Bitcoin-focused treasury firm Strategy (formerly known as MicroStrategy) has recently reached a major milestone in its acquisition strategy, surpassing half a million $BTC holdings.
The company, led by co-founder and executive chairman, Michael Saylor, added 6,911 $BTC to its portfolio between 17 March and 23 March 2025. This purchase was detailed in a filing with the US Securities and Exchange Commission (SEC) on 24 March.
The acquisition, which cost about $584.1 million, was made at an average price of $84,529 per Bitcoin.
With this latest acquisition, Strategy now holds 506,137 $BTC in total, making it the largest corporate holder of Bitcoin in the world. This figure represents approximately 2.4% of Bitcoin’s total supply of 21 million coins.
The company has spent an estimated $33.7 billion on Bitcoin, buying at an average cost of $66,608 per $BTC when including fees and expenses.
Strategy’s aggressive accumulation strategy has firmly positioned it as a dominant player in the corporate Bitcoin market, far ahead of competitors like Tesla.
Financing the Bitcoin acquisition
The significant purchase of additional Bitcoin was funded using a mix of stock sales and newly issued preferred shares. On 21 March, Strategy announced the pricing of its latest preferred stock offering.
The 10% Series A Perpetual Strife Preferred Stock (STRF) was originally expected to raise $500 million. However, due to strong investor demand, the amount was increased to $722.5 million.
Additionally, Strategy raised capital through its broader fundraising strategy known as the “21/21 plan”.
This plan targets a total capital raise of $42 billion through equity offerings and fixed-income securities to help fund continued Bitcoin acquisitions. As part of this initiative, the company sold 1,975,000 shares of its common stock (MSTR) for about $592.6 million.
Furthermore, it issued 13,100 shares of its STRK preferred stock, generating $1.1 million in additional funds.
As of 23 March, the company still had $3.57 billion worth of MSTR shares and $20.99 billion worth of STRK shares available for future sales.
The strategic use of stock and preferred share offerings is key to Strategy’s plan to consistently increase its Bitcoin holdings while utilising the capital markets for funding.
The company continues to be the largest corporate holder of Bitcoin, which remains a core part of its treasury strategy.
What’s fuelling Strategy’s acquisitions?
The timing of Strategy’s latest Bitcoin acquisition coincides with growing institutional interest in Bitcoin. This demand is reflected in the increasing inflows into Bitcoin exchange-traded funds (ETFs), which have been a popular vehicle for institutional investors seeking exposure to Bitcoin without owning it directly.
In the week ending 21 March, Bitcoin ETFs experienced net inflows of $744.4 million, reversing a five-week trend of outflows. BlackRock’s iShares Bitcoin Trust (IBIT) alone saw $537.5 million in inflows, while Fidelity’s Wise Origin Bitcoin Fund (FBTC) added $136.5 million.
Michael Saylor, who has consistently championed Bitcoin as a core asset for the company’s treasury, highlighted the importance of Bitcoin’s long-term value proposition.
He reiterated, “We believe Bitcoin is the ultimate store of value and will continue to acquire it through strategic financing initiatives”.
Strategy’s commitment to Bitcoin as a reserve asset has positioned it as a major corporate player in the Bitcoin ecosystem.
Despite ongoing concerns about market volatility and global geopolitical risks, Bitcoin’s reputation as a hedge against inflation and macroeconomic uncertainty has remained strong.
According to Nicolai Sondergaard, a research analyst at Nansen, global trade war fears could continue to impact markets until at least early April, but Bitcoin’s store-of-value characteristics could help it navigate these challenges.
Bitcoin’s market outlook
As of 23 March 2025, Bitcoin’s price was hovering around $87,821 per coin, continuing its trend of strong performance.
Strategy’s aggressive accumulation strategy appears to be paying off, with the firm’s Bitcoin holdings showing a year-to-date return of around 7.7%.
This growth reinforces Strategy’s belief in Bitcoin’s long-term value and its position as a core treasury asset.
Looking ahead, Strategy has made it clear that it intends to keep expanding its Bitcoin holdings. The company’s SEC filing on 23 March stated that it held approximately 506,137 Bitcoins, acquired at an aggregate purchase price of around $33.7 billion.
Strategy’s plans to continue acquiring Bitcoin are a part of a broader strategy to reinforce its position as the largest corporate holder of Bitcoin.
Beyond the current holdings, Strategy’s future growth will depend on its ability to raise capital for further acquisitions.
The company’s approach of financing Bitcoin purchases through stock and preferred share sales sets it apart from traditional corporate strategies. While most publicly traded companies focus on expanding their core businesses, Strategy is prioritising Bitcoin as its primary reserve asset.
This shift in corporate capital allocation is indicative of a broader trend in the financial world where digital assets, particularly Bitcoin, are being recognised as a legitimate store of value.
As institutional interest in Bitcoin continues to rise, particularly through vehicles like ETFs, Strategy’s dominance in the corporate Bitcoin space is likely to grow.
The increasing popularity of Bitcoin among institutional investors is also likely to boost the price of Bitcoin, making it an even more attractive asset for corporate holders like Strategy.
However, Strategy’s ability to continue expanding its Bitcoin holdings will depend on market conditions and regulatory developments.
For instance, while Bitcoin is gaining mainstream acceptance, regulators in different countries are still figuring out how to deal with cryptocurrencies. Any changes in regulatory frameworks could impact Bitcoin’s market dynamics and Strategy’s operations.
Moreover, the firm’s ongoing fundraising efforts will be crucial for its future growth. As of 23 March, the company still had significant amounts of capital available for future stock and preferred share sales.
These funds will help it finance additional Bitcoin acquisitions and further cement its position as a key player in the Bitcoin market.
In conclusion, Strategy’s aggressive approach to acquiring Bitcoin has made it the largest corporate holder of the digital asset, surpassing 500,000 $BTC.
With a total investment of approximately $33.7 billion, Strategy continues to build its position as a dominant force in the Bitcoin market.
The company’s use of stock and preferred share offerings to fund these acquisitions sets it apart from traditional businesses, signaling a shift in how corporations view digital assets like Bitcoin.
While market volatility and regulatory uncertainties remain risks, Strategy’s focus on Bitcoin as a store of value and its growing institutional backing place it in a strong position to continue its Bitcoin acquisition strategy in the coming years.
As Bitcoin remains a key hedge against inflation and macroeconomic uncertainty, Strategy’s dominance in the corporate Bitcoin space is expected to solidify further, marking a new era in how businesses approach capital allocation and digital asset management.
