TLDR
- Strategy (formerly MicroStrategy) purchased 20,356 BTC for $1.99 billion at an average price of $97,514 per BTC
- The company now holds 499,096 BTC valued at $33.1 billion, representing 2.3% of Bitcoin’s total supply
- Strategy raised $2 billion through zero-coupon convertible notes to fund the purchase
- The purchase is part of Strategy’s “21/21 Plan” to raise up to $42 billion for future Bitcoin acquisitions
- Despite recent crypto market decline, institutions like BlackRock are showing increased interest in Strategy
Strategy, the company formerly known as MicroStrategy, has made another massive Bitcoin purchase, bringing its total holdings to just shy of the half-million mark. Between February 18 and 23, 2025, the firm acquired 20,356 Bitcoin (BTC) for $1.99 billion, paying an average price of $97,514 per BTC.
This latest purchase has pushed Strategy’s total Bitcoin holdings to 499,096 BTC, worth about $33.1 billion at current prices. The company has been steadily buying Bitcoin since 2020, with its average purchase price now standing at $66,357 per coin.
Strategy’s executive chairman Michael Saylor announced the purchase on social media platform X on February 24. The company also filed the details with the U.S. Securities and Exchange Commission (SEC) in an 8-K filing.
Strategy has acquired 20,356 BTC for ~$1.99B at ~$97,514 per bitcoin and has achieved BTC Yield of 6.9% YTD 2025. As of 2/23/2025, we hodl 499,096 $BTC acquired for ~$33.1 billion at ~$66,357 per bitcoin. $MSTR https://t.co/mNWDaXRE7N
— Michael Saylor⚡️ (@saylor) February 24, 2025
The purchase was funded by a $2 billion convertible note offering that Strategy recently completed. These zero-coupon notes will mature on March 1, 2030, and can be converted to Strategy’s Class A common stock at a conversion price of $433.43 per share.
Bold Bitcoin Vision Transforms Treasury
“We will use the proceeds for general corporate purposes, including the acquisition of Bitcoin and for working capital,” the company stated in its announcement. After accounting for fees and expenses, Strategy generated net proceeds of $1.99 billion from the offering.
Strategy’s latest acquisition means the company now controls approximately 2.3% of Bitcoin’s maximum supply of 21 million coins. This percentage becomes even more impressive when considering that an estimated 3-4 million Bitcoin are thought to be permanently lost, making Strategy’s share of the accessible supply even larger.
The company’s aggressive Bitcoin acquisition strategy is part of what it calls the “21/21 Plan.” Under this ambitious initiative, Strategy aims to raise up to $42 billion – partly through equity and fixed-income instruments – to finance future BTC purchases over the next three years.
I don’t think this reflects what I got done last week. pic.twitter.com/57Qe7QfwKm
— Michael Saylor⚡️ (@saylor) February 23, 2025
According to the company’s announcement, Strategy has already raised nearly $20 billion toward its $42 billion target. Phong Le, President and CEO of Strategy, explained, “As a Bitcoin Treasury Company, we plan to use the additional capital to buy more bitcoin as a treasury reserve asset in a manner that will allow us to achieve higher BTC Yield.”
Following the announcement of the latest purchase, Strategy’s stock (MSTR) was trading at $303.50 – up 1.27% in pre-market trading. Over the past year, the stock has surged by 345%, outperforming Bitcoin itself, which is up 86.7% over the same period.
The company’s transformation from a business intelligence software provider to the largest corporate Bitcoin holder has been remarkable. Strategy’s holdings now dwarf those of other public companies. According to Bitcoin Treasuries data, the next largest corporate holder is Block (formerly Square) with approximately 8,027 Bitcoin, followed by Tesla with around 5,465 Bitcoin.
Strategy is not alone in its interest in Bitcoin. Despite a decline in the total crypto market capitalization from a peak of $3.90 trillion in December to $3.31 trillion at the time of writing, institutional investors remain optimistic about the asset class.
This optimism has been fueled in part by expectations of favorable regulatory developments following U.S. President Donald Trump’s victory in the November 2024 election. Trump campaigned on enacting crypto-friendly policies and has established a working group to explore regulatory frameworks since taking office in January 2025.
Michael Saylor has expressed willingness to advise the Trump administration on digital asset policy. “I’m always willing to provide thoughts on constructive digital assets policy either in confidence or publicly, and if I’m asked to serve on some sort of digital assets advisory council, I probably would do so, yes,” Saylor told Bloomberg in a recent interview.
Institutional interest in Strategy’s Bitcoin-focused approach is growing. Earlier in February, investment giant BlackRock increased its stake in Strategy to five percent, signaling growing mainstream financial interest in Bitcoin exposure through public companies.
The company doesn’t disclose all security details for its massive Bitcoin holdings, but Saylor has described a “quad-layered” cold storage solution involving multiple geographical locations, advanced cryptographic techniques, and partnerships with institutional custody providers.
Strategy reportedly employs multi-signature wallets requiring multiple private keys to authorize transactions, with keys distributed across different storage systems and locations. According to filings, no single person has access to all keys, and the company maintains comprehensive backup and recovery procedures.
Beyond Strategy, other companies like Semler Scientific, Rumble, and Metaplanet have also made major BTC purchases this year. At the time of writing, Bitcoin trades at approximately $95,389, down 0.6% in the past 24 hours and nearly ten percent in the past month following its post-election rally.
The approach of the symbolic 500,000 Bitcoin threshold represents more than just a numerical milestone—it marks a psychological turning point for institutional cryptocurrency adoption. At current prices, this holdings level represents over $40 billion in digital assets controlled by a company that once focused primarily on business intelligence software.
As Strategy closes in on this half-million mark, both cryptocurrency enthusiasts and traditional finance observers will be watching to see if this concentration of ownership strengthens or challenges Bitcoin’s proposition as a decentralized store of value.
