Michael Saylor’s company, Strategy, currently holds over 553,000 Bitcoin—worth around $52 billion, according to Saylor Tracker. It’s already the largest publicly traded corporate Bitcoin holder in the world. Yet according to Richard Byworth, a crypto executive at Syz Capital and adviser at Jan3, that’s not enough.

He believes Strategy should take the next step: adopting an even more aggressive Bitcoin buying approach to boost its net asset value (mNAV) and shareholder returns.

Why Aggressive Bitcoin Buying Could Be a Smart Move

On an April 29 podcast, Byworth explained his view that Strategy should go beyond its current method of over-the-counter (OTC) purchases. Instead, the company should buy Bitcoin directly from the market—even if it impacts the price.

“Should Saylor buy Bitcoin really carelessly?” Byworth asked. “Just full-on market buys that drive the price up.”

While this may sound reckless at first, Byworth argues that it’s not about chasing short-term gains. The aim is to multiply the mNAV. As Bitcoin becomes scarcer, its value is likely to rise. This, in turn, would significantly benefit Strategy’s shareholders.

Bitcoin Supply Is Shrinking—and That’s Key

One of the main reasons behind Byworth’s suggestion is the declining supply of Bitcoin on exchanges. Fidelity Digital Assets recently reported that the available Bitcoin is shrinking. More public companies are buying and holding Bitcoin, which reduces market liquidity. This trend is expected to continue—and even accelerate.

If fewer coins are available to buy, companies like Strategy need to act fast. By buying aggressively now, they could get ahead of the supply crunch and increase their holdings before prices climb even further.

Buying Companies to Fund Bitcoin Purchases

Byworth didn’t stop at suggesting aggressive market purchases. He also proposed that Strategy could acquire cash-rich companies and use their funds to buy more Bitcoin. This strategy would mirror the approach taken by Japanese firm Metaplanet, which recently increased its Bitcoin holdings to over $400 million after a $28 million purchase.

“There are plenty of companies out there in Japan like that,” Byworth said. “They have strong cash flows but don’t do much. Strategy could acquire them and put that money to better use.”

He specifically referred to Japanese “zombie companies”—firms that are financially stagnant but sitting on large reserves of cash. These companies, with low price-to-cash ratios, could be perfect targets for a strategic takeover and crypto conversion.

Boosting mNAV Helps Strategy’s Shareholders

At the heart of Byworth’s idea is the concept of mNAV (multiple of Net Asset Value). He emphasized that Strategy isn’t necessarily focused on Bitcoin’s day-to-day price. Instead, it’s trying to increase the overall value of the assets it holds.

As Bitcoin prices go up due to market demand or scarcity, Strategy’s asset value increases, making each share more valuable. “Dilution becomes accretive,” said Byworth, meaning the benefits of the added value outweigh the downsides of issuing more shares or acquiring new companies.

This approach not only makes Strategy stronger financially but also signals confidence to the market.

The Price Dip Isn’t Slowing Down the Vision

Currently, Bitcoin is trading around $94,680—down about 13% from its all-time high of $109,000 in January, according to CoinMarketCap. This dip followed new tariffs introduced by President Donald Trump and broader market uncertainty.

However, long-time believers like Saylor and Byworth aren’t alarmed. For them, Bitcoin is a long-term investment. They see these fluctuations as normal and focus on securing more of the digital asset while it’s still available.

Will Strategy Take the Next Leap?

So far, Strategy has made bold moves under Michael Saylor’s leadership. But if it follows Byworth’s advice, the next phase could be even more daring. Acquiring companies just to convert their cash into Bitcoin may seem extreme—but in a world where Bitcoin supply is vanishing, it might just be the smartest move.

The road ahead is uncertain, but if Bitcoin continues to rise and supply keeps shrinking, Byworth’s call for aggressive Bitcoin buying might soon look more like foresight than risk.