In the competitive world of corporate Bitcoin acquisition, Anthony Pompliano presents a stark verdict for any company dreaming of catching up to Michael Saylor’s MicroStrategy: don’t bother. According to the prominent investor and podcast host, Saylor has built a lead so vast it is “practically insurmountable” for any other publicly traded entity. This isn’t just about wealth; it’s about a first-mover advantage executed with such scale and conviction that it has permanently reshaped the landscape, creating both opportunities and new risks for the broader market.
The Anatomy of an Unbeatable Position
Pompliano’s analysis hinges on the sheer, daunting arithmetic of the situation. MicroStrategy, which rebranded as “Strategy” in 2025, holds approximately 670,000 to 671,268 Bitcoin, representing a staggering 3.2% of the asset’s total finite supply. This position was not built overnight but was pioneered starting in August 2020, when Saylor made an initial $500 million investment with Bitcoin trading between $9,000 and $10,000. This masterstroke of timing means the company’s cost basis is a fraction of today’s price. Pompliano emphasizes that for a competitor to acquire a similar position now would require a financial commitment of “tens or even hundreds of billions of dollars”. The capital required, coupled with the massive market impact such a purchase would trigger, creates what he describes as an “almost unbreachable moat”.
A New Market Reality: Concentration and Its Consequences
This unprecedented concentration of Bitcoin in a single corporate treasury has profound implications for all market participants. For traders and institutional desks, it fundamentally alters liquidity dynamics. A single entity holding over 3% of the total supply—and stating an intent not to sell until at least 2065—effectively removes a massive chunk of Bitcoin from regular circulation. This can reduce available supply on exchanges, making the market more susceptible to volatility from the trading of remaining coins and increasing microstructure risk. Furthermore, Strategy has become a de facto benchmark, its stock (MSTR) a popular proxy for Bitcoin exposure in traditional equity markets, with its movements often magnifying those of Bitcoin itself.
For other corporate treasuries considering allocation, Pompliano’s assessment serves as a sobering reality check. It signals that the playbook has been written, and the most advantageous chapter is closed. While companies can still add Bitcoin to their balance sheets, they will be doing so from a position of extreme disadvantage, “building foothills next to a mountain”. This shifts the strategic calculation from one of pure accumulation to one that must also account for the outsized influence of an established, committed holder.
Navigating the Caveats in a Maturing Ecosystem
However, Pompliano’s point about scale is a structural observation, not a deterministic price forecast. Concentration increases potential impact but does not override countervailing forces. The rise of U.S. spot Bitcoin ETFs, for instance, has created another massive pool of institutional demand, with funds like BlackRock’s IBIT now holding over $70 billion in assets. These vehicles collectively control a significant portion of supply, creating a more complex power structure than any single company, no matter how large. Additionally, a significant portion of Bitcoin’s supply is held by long-term investors or is considered permanently lost, which further tightens liquid supply and complicates the liquidity picture for everyone.
Ultimately, Pompliano’s analysis underscores a pivotal evolution in Bitcoin’s story. It has matured from a retail-driven asset to one where institutional giants wield significant influence. For traders and treasuries, the lesson is clear: successful navigation now requires planning for markets where liquidity may be shallower and price movements can be amplified by the strategic decisions of a few large, patient holders. In this new era, understanding the unmovable mountain of Saylor’s holdings is not just interesting—it’s essential for risk management and strategic execution.
