Ki Young Ju Calls Saylor’s Bitcoin Strategy a Capital Markets Hack

On May 28, Ki Young Ju, CEO of CryptoQuant, mentioned Saylor’s method as a “hack” of U.S. capital markets on his X post. He highlighted how Saylor redirected traditional market liquidity into Bitcoin through Strategy (formerly MicroStrategy), which now holds 580,250 BTC, worth over $63.5 billion. The firm purchased its latest 4,020 BTC for $427.1 million. Saylor’s game-changing approach taps Wall Street tools to fund crypto accumulation. This method has helped Strategy acquire more than 2.7% of Bitcoin’s total supply.

Capital Markets Hack Powers BTC Accumulation

Saylor has repurposed traditional financial tools like convertible notes and equity sales to fuel Bitcoin acquisitions. This smart approach, called as a “capital markets hack,” allows Strategy to raise money from Wall Street without directly handling cryptocurrency. Many investors now view Strategy as a Bitcoin proxy, with its stock price moving in sync with BTC. Despite market volatility, Saylor continues this strategy with strong shareholder backing. Critics from Wall Street, however, question the long-term sustainability. Concerns revolve around high leverage, potential drawdowns, and over-dependence on Bitcoin’s price. Yet, Strategy’s stock has outperformed many tech and finance companies in 2025.

Ki Young Ju Applauds Liquidity Loop

Ki Young Ju’s comment on X highlighted how treasury firms with capital base desks act as a “perpetual-motion engine.” He noted that market volatility fuels this system, keeping liquidity flowing into Bitcoin. The phrase “up only” is no longer just a meme, Ju stated, reflecting rising confidence among long-term Bitcoin believers. This endorsement underscores how Strategy’s model is seen as a blueprint for corporate Bitcoin accumulation. The firm’s certified BTC treasury strategy sets it apart from traditional institutions and newer crypto startups.

Saylor Dismisses Public Proof-of-Reserves

Saylor recently addressed proof-of-reserves at a side event during Bitcoin 2025 in Las Vegas. He warned that publishing wallet addresses creates serious attack vectors. According to him, this opens the door for hackers, nation-state actors, and legal liabilities. He called it a “bad idea” and likened it to exposing private financial details of family members. Saylor emphasized that institutional investors need complete financial visibility, including liabilities. He argued that publishing wallet balances without liabilities gives a false sense of security. His preferred method includes Big Four audits, verified by CFOs and boards, ensuring accountability under U.S. law.

Zero-Knowledge Proofs May Offer a Path Forward

Although Saylor currently opposes on-chain proof-of-reserves, he expressed interest in zero-knowledge proofs. These cryptographic tools could offer transparency without revealing wallet addresses. However, he stressed that such a system must gain approval from auditors, exchanges, custodians, and risk managers. Even if adopted, Saylor noted that zero-knowledge methods still fail to cover liabilities. For true financial assurance, he said institutional-grade audits remain the gold standard. He urged crypto users to self-custody Bitcoin if privacy is a priority and warned against relying on offshore exchanges.

Future Outlook for Strategy and Bitcoin Integration

Strategy now holds Bitcoin worth over $63.5 billion, with paper gains exceeding $23 billion. Its average purchase price stands at $69,979 per BTC. The firm’s unique approach has influenced other companies and hedge funds to explore crypto asset allocations. However, no other public firm has committed to Bitcoin at this scale. Saylor’s strategy remains a high-risk, high-reward case study in corporate crypto integration. The model challenges traditional capital management and continues to spark debates on security, transparency, and regulatory standards. With Ki Young Ju’s public backing, Strategy’s momentum shows no sign of slowing. Whether zero-knowledge proof models or stricter audit frameworks emerge as the norm, one thing is clear: Strategy has reshaped how institutions view digital assets.