2359: Bitcoin Crash Accelerates Institutional Accumulation

**Justin Verrengia** (0:00)
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**Justin Verrengia** (1:05)
Last week, everyone was freaking out because Saylor sold 32 Bitcoin. Today, we're discussing Saylor buying 1.1 million more. And that's exactly why most people miss the real story.
Check this out. The biggest Bitcoin story isn't the crash. It's what happened during the crash. Strategy just suggested they could raise enough capital to buy 1.1 million more Bitcoin. Think about that. Then it got even crazier. According to their CEO, Phong Le, they believe they can out raise SpaceX's $80 billion IPO. Not a startup, not a crypto company. SpaceX, one of the most valuable private companies on Earth. More Bitcoin than most nations could ever hope to acquire. And that's on top of the 843,000 Bitcoin Strategy already owns. And during a crash, while markets were panicking, one of the largest Bitcoin holders on Earth is discussing its next phase of accumulation. That's the disconnect. Most people see a falling price. The biggest buyers see a growing opportunity. And strategy isn't the only one. Treasury Secretary Scott Besson said the Strategic Bitcoin Reserve is moving forward. And the United States already holds 329,000 Bitcoin. And the new bill calls for acquiring 1 million more. UAE sovereign funds now hold more than a billion dollars for the Bitcoin. Charles Schwab, which oversees roughly 12.6 trillion in assets, is expanding its Bitcoin framework. Meanwhile, the first Federal National Mortgage Association back mortgage, using Bitcoin, just closed. The buyer kept their Bitcoin. They didn't liquidate. They didn't sell. They bought the house and kept the asset. Now think about what all this means. The doors keep opening. The buyers keep arriving. The supply stays the same. And yet the conversation is still dominated by the price. That's why so many people keep getting Bitcoin wrong. They're focused on the chart. They ignore the trend. Because the trend isn't the price. The trend is about ownership. Who is getting the Bitcoin and who is keeping the Bitcoin? And who is trying to acquire more? That's where the real story is. The recent ETF outflows have convinced many people the demand is fading. But another explanation is emerging. Capital isn't disappearing. It's rotating. Some investors are chasing the AI stocks. Others are chasing short-term narratives. Meanwhile, the strongest Bitcoin buyers continue accumulating. That's why every major correction creates confusion. People assume lower prices mean lower conviction. And often the opposite is true. The weak hands leave. The strongest buyers get more aggressive. And that's exactly what we're seeing now. Because if strategy is seriously discussing raising more capital than SpaceX during a sell-off, what do you think happens when the panic ends? And what do you think happens when institutions, governments, corporations and sovereign funds all start competing for the same finite asset again? Because Bitcoin supply didn't increase, the crash didn't create more Bitcoin. It only changed who was willing to sell it. And that's why this story matters. Not because Bitcoin fell, but because some of the biggest buyers in the world still want more, a lot more. So here's the question. If strategy can raise enough capital to buy over 1.1 million more Bitcoin, who exactly plans to sell it to them? Now this might be the most bullish thing said all week and almost nobody is talking about it. So check this out. Strategy CEO Phong Le just said they could out raise SpaceX's $80 billion IPO this year. That's over 1.1 million more Bitcoin. Here's a video clip.

**Phong Le** (4:41)
Look at what we did in March. Look at what we did in April. Look at what we're doing in May. Here in the US, we're the largest issuer of equity, period, and we issued $23.2 billion this year, year to date, where again, the largest issuer of equity in the US, $13.7 billion, where 10% of the entire equity capital markets. Some of you might be thinking, okay, how long is this going to last for? Because SpaceX is going to IPO next month, and they're going to raise $80 billion, and they'll be number one. Yeah, they'll probably be number one. Can we catch them this year? It'd be difficult, but it's not out of the question.