Michael Saylor, executive chairman of Strategy, believes Bitcoin is poised for another major move upward as institutional adoption accelerates and market pressures shift.
Bitcoin demand outpaces supply
In an interview with CNBC’s Closing Bell Overtime, Saylor explained that corporate adoption and exchange-traded funds (ETFs) are creating intense buy pressure on Bitcoin. He noted that institutional investors purchasing Bitcoin through ETFs are soaking up the available supply, while corporations continue to accumulate the cryptocurrency for their balance sheets.
“Companies that are capitalizing on Bitcoin are buying even more than the natural supply created by miners,” Saylor said. “That’s putting significant upward pressure on the price.”
Data highlights this imbalance. Bitcoin miners produce roughly 900 BTC per day. Yet in 2025, businesses have been acquiring around 1,755 BTC daily, while ETFs add another 1,430 BTC to their holdings, according to River’s recent report.
Market activity and year-end outlook
Over the past 24 hours, Bitcoin has traded between $111,369 and $113,301, with a seven-day range of $111,658 to $117,851, CoinGecko reports. Earlier this week, nearly $2 billion in positions were liquidated in one of the largest flush-outs of the year. Analysts, however, linked the sell-off to technical factors rather than weakening fundamentals.
Saylor believes the long-term trend remains bullish. “As we work through resistance and macro headwinds, I think we’ll see Bitcoin start to move up smartly again toward the end of the year,” he said.
Public companies strengthening balance sheets with BTC
Saylor also emphasized that Bitcoin-buying companies fall into two categories. The first group consists of operating companies that traditionally return capital through dividends or buybacks but are now adopting Bitcoin as a treasury reserve asset.
Data from Bitbo shows at least 145 companies currently hold Bitcoin, including Strategy itself, which owns 638,985 BTC. According to Saylor, this approach strengthens capital structures and improves long-term resilience.
Bitcoin as digital capital for the future
The second group, which Saylor called “true treasury companies,” are positioning Bitcoin as a foundation for digital credit markets.
“The world ran on gold-backed credit for 300 years,” he explained. “The world’s going to run on digital gold-backed credit for the next 300 years. Treasury companies are holding digital capital and creating digital credit instruments.”
Saylor added that demand for equity and credit instruments remains strong across global markets, and Bitcoin is emerging as the ideal form of digital capital to support those instruments.
Bitcoin’s path into 2025
With institutional demand from ETFs, corporate treasury strategies, and supply constraints from miners, Bitcoin’s fundamentals suggest growing upward pressure. While short-term volatility will continue, analysts and industry leaders like Saylor see the end of 2025 as a turning point for the cryptocurrency.
