Around July 20, let’s take a look at three big-name institutions making big moves—they each played completely different cards.

1. OranjeBTC. It didn’t go directly into the market to buy Bitcoin; instead, it used an ultra-low price (0.65x NAV) to repurchase its own company’s shares.
It’s like taking the assets that were previously scattered outside—linked to Bitcoin—and pulling them back into its own pocket.
This move is called “low-multiple gearing.” For 15.9 million reais, it increased its Bitcoin exposure.
Simply put, it’s continuing to push leverage further onto Bitcoin on top of an already profitable position.
They fall into the camp that believes in adding leverage and going all-in for it.
2. Strive is even more straightforward: a pure spot player. In one week, it spent $1.3 million to buy 21 Bitcoins, averaging just over $63,000 per coin.
No fancy derivatives—just honestly hoarding coins.
Doing this at current price levels suggests they still have a pretty bullish view for the medium to long term.
They’re in the neutral “long-term DCA” camp.
3. Strategy. It directly stopped buying coins and instead hoarded cash—cramming in USD. Its reserves jumped by $225 million, bringing the total to $3.23 billion.
Meaning: this price still needs to drop. Let me keep cash king and get my ammo ready to snipe the bottom at any time.
They belong to the conservative “wait for the right moment” camp.
Which camp are you with—adding leverage, the DCA crowd, or the firm “bottom-fishing” believers?