In the evolving landscape of corporate Bitcoin adoption, one strategy has stood out: Michael Saylor’s relentless accumulation of BTC as a treasury reserve asset. However, recent commentary from crypto executive Richard Byworth suggests that Strategy (formerly MicroStrategy) could go even further—by adopting a super aggressive acquisition model that leverages mergers and cash-rich company takeovers to fuel Bitcoin purchases.
Byworth, a partner at Syz Capital and advisor to Jan3, argues that in an environment where Bitcoin liquidity on exchanges is shrinking, traditional over-the-counter (OTC) buying may no longer be sufficient—or optimal.
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The Case for Super Aggressive Bitcoin Accumulation
“Saylor's strategy so far has been correct,” Byworth stated during an April 29 appearance on the Bitcoin for Millennials podcast with Bram Kanstein. “But now is the time to consider going super aggressive.”
His central thesis? As exchange-based Bitcoin supply dwindles due to sustained institutional demand, market dynamics are shifting. With fewer coins available for purchase without moving prices significantly, waiting for “favorable” entry points becomes less relevant.
Instead, Byworth proposes a bold alternative: stop relying solely on OTC desks and begin direct, high-volume purchases—even if they push the price upward.
“When liquidity drops, maybe you should go all-in—super aggressive, super random buying—to impact the market and drive prices up intentionally.”
This counterintuitive approach hinges on a key insight: for companies like Strategy, the focus isn’t short-term price volatility but long-term growth in market net asset value (mNAV)—the total value of their Bitcoin holdings relative to shares outstanding.
Why Price Volatility Matters Less Than mNAV Growth
For shareholders in Bitcoin-focused firms, mNAV is the true north. Unlike traditional businesses valued on earnings or revenue, Strategy’s worth is largely tied to its BTC reserves.
Byworth explains: “These companies don’t care about the price they pay for Bitcoin. What matters is increasing mNAV. When you buy more BTC—even at higher prices—you boost your asset base, which increases shareholder value over time.”
Moreover, aggressive buying can create a self-reinforcing cycle:
- Large-scale purchases increase demand.
- Demand pushes Bitcoin’s market price higher.
- Higher prices inflate the company’s mNAV.
- Increased mNAV improves financing options (e.g., stock issuance at better valuations).
- Fresh capital enables further Bitcoin acquisition.
This flywheel effect makes strategic timing less critical than consistent accumulation.
Leveraging Corporate Takeovers to Fund BTC Purchases
One of the most innovative suggestions Byworth offers is that Strategy should explore acquiring cash-rich but underperforming companies—particularly in markets like Japan, where numerous “zombie firms” hold substantial idle cash.
“Japan has many companies with strong cash flows but low valuations. Their price-to-cash ratios are extremely depressed,” Byworth noted.
Acquiring such firms would provide two benefits:
- Immediate access to liquid capital
- A platform for rapid conversion of fiat into Bitcoin
This mirrors the playbook of Metaplanet, a Japanese firm that recently raised $28 million to purchase Bitcoin, bringing its total holdings above $400 million. Like Strategy, Metaplanet has restructured its business around BTC accumulation—turning a once-dormant company into a Bitcoin investment vehicle.
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Such moves signal a broader trend: corporations are no longer passive investors. They’re becoming active architects of their financial destiny through Bitcoin integration.
Declining Exchange Liquidity: A Looming Challenge
A critical factor supporting Byworth’s argument is the ongoing decline in Bitcoin availability on centralized exchanges.
Fidelity Digital Assets reported on April 24 that exchange reserves are shrinking due to persistent institutional buying—and this trend is expected to accelerate in the near term.
Less supply on exchanges means:
- Higher slippage for large buyers
- Greater price impact per transaction
- Reduced ability to execute stealthy purchases
In this context, waiting for ideal conditions may mean missing opportunities altogether. Byworth’s recommendation—to embrace volatility through aggressive buying—becomes not just viable but strategically sound.
Current Market Context: BTC Below $100K But Still Strong
At the time of writing, Bitcoin trades around **$94,680**, according to CoinMarketCap—below the psychological $100,000 mark it briefly breached in early January when it hit an all-time high of $109,000.
While some attribute the pullback to macroeconomic factors like U.S. trade policies under former President Donald Trump, others see it as a healthy correction amid strong underlying demand.
Despite the dip, key on-chain metrics suggest sustained bullish sentiment. Supply indicators are approaching what analysts call a “historically frothy” zone, with some price targets pointing toward $115,000 in the medium term.
Frequently Asked Questions (FAQ)
Q: What is mNAV and why does it matter for Bitcoin companies?
A: Market Net Asset Value (mNAV) measures the total value of a company’s assets—especially Bitcoin—relative to its market cap. For firms like Strategy, rising mNAV directly benefits shareholders by increasing equity value even if BTC price fluctuates.
Q: Why should companies avoid OTC desks for Bitcoin purchases?
A: OTC desks help large buyers avoid market impact, but they also limit transparency and scalability. As liquidity tightens, direct purchases—even those that move markets—can offer better long-term value by accelerating accumulation and boosting mNAV faster.
Q: How can acquiring other companies help buy more Bitcoin?
A: Targeting cash-rich but undervalued firms allows acquirers to tap into existing capital pools. Once acquired, that cash can be swiftly converted into Bitcoin, effectively using corporate M&A as a funding mechanism for BTC treasuries.
Q: Is aggressive buying risky if Bitcoin price drops?
A: Short-term volatility poses risks, but for long-term holders like Strategy, dips represent buying opportunities. The core strategy assumes Bitcoin will appreciate over time, making cost averaging less important than continuous ownership growth.
Q: Are there real-world examples of this strategy working?
A: Yes. Metaplanet successfully raised capital in Japan to fund Bitcoin purchases, while Strategy itself has grown its holdings to 553,555 BTC—valued at approximately $52.5 billion—since starting its accumulation campaign.
Q: Could this model work outside Japan or the U.S.?
A: Potentially. Any jurisdiction with undervalued companies holding significant cash reserves could serve as a target. The key ingredients are accessible capital, favorable regulatory conditions, and executive willingness to adopt Bitcoin-centric treasury policies.
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Final Thoughts: The Future of Corporate Bitcoin Adoption
Richard Byworth’s vision goes beyond mere investment—it's about reengineering corporate finance around digital scarcity. In a world where fiat inflation erodes purchasing power and capital misallocation plagues traditional business models, Bitcoin offers a new foundation.
For Strategy and similar firms, the path forward may not be cautious or incremental. It could be bold, disruptive, and deliberately market-moving.
The era of passive Bitcoin ownership is ending. The age of strategic accumulation has begun.
This article does not constitute investment advice or recommendation. All investment and trading decisions involve risk. Readers should conduct independent research before making any financial decisions.