Strategy Inc. (NASDAQ:MSTR) CEO Michael Saylor and other Bitcoin (CRYPTO: BTC) treasury companies are price-insensitive buyers, yet someone is selling to them at $75,000, according to JAN3 CEO Samson Mow.

Saylor Averaging Down At $75,577 Per Bitcoin

Saylor’s average cost sits at $75,577 per Bitcoin.

With the recent downturn, he’s been able to average down—the biggest single holder of Bitcoin is lowering his cost basis while accumulating toward 800,000 coins.

“These are buyers of last resort. They will always buy Bitcoin. They’re price insensitive. They will always buy even if it’s $500,000 a coin or $700,000 a coin,” Mow stated on The Bitcoin Historian podcast. 

“But people right now are willing to sell them Bitcoin for $60,000, $70,000,” he added.

Strategy isn’t alone. Blockstream CEO Adam Back’s BSTR is set to deploy $1.5 billion in capital over the next month using similar accumulation strategies. MetaPlanet is also averaging down.

13 Of Top 15 Institutions Added MSTR In Q1 Despite 18% Drop

Form 13F filings show that 13 of the top 15 institutional shareholders added MSTR shares in Q1 2026, lifting combined holdings by $4.6 billion or 27%. 

This buying came despite MSTR falling nearly 18% during the quarter.

Capital International boosted its stake by $1.92 billion, the largest single increase. Vanguard added $967 million collectively, while BlackRock (NYSE:BLK) Institutional Trust added $377 million. Defiance ETFs entered with a $511 million position.

Only Morgan Stanley (NYSE:MS) reduced its position, trimming $7 million from a nearly $1 billion stake. The accumulation happened while Bitcoin dropped over 22% during the same period.

Supply Shock Coming As Mine Supply Dwindles

Mow argued that exchange liquidity—the 2 million to 3 million coins on exchanges—is not meant for sale.

That Bitcoin belongs to market makers, trading firms, and hedge funds performing other activities, not coins ready to be sold permanently.

“There’s only so many days in the week and there will be more Bitcoin treasury companies popping up too,” Mow explained. “The supply shock is really inevitable.”

Daily mine supply sits at about 450 coins or 3,000 per week. Saylor routinely buys 10,000 Bitcoin per day, funded through MSTR and STRC preferred shares. 

STRC strips away volatility while sharing 11.5% upside, attracting institutional buyers willing to accept fixed returns over Bitcoin’s volatility.

“No one’s expecting Bitcoin can 10x anymore and everyone is getting bored about Bitcoin,” Mow stated. “That’s just not the case because Bitcoin is so finite,” he added.

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