Even as Strategy buys it all... Bitcoin retail investors 'dump' at $77,000

▲ Bitcoin (BTC)

As Bitcoin (BTC) faces selling pressure around $77,000, an analysis suggests that Bitcoin treasury companies, including Strategy CEO Michael Saylor, have emerged as the buyers of last resort, absorbing supply regardless of price.

Benzinga reported on May 21 (local time) that Jan3 CEO Samson Mow evaluated Saylor and Bitcoin treasury companies as price-insensitive buyers on the Bitcoin Historian podcast. Mow stated, “They are the buyers of last resort. They will always buy Bitcoin. They are price-insensitive. They will always buy it even if it’s $500,000 or $700,000 per coin.” He added, “But right now, people are selling Bitcoin to them at $60,000, $70,000.”

Saylor's average purchase price was presented as $75,577. Benzinga reported that recent declines allowed Saylor to lower his average cost, and the largest single Bitcoin holder continues to increase its holdings towards 800,000 BTC. Strategy is not the only one making moves. Blockstream CEO Adam Back's BSTR plans to deploy $1.5 billion in a similar accumulation strategy over the next month, and MetaPlanet is also lowering its average purchase price.

Institutional investors, in fact, bought more Strategy stock. According to 13F filings, 13 of the top 15 institutional shareholders increased their MSTR holdings in Q1 2026, with combined holdings increasing by $4.6 billion, or 27%. During the same period, MSTR stock price fell by approximately 18% and Bitcoin dropped by over 22%, but institutional buying did not stop. Only Morgan Stanley reduced its stake by $7 million from its approximately $1 billion holding.

Mow argued that the 2-3 million BTC mentioned as exchange liquidity are not actual sell-side orders. He explained that these holdings are Bitcoin held by market makers, trading firms, and hedge funds for various activities, and are not coins permanently ready to be sold.

He believes that a supply shock is inevitable due to the combination of decreasing mining supply and increasing treasury corporate holdings. Daily mining supply is only about 450 BTC, and weekly it's about 3,000 BTC. In contrast, Saylor is regularly purchasing 10,000 BTC per day by raising funds through MSTR and STRC preferred shares. STRC is structured to share 11.5% of upside instead of eliminating volatility, attracting institutional investors who prefer fixed returns over Bitcoin's high volatility.

Mow emphasized that the market's boredom, which believes Bitcoin can no longer increase tenfold, is a misjudgment. He said, “No one expects Bitcoin to go up 10x anymore, and everyone is bored with Bitcoin,” adding, “But that’s not the case because Bitcoin is so finite.”

*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. The content should be interpreted for informational purposes only.*