Strategy Can Buy Up All BTC on the Market. Is Saylor’s Arrogant Statement Arrogance or a Masterstroke?

TradingKey - Michael Saylor claims to 'buy up all Bitcoin,' which is impossible in reality and may be intended to intimidate short sellers.

On March 5, Bitcoin ( BTC )'s largest institutional holder, MicroStrategy ( MSTR) founder and executive chairman Michael Saylor posted on the X platform, stating, 'We can buy more Bitcoin than they can sell.' Simply put, MicroStrategy could buy up all the Bitcoin in circulation. However, does MicroStrategy actually have that kind of financial muscle? Is Michael Saylor being arrogant, or does he have another motive?

How to interpret MicroStrategy’s aggressive Bitcoin acquisition strategy

Michael Saylor's remark about "buying up all the Bitcoin" does not refer to purchasing the total supply of 21 million BTC, nor the nearly 20 million currently in circulation; rather, it likely refers to the liquid supply available for sale within a specific market depth. So, exactly how many Bitcoins does that entail?

In reality, this is a vague and difficult figure to calculate, as a portion of Bitcoin has been permanently lost, while some early adopters hold coins that have never entered the circulating market. The most notable example is founder Satoshi Nakamoto, who holds approximately 1 million BTC that have never been moved. Consequently, Michael Saylor has employed a play on words to present a proposition that is difficult to either verify or falsify. Nevertheless, MicroStrategy remains the institution with the most formidable Bitcoin purchasing power.

What is the strategy's purchasing power?

As of March 6, Strategy holds over 720,000 BTC, representing 3.43% of the total supply—more than the combined holdings of the U.S. and Chinese governments—ranking first globally. However, Strategy's conviction and maneuvers regarding Bitcoin extend far beyond this.

Top Ten Bitcoin Holding Entities; Source: CoinGecko

Entering 2026, Strategy is aggressively advancing a massive "42/42 Plan" built upon its "21/21 Plan," aiming to raise $84 billion over the next two years to acquire Bitcoin, doubling its target amount. Notably, Strategy is no longer relying on common stock but is issuing STRC perpetual preferred shares. Their appeal lies in attracting continuous capital inflows through a stable 11% annualized dividend, which likely underscores Saylor's unwavering confidence.

Why is Michael Saylor doing this?

In October 2025, the price of Bitcoin surged above $126,000, setting a new all-time high once again. Since then, the BTC price has continued to pull back, a process that has sparked ongoing investor concerns that a Strategy sell-off could trigger a drop to even lower levels. Michael Saylor's promotion of strong purchasing power may be a response to market anxieties while also serving to intimidate short sellers.

Bitcoin price chart, source: TradingView

In an ideal scenario, Strategy could indeed potentially "buy up" Bitcoin. Currently, Bitcoin's daily output is far below the amount of capital MSTR has raised from capital markets and deployed in a single day during its peak. That is to say, when an entity has access to "unlimited" cheap capital to enter an asset with "finite" supply, it does possess the capability to "absorb" all selling pressure. However, it is impossible for Strategy to obtain unlimited funding.