Recently, I noticed a very interesting phenomenon. Michael Saylor's MicroStrategy is buying Bitcoin again, and the pace is quite steady. Last week, on April 6th, they spent over $329.8 million in a single purchase, acquiring 4,871 BTC, bringing their total holdings to 766,970 BTC. How large is this number? According to data tracked by BitcoinTreasuries, they are already the world's largest corporate Bitcoin treasury, with the second place, Twenty One Capital, holding only 43,514 BTC—an enormous gap.

Saylor has always emphasized "thinking bigger," and the logic behind it is quite clear—he regards BTC as digital capital rather than a short-term trading tool. MicroStrategy's average cost basis is $75,644 per BTC, and currently, BTC prices fluctuate around $75.79K, which means their holdings are close to the cost line. Although quarterly reports show an unrealized loss of about $14.5 billion, the company has never stopped buying.

What’s even more noteworthy is the change in supply dynamics. In March, miners produced about 16,200 BTC, but MicroStrategy bought 46,233 BTC during the same period—almost three times the new mined supply. What does this imply? A single entity is rapidly absorbing market supply, which could have a substantial impact on BTC liquidity and marginal capital costs.

Michael Saylor’s recent comments also send signals. He believes that market drivers are shifting from the traditional four-year cycle to capital flows. This logic underpins MicroStrategy’s strategy: accumulating in a weak market, maintaining long-term exposure, and treating BTC as part of asset allocation. Compared to other companies’ approaches—some, like MARA Holdings, sold 15,133 BTC in March to buy back bonds—MicroStrategy’s approach is entirely the opposite, continuing to buy.

This reflects confidence in BTC’s long-term value. Although short-term volatility can lead to paper losses, the ongoing large-scale buying behavior itself is a signal—institutional investors’ confidence in Bitcoin remains unshaken. The next question is whether this pace can be maintained amid more macroeconomic fluctuations, and what impact it will have on the entire BTC ecosystem.