Michael Saylor Says Bitcoin Has Won, So Why Did Microstrategy Stop Buying Btc?
- Michael Saylor said on Tuesday that Bitcoin has won, and that its gravest danger now comes from within its own ranks.
- His company, Strategy, has not bought a single BTC in five consecutive weeks.
- Blockchain intelligence firm Arkham dissected the pause.
- Strategy (formerly MicroStrategy) has built a $3.75 billion cash reserve instead.
What Happened
Michael Saylor said on Tuesday that Bitcoin has won, and that its gravest danger now comes from within its own ranks. His company, Strategy, has not bought a single BTC in five consecutive weeks.
Blockchain intelligence firm Arkham dissected the pause. Strategy (formerly MicroStrategy) has built a $3.75 billion cash reserve instead. Two clocks are now running at once, and they point in opposite directions.
Why Michael Saylor Is Warning About Bitcoin Now
Market Context
The timing is not accidental. BIP-110 is a proposed one-year soft fork that would cap the size of arbitrary data fields in Bitcoin transactions. Written by developer Dathon Ohm and shipped in Bitcoin Knots, it began miner signaling on December 1, 2025.
His central technical claim concerns miner revenue. Block subsidies halve every 210,000 blocks. Fees must therefore carry more of the security budget over time. Weakening the fee market, he said, disarms the network.
Why It Matters
The proposal’s own deployment schedule sets a mandatory lock-in window for around August 2026. Once that window opens, blocks that fail to signal are rejected as invalid. Lock-in becomes guaranteed. Activation follows two weeks later, and the rules expire on their own about a year after that.
Saylor is not the only critic, and critics do not agree with each other. Blockstream chief executive Adam Back also opposes the proposal. His fork risk warning targeted the lowered 55% activation threshold, not censorship.
Saylor’s earlier BIP-110 warning called the proposal Bitcoin’s biggest self-inflicted risk. The dispute has split Bitcoin developers for months.
Details
Miners have largely ignored it. That does not stop it.
In other words, Saylor is not arguing against something that needs to win a vote. He is arguing against something with a calendar. That window is days away.
What Saylor Actually Said About Consensus Rules
The Strategy executive chairman framed Bitcoin’s consensus rules as a constitution. They define property, scarcity, settlement, and power. Rewriting them to suit any faction, he argued, attacks every participant alive today and every one who comes later.
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He named three targets:
BIP-110 censors valid fee-paying transactions in his reading.
Covenants create fresh attack surface.
Larger blocks thin out blockspace scarcity and raise validation costs.
The other side of this argument is well staffed. BIP-110’s backers say arbitrary data embedding burdens node operators and crowds out payments.
Why Did Strategy Stop Buying Bitcoin?
Because equity became cheaper to sell than conviction was to abandon.
A Form 8-K filing dated July 27 confirmed a $525 million addition to the dollar reserve. The total reached $3.75 billion, which the company frames as 2.1 years of dividend coverage against roughly $1.76 billion in annual preferred obligations.
The money came from shares, not coins. Strategy sold $544.5 million of MSTR stock last week. Roughly $467 million and $263.5 million came from share sales in the two weeks before that, or about $1.26 billion across three weeks.
It sold those shares cheap. MSTR trades near $96.66, down about 76% from its 52-week high of $414.36. Every dollar raised this way costs far more equity than it would have a year ago.
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