Michael Saylor’s Strategy Hits 100 Bitcoin Buys With 592 BTC

Michael Saylor’s Strategy has completed its 100th Bitcoin purchase after acquiring 592 BTC for $39.8 million as the crypto market struggles below key price levels.

Key Takeaways

• Strategy purchased 592 BTC for $39.8 million at an average price of $67,286 per coin.
• The company now holds 717,722 BTC worth $54.56 billion at an average cost of $76,020 per Bitcoin.
• This marks Strategy’s 100th Bitcoin acquisition since adopting BTC as its primary reserve asset in August 2020.
• The firm faces an estimated $7 billion unrealized loss as Bitcoin trades near $66,000.

What Happened?

Strategy, formerly known as MicroStrategy, announced via an SEC filing that it acquired 592 Bitcoin using proceeds from the sale of 297,940 common shares. The purchase marks the company’s 100th Bitcoin buy since launching its aggressive treasury strategy in August 2020.

Executive Chairman Michael Saylor hinted at the milestone days earlier in an X post featuring the company’s StrategyTracker chart captioned “The Orange Century,” signaling the landmark acquisition.

Strategy’s Latest Bitcoin Purchase

According to the filing, the company paid an average of $67,286 per Bitcoin, bringing its total holdings to 717,722 BTC. Strategy has now invested $54.56 billion in Bitcoin at an average purchase price of $76,020 per coin.

The latest acquisition was fully funded through equity sales. The company generated $39.7 million in net proceeds by selling 297,940 shares of MSTR stock.

This milestone cements Strategy’s position as the largest publicly traded corporate holder of Bitcoin, far ahead of Mara Holdings, which holds approximately 53,250 BTC.

Since August 10, 2020, when Strategy made its first Bitcoin purchase of 21,454 BTC for $250 million, the company has executed 100 separate buy announcements. It has maintained a consistent accumulation pace, including purchases every month since November 2024 and nine consecutive weekly buys leading into this milestone.

Market Pressure and Unrealized Losses

Despite the milestone, market conditions remain challenging.

Bitcoin recently fell from around $68,000 to near $65,000 and has been trading just above $66,000. At current prices, Strategy’s position represents an unrealized loss of roughly $10,000 per coin, or close to $7 billion in total. Some estimates suggest the position has been as much as $12.4 billion underwater during deeper pullbacks.

Strategy’s stock has also felt the pressure. MSTR shares are down about 2 percent from last week’s close and were off roughly 2.5 percent in pre market trading following the announcement. The stock is down more than 50 percent year over year, reflecting its strong correlation with Bitcoin’s price movements.

Image Credit – Google Finance

Financing Strategy and Debt Plans

To sustain its aggressive Bitcoin accumulation, Strategy has leaned heavily on capital markets.

In addition to selling common stock, the firm has issued preferred shares to raise funds. Reports indicate the company issued approximately $7 billion in preferred stock in 2025, carrying significant dividend obligations.

The company also faces $6 billion in debt maturities due in 2028. Saylor has stated that Strategy plans to convert its convertible debt into equity over the next three to six years, a move designed to protect its Bitcoin holdings while managing balance sheet risk.

Despite speculation, the company appears unlikely to sell its Bitcoin. Prediction market data suggests only a 15 percent chance that Strategy will sell any BTC by year end, while a majority of traders expect the firm to increase holdings beyond 800,000 BTC.

Saylor has previously expressed confidence that the company could service its obligations even if Bitcoin were to fall as low as $8,000.

Corporate Treasury Impact

Strategy’s bold approach has influenced other companies to consider crypto treasury strategies, including firms exploring Ethereum based reserves. However, no public company currently matches Strategy’s scale or commitment.

The firm now controls roughly 3.4 percent of Bitcoin’s total 21 million supply cap, reinforcing its outsized role in the corporate adoption narrative.

CoinLaw’s Takeaway

In my view, this 100th purchase is less about the 592 BTC and more about conviction. I have followed Strategy’s approach since 2020, and what stands out is consistency. Even as prices drop and unrealized losses grow, the company continues to buy.

That level of commitment is rare in public markets. It is risky, no doubt. But in my experience, markets often reward long term conviction when backed by a clear plan. Whether Bitcoin rebounds strongly or remains volatile, Strategy has made it clear that it is not trading. It is accumulating.

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