Michael Saylor’s Bitcoin-centered firm, Strategy (formerly MicroStrategy), has expanded its already massive holdings with the purchase of 3,459 BTC between April 7 and April 13, valued at approximately $285.8 million. The acquisition was made at an average price of $82,618 per coin, pushing the firm’s total stash to a staggering 531,644 BTC—representing over 2.5% of Bitcoin’s fixed 21 million supply.
The move cements Strategy’s position as the largest corporate holder of Bitcoin globally, with a current market valuation of its BTC holdings exceeding $45 billion. The company’s total investment now stands near $35.9 billion, based on an average purchase cost of $67,556 per coin.
Strategy financed the latest purchase through equity issuance. Last week, the company sold nearly 960,000 shares of its Class A common stock (MSTR), raising $285.7 million in fresh capital. This offering is part of a broader war chest, with $2.08 billion in stock still available for future issuance under its active capital plan. Additionally, Strategy maintains over $20 billion in unused perpetual preferred stock capacity via share classes like STRK, although none of those instruments were activated during the latest round.
Despite Losses, Strategy Doubles Down on Bitcoin Conviction
Saylor’s conviction in Bitcoin remains unshaken despite the firm reporting nearly $6 billion in unrealized losses for the first quarter of 2025. That figure reflects a sharp drop in BTC prices during March and early April—timing that coincided with Strategy’s aggressive accumulation strategy. Between March 24 and March 30 alone, the firm purchased over 22,000 BTC for $1.9 billion at a premium of $86,969 per coin.
After a brief pause in early April, Saylor teased a renewed buying spree with a post on social media reading, “No tariffs on orange dots,” a tongue-in-cheek nod to Bitcoin price charts. Days later, the 3,459 BTC acquisition was made public.
While skeptics continue to question the sustainability of Strategy’s model—especially with its market cap trading above the firm’s net asset value—some analysts argue the company’s fundamentals remain solid. A recent note from brokerage firm Bernstein emphasized that Strategy’s debt-to-equity ratio remains below 13%, and with no substantial debt maturities until 2028, it maintains the flexibility to continue acquiring Bitcoin aggressively.
The 21/21 Vision: Aligning Capital with Crypto Scarcity
The firm’s long-term roadmap, informally dubbed the “21/21 plan,” outlines a strategy to raise $21 billion via equity and $21 billion through debt, reflecting the 21 million hard cap on Bitcoin’s total supply. It’s an ambitious attempt to align the firm’s capital structure with the crypto asset’s fixed issuance model.
As part of this push, Strategy has introduced two perpetual preferred stock classes—STRK and STRF—designed to offer scalable, long-term funding without near-term repayment obligations. These classes complement the firm’s MSTR common stock, which continues to serve as the primary fundraising instrument.
This structure allows Strategy to keep buying Bitcoin without adding risky short-term liabilities, a crucial consideration in the current macroeconomic environment. Despite escalating trade tensions and market turbulence, Strategy’s stock rose 10.2% last Friday to close at $299.98, marking a 15.3% gain on the week. It also climbed another 3.3% in Monday pre-market trading.
While MSTR’s explosive 568% surge in 2024 has tempered in early 2025 amid broader market volatility, the stock has clawed back to break-even levels year-to-date. That resilience underscores continued investor faith in Saylor’s Bitcoin thesis, even amid fluctuating crypto prices and political uncertainty.
Quick Facts
- Strategy acquired 3,459 BTC for $285.5 million at an average price of $82,618 per coin.
- The company now holds 531,644 BTC—more than 2.5% of Bitcoin’s total supply.
- Strategy’s Bitcoin holdings are worth over $45 billion, with an average acquisition cost of $67,556.
- Despite a $6 billion unrealized loss in Q1 2025, Strategy continues to buy BTC using equity financing.
- The company’s 21/21 plan aims to raise $42 billion in equity and debt to match Bitcoin’s fixed supply model.
