MicroStrategy made a splash on Monday, adding $2.54 billion worth of Bitcoin to its treasury—the company’s biggest single purchase since November 2024.
What happened
- MicroStrategy bought 34,164 BTC, according to a post by co-founder and chairman Michael Saylor on X and an SEC filing.
- The purchase was funded via at-the-market (ATM) stock sales of STRC and MSTR, per the SEC filing.
- In both BTC and USD terms, this is MicroStrategy’s third-largest buy ever; only two November 2024 purchases (51,780 and 55,500 BTC) were bigger.
- The deal follows another billion-dollar purchase made by the firm just a week earlier. Saylor had teased the move in his usual Sunday post, sharing the company’s Bitcoin tracker with the caption “Think Even ₿igger.”
Where this leaves MicroStrategy
- Holdings now stand at 815,061 BTC—about 4.07% of Bitcoin’s circulating supply.
- The company has spent roughly $61.56 billion to assemble the stack, putting its average cost basis at $75,527 per BTC.
- After earlier slipping into a net unrealized loss during the market downturn, MicroStrategy’s recent recovery has pushed the position to roughly break-even.
- While many corporate treasuries have paused buys or distributed assets amid bearish conditions, MicroStrategy’s continued accumulation further cements it as the largest corporate holder of Bitcoin.
A look beyond BTC: Bitmine’s ETH buying spree
- Another public treasury player, Bitmine, has kept up a regular buying cadence—though focused on Ethereum after pivoting its treasury strategy in mid-2025.
- In the past week Bitmine added 101,627 ETH, the firm’s largest weekly buy since December 2025, bringing its holdings to 4.976 million ETH (about 4.12% of supply).
- “Bitmine has maintained the increased pace of ETH buys in each of the past four weeks, as our base case ETH is in the final stages of the ‘mini-crypto winter,’” said Bitmine chairman Thomas “Tom” Lee.
Market context
- Bitcoin is trading near $75,000 at the time of writing, up more than 5% over the past seven days—moves that have helped bring large-treasury portfolios closer to break-even.
Bottom line: MicroStrategy’s latest $2.54 billion accumulation underscores the company’s long-term conviction in Bitcoin, while Bitmine’s aggressive ETH buys show treasury strategies in the crypto sector remain active despite recent volatility.
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