In a milestone moment for corporate cryptocurrency adoption, Strategy (NASDAQ: MSTR) has completed its 100th Bitcoin acquisition since embracing BTC as its principal reserve asset in 2020.
The company added 592 Bitcoin (worth about $39.8 million) between February 17 and 22, marking another step in its relentless accumulation strategy.
Funded entirely through the sale of 297,940 shares of its Class A common stock under its at-the-market offering program, the latest purchase injected fresh capital directly into Bitcoin, emphasizing the firm’s commitment to increasing its crypto holdings instead of reducing them.
Key Takeaways
- Strategy completed its 100th Bitcoin purchase, adding 592 BTC for approximately $39.8 million.
- Total holdings now reach 717,722 BTC, acquired at an average price of $76,020 per coin.
- The acquisition was funded entirely through the sale of nearly 298,000 shares of Class A stock.
- Bitcoin’s recent price dip left Strategy’s position temporarily below its average cost basis.
- Michael Saylor reaffirmed the company’s plan to keep buying Bitcoin and not sell any holdings.
A Century of Bitcoin Buying
Since August 2020, when the company first pivoted toward Bitcoin as a treasury reserve, Strategy has steadily accumulated BTC through regular purchases, often weekly. With this latest transaction, its total holdings now stand at 717,722 Bitcoin—acquired for a cumulative $54.56 billion at an average cost around $76,020 per coin.
Executive Chairman Michael Saylor, a longtime Bitcoin advocate, hinted at the purchase in the days leading up to the announcement with a post on X showing Strategy’s Bitcoin tracker alongside the caption:
This phrase has been used by Saylor to emphasize Bitcoin’s long‑term potential and the company’s belief that the asset will play a defining role in the financial landscape of the next hundred years.
Market Reaction and Price Context
The purchase comes amid a softening Bitcoin market, with the cryptocurrency trading around $64,700–$65,000 at press time. The recent dip below Strategy’s average acquisition price has placed its massive BTC position temporarily underwater on a cost basis, resulting in an estimated unrealized loss measured in the billions.
That dynamic has also weighed on Strategy’s own share price, which traded lower following the announcement—underscoring the strong correlation between MicroStrategy’s stock performance and Bitcoin’s price action.
Funding Strategy and Capital Markets Moves
The company’s approach to expanding its Bitcoin stash continues to rely heavily on equity issuance. In this latest round, proceeds from common stock sales under the at‑the‑market program were the sole source of funds for the BTC buy.
Strategy still has substantial capacity under its offering programs, including billions of dollars in preferred and other stock lines available for future funding.
This blend of capital markets activity and Bitcoin purchases has drawn attention from institutional investors. Recent brokerage filings suggest growing interest in gaining BTC exposure via Strategy shares rather than direct crypto purchases, with some investors increasing their positions significantly.
A Long View on BTC
Despite short‑term price swings and paper losses, Strategy’s leadership has repeatedly stressed its commitment to buying Bitcoin regardless of market conditions. Saylor has reiterated that the company has no plans to sell, asserting that its reserves are positioned to support dividends and debt obligations for years without liquidation.
As Strategy closes in on a new era of Bitcoin accumulation, the company remains the largest corporate holder of Bitcoin in the world—a fact that continues to shape sentiment around institutional participation in the cryptocurrency market.
