Aug. 2.
Despite this, traders often still get excited when Saylor posts a Bitcoin price chart in the hopes the company will announce another large Bitcoin purchase.
Strategy is buying Bitcoin “around the clock,” Jajodia says
Jajodia said the firm adjusts the timing of its Bitcoin purchases depending on market conditions, but is active in the market most of the time. “We’re actually buying Bitcoin around the clock. Almost every day, every hour, every second we are in the market,” he said.
“If it is going down, we can take the opportunity to move faster,” he said.
Related: Strategy hits 4-month low as Saylor changes tack on MSTR issuance
Saylor has often suggested to his 4.5 million followers that he doesn’t care what price Bitcoin is; he is just accumulating to make his stack as large as possible.
On May 22, Saylor wrote in an X post, “I only buy Bitcoin with money I can’t afford to lose,” after Bitcoin fell from its previous high of $112,000.
Similarly, in late 2024, Saylor pledged to keep buying BTC at peak prices no matter how high prices would go.
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