MicroStrategy (referred to here as Strategy) has quietly executed one of its largest Bitcoin purchases to date, adding 22,337 BTC to its treasury — a move that ranks as the company’s fifth-biggest acquisition by token count.
Details and context
- The buy was disclosed on X by co-founder and chairman Michael Saylor, who shared the company’s Bitcoin portfolio tracker with the playful caption “Stretch the Orange Dots.”
- At 22,337 BTC, this purchase is only behind several larger buys: 55,500 BTC in November 2024 (the company’s biggest single acquisition), two other November 2024 buys of 51,780 and 27,200 BTC, and a 29,646 BTC buy in 2020.
- Priced at $70,194 per BTC, the transaction totaled roughly $1.57 billion. While it’s the fifth-largest in BTC terms, it ranks ninth by USD outlay — a disparity driven by higher BTC/USD rates on some earlier, smaller purchases.
How the buy was funded and what it means for holdings
- SEC filings show Strategy financed the acquisition with proceeds from its STRC and MSTR at-the-market (ATM) stock offerings — i.e., share sales used to raise capital for crypto purchases.
- The addition brings the company’s total Bitcoin hoard to 761,068 BTC, about 3.8% of Bitcoin’s circulating supply. Strategy has spent roughly $57.61 billion acquiring that stack, with an average cost basis of $75,696 per BTC. That places the reserve currently below the average purchase price, although recent price gains have narrowed the paper losses.
Market backdrop and related moves in crypto treasuries
- Separately, Ethereum-focused treasury leader Bitmine announced it added 60,999 ETH over the past week — above its recent weekly purchases of roughly 45,000–50,000 ETH. Bitmine Chairman Thomas “Tom” Lee framed the uptick as a tactical move tied to a belief that ETH is nearing the end of a “mini-crypto winter.”
- Bitmine now holds 4,595,562 ETH, or about 3.81% of ETH’s circulating supply, with a target of accumulating 5%.
Price snapshot
- At the time of the disclosure, Bitcoin was trading near $73,400, up almost 7% over the past seven days — gains that have helped reduce the unrealized losses on Strategy’s holdings.
Why it matters
- Strategy’s continued accumulation underscores its long-term institutional bet on Bitcoin and highlights how publicly traded companies are using equity-linked capital raises to fund crypto purchases. Large, concentrated corporate treasuries can be market-moving participants — their buying cadence, funding methods, and average cost basis are closely watched by investors and crypto markets alike.
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