Bitcoin treasury giant Strategy Inc., formerly known as MicroStrategy, has once again expanded its massive Bitcoin portfolio, purchasing an additional 20,356 BTC between February 18 and February 23 for approximately $1.99 billion, according to an 8-K filing with the U.S. Securities and Exchange Commission. The latest acquisition was made at an average price of $97,514 per Bitcoin.
This significant buy brings Strategy Inc.’s total Bitcoin holdings to 499,096 BTC, now valued at over $47 billion. Co-founder and Executive Chairman Michael Saylor confirmed that the company’s total Bitcoin stash was acquired at an average price of $66,357 per coin, amounting to around $33.1 billion in total costs, including fees and expenses. With this massive accumulation, Strategy now controls over 2.3% of Bitcoin’s fixed supply of 21 million coins.
The latest acquisition follows the successful completion of Strategy’s recent $2 billion zero-coupon convertible note offering, which was announced earlier this week. The fundraising round also provided initial purchasers the option to buy up to $300 million in additional notes, further bolstering Strategy’s capital pool. Interestingly, the company refrained from selling any additional shares under its at-the-market equity offering program during this period, signaling a clear preference for debt financing to fuel its aggressive Bitcoin buying spree.
Strategy Inc. Aggressive Buying and Financial Risks
Over the past few months, Strategy Inc. has aggressively expanded its Bitcoin holdings, acquiring roughly $23 billion worth of BTC in a relentless buying spree. This streak saw a brief pause during the company’s Q4 earnings release earlier this month but quickly resumed as Strategy continued its march towards becoming the largest corporate holder of Bitcoin.
Despite its bullish stance, Strategy recently flagged several profitability risks in its annual report. The company acknowledged that a significant drop in Bitcoin’s market value could heavily impact its financial standing, particularly since its legacy enterprise analytics software business failed to generate positive cash flow in 2024. Moreover, Strategy warned of potential tax liabilities tied to unrealized fair value gains on its massive Bitcoin stash, a factor that could further strain its financial health if crypto market volatility intensifies.
To fund its ongoing Bitcoin accumulation, Strategy has engaged in aggressive capital-raising efforts. In February 2025, the company announced a $2 billion offering of zero-coupon convertible bonds, maturing in 2030, with the explicit purpose of using the proceeds to purchase more Bitcoin. This move is part of a broader, ambitious plan to raise $21 billion in equity and an additional $21 billion in fixed-income instruments over the next three years—cementing its position as the corporate world’s leading Bitcoin holder.
Market Performance
Despite its aggressive Bitcoin accumulation strategy, Strategy Inc. (formerly MicroStrategy) is facing mounting investor skepticism as its market cap continues to trade at a significant premium over its Bitcoin net asset value (NAV). On Friday, Strategy shares closed down 7.5% at $299.69, even though the company’s stock has posted a remarkable 338% gain over the past year, according to TradingView. In pre-market trading, shares showed a slight uptick of 1%, hinting at some volatility.
Quick Facts:
- As of February 23, 2025, Strategy Inc. holds approximately 499,096 bitcoins, acquired for about $33.1 billion.
- The company issued $2 billion in zero-coupon convertible bonds to fund additional Bitcoin purchases.
