Crypto Assets executives: The purchase of Bitcoin (BTC) by Strategy should be "very casual" to drive the price.

Richard Byworth stated that companies like Strategy do not care about the magnitude of Bitcoin price increases; their focus is entirely on the multiple of net asset value.

A crypto assets executive stated that Michael Saylor's strategy should adopt a more aggressive Bitcoin purchasing approach, using cash reserves to fund acquisitions through company purchases and stopping over-the-counter (OTC) purchases.

"So far, Saylor's strategy has been correct," said Richard Byworth, partner at Syz Capital and advisor at Jan3, on the podcast on April 29.

Strategy should attempt a "super aggressive" purchase.
However, Byworth considered what would happen when Bitcoin reaches the "liquidity shortage" point, at which there will be no Bitcoin available for trading on exchanges or over-the-counter trading desks.

"Should Saylor casually buy Bitcoin? That is to say, not through over-the-counter trading platforms, but rather buy directly to significantly drive up the price," Byworth said.

"In a situation where liquidity is decreasing, perhaps you should try to engage in super aggressive and super casual purchases for a period of time, which will comprehensively affect the market and drive prices up."

According to Saylor Tracker, Strategy currently holds 553,555 BTC, valued at approximately $5.248 billion at the time of publication.

Fidelity Digital Assets stated on April 24 that the supply of Bitcoin on its exchange is declining due to purchases by listed companies, and this situation is expected to accelerate "in the near term."

Byworth stated that companies like Strategy do not pay attention to the price when purchasing Bitcoin, as their main focus is on the market net asset value (mNAV), which is the value of the assets held, because "this is more beneficial for shareholders."

He added that when Bitcoin no longer exists, "you can actively buy, as doing so will drive up the price and significantly increase the [Strategy's] mNAV, which means that [its] dilution will become more favorable."

NAV premiums and discounts can provide signals about market sentiment or potential future price trends.

Byworth stated that Japan has a "large number of zombie companies" holding significant cash reserves. He suggested that Strategy could adopt an aggressive approach by acquiring these companies and "immediately converting cash into Bitcoin," similar to the strategy employed by Japanese investment firm Metaplanet.

"There are many companies like this in Japan that sit on these cash-generating businesses, which are quite boring and have very low price-to-cash ratios," Byworth added.

On April 21, Metaplanet increased its Bitcoin holdings to over $400 million after its latest purchase of $28 million.

Byworth's comments come at a time when Bitcoin trading prices have fallen below the psychological level of 100,000 USD, a price that broke in early February and is widely attributed to the tariffs implemented by U.S. President Donald Trump.

According to CoinMarketCap, the current trading price of Bitcoin is $94,680, a decrease of 13.22% from the historical high of $109,000 set in January.