Anthony Scaramucci isn't shy about handing out compliments when he sees a strategy he likes. The founder and managing partner of SkyBridge Capital took to X on Monday to shower praise on Michael Saylor's latest financial maneuvering at Strategy Inc. (MSTR), calling him "the man" and highlighting what he considers a masterclass in balance sheet management.
The Strategy Behind the Strategy
What caught Scaramucci's attention? Saylor's decision to build up a $1.44 billion cash reserve before pivoting back to selling equity and scooping up more Bitcoin (BTC). It's a move that Scaramucci, himself a prominent Bitcoin advocate, sees as both shrewd and beneficial for the broader crypto market.
"The equity sales are accretive [albeit barely] but [very] smart for his balance sheet — and overall BTC market. Really smart stuff," Scaramucci wrote. Translation: Even if the gains are modest, this approach strengthens Strategy's financial position while supporting Bitcoin prices.
Another Massive Bitcoin Purchase
Scaramucci's comments come on the heels of Strategy's acquisition of 10,624 BTC, valued at approximately $962.7 million. This marks the company's largest weekly Bitcoin purchase since July 2025, continuing Saylor's aggressive accumulation strategy that has become his trademark.
The numbers are staggering. Strategy now holds 660,624 BTC acquired for roughly $49.35 billion, with an average purchase price sitting around $74,696 per coin. For context, that's more Bitcoin than most sovereign nations are likely to accumulate anytime soon.
The Discount Dilemma
Here's where things get interesting. Despite Strategy's massive Bitcoin hoard, the stock has been sliding for months. The company's market capitalization currently stands at $55.25 billion, while its Bitcoin holdings are worth $59.62 billion. In other words, investors can buy the stock and effectively get Bitcoin at a discount, plus whatever business Strategy operates as a bonus.
This disconnect hasn't gone unnoticed. Economist Peter Schiff, a longtime Bitcoin skeptic, accused Saylor last week of running an unsustainable business model that increasingly resembles a "fraud." Saylor and Schiff have been sparring partners in the crypto debate for years, so this criticism comes as no surprise.
The Numbers Right Now
At the time of writing, Bitcoin was trading at $90,115, down 1.05% over the past 24 hours. Strategy shares fell 0.59% in after-hours trading to $182.60, after closing the regular session up 2.63% at $183.69.
Worth noting: MSTR shows a very low growth score, which measures a stock's historical expansion in earnings and revenue across multiple periods. For investors comparing cryptocurrency-related plays, Coinbase Global Inc. (COIN) offers an alternative exposure to the sector with a different business model entirely.
Whether Scaramucci's enthusiasm proves warranted or Schiff's warnings gain traction remains to be seen. What's clear is that Saylor continues to double down on his Bitcoin bet, building cash reserves when prudent and converting them to crypto when the opportunity presents itself. The market will ultimately decide if this approach is brilliant or reckless.