TLDR
- Strategy (formerly MicroStrategy) purchased 22,048 Bitcoin for $1.92 billion at an average price of $86,969 per BTC
- The company now holds 528,185 BTC, representing about 2.55% of Bitcoin’s circulating supply
- The purchase was financed through various capital-raising activities including common stock offerings and preferred stock programs
- Bitcoin price dropped after the purchase, putting Strategy temporarily down over $100 million on this investment
- Strategy’s total Bitcoin investment now stands at $35.63 billion with an average purchase price of $67,458 per BTC
Recent Acquisition Details
Strategy has added 22,048 Bitcoin to its holdings between March 24 and March 30, 2025. This purchase cost the company approximately $1.92 billion, with an average price of $86,969 per Bitcoin including fees and expenses.
The information was disclosed in a March 31 filing with the U.S. Securities and Exchange Commission. This latest acquisition pushed Strategy’s total Bitcoin holdings past the half-million mark to 528,185 BTC.
$MSTR has acquired 22,048 BTC for ~$1.92 billion at ~$86,969 per bitcoin and has achieved BTC Yield of 11.0% YTD 2025. As of 3/30/2025, @Strategy holds 528,185 $BTC acquired for ~$35.63 billion at ~$67,458 per bitcoin. $STRK $STRF https://t.co/1sfyBIglnt
— Michael Saylor⚡️ (@saylor) March 31, 2025
The timing of the purchase coincided with Bitcoin trading near a local top. Following Strategy’s purchase, the price initially increased by about 5.7% before reversing course.
By the time of reporting, Bitcoin had dropped to around $82,000. This price movement put Strategy’s latest investment temporarily down by over $100 million.
Funding Methods
The company used several funding sources to finance this massive Bitcoin purchase. Strategy drew from its at-the-market common stock offering, which raised $1.20 billion during the reporting period.
Additional funds came from the company’s ATM preferred stock program known as STRK. This program contributed $18.52 million toward the Bitcoin acquisition.
Strategy also completed a $711.2 million public offering of 10% Series A Perpetual Strife Preferred Stock (STRF). The STRF offering closed on March 25 at $85.00 per share.
These capital-raising methods align with Strategy’s ongoing approach to fund its Bitcoin accumulation goals. The company has developed a multi-channel strategy to support its Bitcoin-focused treasury model.
Market Position
With 528,185 BTC, Strategy now holds roughly 2.55% of Bitcoin’s circulating supply. This calculation is based on estimates of approximately 20.7 million BTC in circulation.
The company’s total investment in Bitcoin has reached $35.63 billion. Strategy’s average purchase price across all its Bitcoin holdings is $67,458 per BTC.
This latest acquisition further extends Strategy’s lead as the largest corporate holder of Bitcoin. The company’s holdings are now approaching half the amount attributed to Bitcoin’s creator, Satoshi Nakamoto, who is believed to hold 1.1 million BTC.
Long-term Strategy
Strategy’s approach reflects a shift from opportunistic to programmatic Bitcoin acquisition. The company has made Bitcoin purchases a core part of its operational treasury strategy.
Shareholders have authorized an expansion of Strategy’s Class A common stock from 330 million to 10.3 billion shares. This move facilitates the company’s ongoing access to equity markets for future Bitcoin purchases.
The company has also introduced its 21/21 Plan. This plan aims to raise $21 billion through equity and another $21 billion through fixed-income instruments over time.
These funds will be used to fuel future Bitcoin acquisitions. The framework allows Strategy to maintain its purchasing pace while managing debt exposure and investor dilution.
Potential Risks
Despite its aggressive Bitcoin acquisition strategy, Strategy has acknowledged potential risks in its filings. The company faces exposure to Bitcoin’s price volatility, which can significantly impact its balance sheet.
Changing regulatory frameworks present another challenge for Strategy. The company relies heavily on both equity and debt issuance, which introduces additional uncertainties.
The Wall Street Journal reported that Strategy may have to pay taxes on its unrealized Bitcoin gains. This is due to the Inflation Reduction Act of 2022, which established a “corporate alternative minimum tax.”
Under this provision, Strategy could face a 15% tax rate on its adjusted earnings. However, there’s speculation that the IRS might create an exemption for Bitcoin under the current administration.
Market Context
Strategy’s latest purchase comes despite investor concerns about upcoming policy announcements. US President Donald Trump is expected to detail reciprocal trade tariffs in an April 2 announcement.
These tariffs would target top US trading partners. Some analysts worry this development could increase inflation concerns and limit demand for risk assets like Bitcoin.
Despite these concerns, some market experts remain optimistic. Andrei Grachev, managing partner of DWF Labs, described the recent sell-off as “a healthy reset” rather than the end of the bull run.
CEO Michael Saylor continues to frame Bitcoin as a long-term asset. He has cited scenarios with bear-case targets of $3 million per coin and bull-case projections exceeding $49 million.
Strategy’s current unrealized profit on its Bitcoin holdings is over $7.7 billion. This represents a gain of approximately 21% on their total investment of $35.63 billion.
The company has maintained its buy-and-hold approach. Strategy has never sold any of its Bitcoin holdings despite market fluctuations.
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