When Bitcoin bills the highest territory ever in the second quarter of 2025, one man and one company continue to dominate the story.
As Wall Street competed to engineer new Bitcoin Link financial products, Saylor’s original “capital market hack” was still the best. In X’s post, encrypted CEO Ki Young summed it up nicely:
“Saylor hacked US capital markets and re-routed liquidity to Bitcoin.”
Ki Young Ju likened Strategy Inc. to a kind of permanent motion engine. Spurred by market volatility and powerful narrative momentum, Strategy Inc.’s stock and debt sales model for purchasing Bitcoin has effectively transformed the company’s balance sheet into a merciless Bitcoin accumulation machine. Ju added an impressive comment: “From Perm Avalz “‘Up Only’ doesn’t feel like a meme anymore.”
The Strategy Inc. Playbook: raise capital, buy bitcoin, repeat. 26% YTD stock
Strategy Inc.’s models seem simple at first glance, but undoubtedly powerful.
- Raise capital through equity and debt markets.
- Buy Bitcoin.
- Watch the value of Bitcoin skyrockets.
- Use new valuations to raise more capital.
- repeat.
After a huge 2024, this “flywheel” approach shows no signs of slowing down in 2025. Strategy Inc. stock has already risen 26%, surpassing Bitcoin’s own 16% profit, leaving almost all crypto ETFs in the market.
Even leveraged ETFs designed to track strategies (MSTX and MSTU) track evidence of the company’s own stock, daily rebalancing inefficiencies and raw power of Saylor’s leveraged racing. Analyst Matt Murray said honestly, according to a Bloomberg report:
“He’s not only Bitcoin, but his own stock and stock market also brings him profits and uses leverage at the right time.”
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This “premium” on strategic stocks will act as rocket fuel during uptrends, unleashing more balance sheet firepower and buying more Bitcoin. As of May 2025, the company owns over 214,000 BTC, worth more than $60 billion, indicating plans to raise an additional $84 billion through a mix of stocks and fixed income equipment.
Strategy Inc: More than Bitcoin Proxy – It’s the biggest symbol and surpasses ETF
The strategy is more than just a bitcoin proxy. This is a cultural tool for Bitcoin Maximialists, and a way to bet not only on the price of BTC, but on the ideology that drives it. This conviction-based pricing puts the strategy in its own class, even in markets that include institutional offerings such as BlackRock’s IBIT and Fidelity’s FBTC.
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Despite the competition, the ETF was unable to bottle the reflexivity and community-driven premiums of the narrative commanded by strategy. As a result, its market capitalization exploded from $1 billion to more than $100 billion over five years. This started with Saylor’s first purchase of Bitcoin.
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