A rising Bitcoin price would speed up Strategy’s accumulation, not slow it, Flaum said, calling the dynamic counterintuitive.
- Author Mike Flaum said on Pete Rizzo’s podcast that Strategy hitting 1 million Bitcoin “definitely happens this year.”
- Saylor’s willingness to sell lets Strategy offload roughly 129,000 BTC bought above $100,000 to harvest tax losses, likely about 1% at a time.
- Flaum projected Strive could top 50,000 BTC by year-end to become the second-largest corporate holder.
Michael Saylor’s Strategy (MSTR) is on track to hold 1 million Bitcoin by around September this year, according to Mike Flaum, author of “The Rise, Fall, and Re-emergence of Bitcoin Treasury Companies.”
Speaking on a podcast with Bitcoin historian Pete Rizzo on Tuesday, Flaum said the milestone “definitely happens this year,” adding that a rising Bitcoin (BTC) price would speed up, not slow down, the company’s accumulation. “If the price of Bitcoin runs higher, he accumulates faster, which is counterintuitive,” he said.
Flaum said the path to 1 million BTC depends on capital formation rather than one-off purchases. Strategy raises funds through common shares, convertible notes, and preferred instruments like STRC, and must keep the confidence of institutional investors, hedge funds, and bankers to keep returning to the market, he said.
He pointed to Strategy’s use of $1.5 billion in cash to retire convertible notes as “a clear signal to the market that he views Bitcoin as a cash equivalent,” and noted the company logged its second-best quarter ever for Bitcoin acquisition in early 2026 despite a crypto winter.
Strategy, the largest corporate Bitcoin holder, currently holds about 845,256 BTC, leaving it roughly 155,000 coins short of the 1 million target.
MSTR’s stock was nearly flat in early-morning trading. On Stocktwits, the retail sentiment around MSTR moved to the ‘bearish’ from ‘extremely bearish’ zone, while chatter around it stayed in the ‘high’ levels over the past day.
Saying ‘Sell’ Changed Everything
On Saylor’s recent willingness to say the word “sell,” Flaum argued it “changed everything.” Because Strategy holds about 129,000 BTC purchased above $100,000, he said, it can sell higher-cost coins to book tax losses and offset gains, an option unavailable to early holders sitting entirely on low-cost Bitcoin. Any sales would likely be small, he said, estimating around 1% at a time rather than a lump sum.
“I think it changed everything. I think that was a huge deal, and I’m happy for what he’s announced — retiring the debt. I think that was a big deal. The other signal that he sent today was he used one and a half billion dollars in cash to buy back the converts that they already had. That’s a clear signal to the market that he views Bitcoin as a cash equivalent, but not all the cash is the same,” said Flaum.
Additionally, Flaum projected that Strive (ASST), the Bitcoin treasury firm co-founded by Vivek Ramaswamy, could exceed 50,000 BTC and become the second-largest corporate holder. Smaller treasury companies, Flaum added, increasingly hold preferreds like STRC alongside Bitcoin rather than issuing their own.
However, not everyone shares the optimism. MSTR trades well below its peak, when it traded above $470. Longtime critic Peter Schiff has repeatedly called STRC a “Ponzi scheme.”
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