Michael Saylor, co-founder of Strategy, has indicated their 11th consecutive week of Bitcoin acquisitions, a practice that started on April 14.

On June 23, Strategy acquired 245 BTC for $26 million, increasing its total holdings to 592,345 BTC.

This makes Strategy the largest known corporate holder of Bitcoin. Its holdings surpass those of the next 20 largest public Bitcoin treasury firms combined, as reported by BitcoinTreasuries.

Saylor continues to advocate for Bitcoin, sharing on social media to his 4.4 million followers.

Saylor’s disclosure underscores a sustained pattern of Bitcoin accumulation by the firm, which began in mid-April and has shown no pause for eleven straight weeks. The most recent purchase, totalling 245 tokens at a cost of $26 million, comes during a period of tightened ranges and flattening volatility profiles in crypto derivatives. Holdings now stand just over 592,000 Bitcoin, putting the company in a position well beyond any other public treasury in terms of total balance. This sheer volume of inventory adds weight to the wider perception of Bitcoin as a long-term reserve, at least for institutions with the bandwidth to weather its sharp price intervals.

While the activity seems linear at a glance, the broader strategy behind it may be more layered. For us observing from a derivatives perspective, this volume cements spot market structure. Each new acquisition adds steady demand pressure, particularly when announced publicly and followed by a discernible reaction in open interest. The match between sentiment on social media and action in the market often acts almost like liquidity bait — options traders would be well aware of the way implied volatility can twitch at such repetition.

Saylor’s firm isn’t simply collecting tokens; they’re sending cues — seemingly deliberate, time-spaced entries that affect directional flows in both perpetuals and dated futures. As conviction buying continues, we’ve noted that funding rates in major markets like Binance and Deribit remain just shy of neutral. That suggests shorter-term patience from longs has yet to erode entirely, perhaps encouraged by activity like this.

Now, the key point for us isn’t just the quantity bought, but also the stability in timing. Regularity of purchases can suggest continued drawdown risk premium compressions, particularly in later-dated call options. Disparity across the volatility surface has been narrowing, and the skew toward the upside has begun to roll in slightly, even as volumes drift lower.

This doesn’t point to renewed euphoria — rather, it hints at a different style of accumulation cycle, quieter perhaps, but persistent. In markets where weekly newsflow can swing implied levels by double digits, consistency over ten-plus weeks stands apart. With that kind of flow in mind, we’ve started to see premium drift on longer-dated volatility products, particularly in the January 2025 expiries. Traders positioned for a breakout in either direction may need to re-run their models. Compression in realised volatility makes straddle strategies less appealing unless paired with tactically tight entry points.

At the same time, the dense clustering of option interest around the $60K and $70K strikes tells us that the broader market is still waiting for range resolution. But those waiting for a catalyst may not find it in macro headlines or ETF flows alone. Instead, actions of treasurers like Saylor, done on a repeated and loud schedule, become an actual input into pricing models.

From our side, it may be wise to shift the focus toward correlation breakdowns and implied-perpetual divergence. There’s little appetite at present for chasing, but that doesn’t mean equilibrium persists. Traders watching the chain should also consider how supply absorption is functioning, especially in light of declining miner outflows over the past fortnight.

While many firms diversify opacity in their holdings, Saylor’s continuous transparency creates a sort of pseudo-signal for those watching short-dated gamma heavy positions. It doesn’t tell us where Bitcoin must go, but it shows who’s willing to step in when volatility quiets down. That isn’t just about conviction — it’s participation which moves the needle.