Strategy (formerly MicroStrategy) continues to expand its Bitcoin holdings. The company’s founder, Michael Saylor, announced the purchase of an additional 20,356 BTC for $1.99 billion, at an average price of $97,514 per coin.
“Strategy has acquired 20,356 BTC for ~$1.99B at ~$97,514 per bitcoin. Year-to-date 2025, our BTC yield stands at 6.9%. As of February 23, we hold 499,096 BTC, acquired for ~$33.1 billion at an average price of ~$66,357 per BTC.”
— Michael Saylor (@saylor), February 24, 2025
Investments and Financing Strategy
As of February 23, 2025, Strategy holds a total of 499,096 BTC on its balance sheet. The company’s total investment in cryptocurrency has reached $33.1 billion, with an average purchase price of $66,357 per Bitcoin.
Since the beginning of the year, Strategy’s return on Bitcoin investments has amounted to 6.6%. However, to finance its latest purchase, the company raised $2 billion through a convertible bond offering.
“Strategy has completed a $2 billion offering of convertible notes at a 0% coupon and a 35% premium, with an implied strike price of ~$433.43.”
— Michael Saylor (@saylor), February 24, 2025
The bonds were issued at a 35% premium to Strategy’s stock price, with a strike price of $433.43. The maturity date is set for March 1, 2030, but the company has the option for early redemption.
Market Reaction: Strategy Stock Decline
Despite ongoing Bitcoin acquisitions, Strategy’s stock (MSTR) saw a negative market response. Following the opening of trading on February 24, 2025, the stock dropped 5.86%, falling to $282.1.
Over the past month, Strategy’s share price has declined by 18.7%, likely due to investor concerns over the company’s high exposure to Bitcoin and the risks associated with cryptocurrency market volatility.
Long-Term Projections
Despite short-term market fluctuations, analysts at Bernstein expect Strategy to continue expanding its Bitcoin holdings. According to their forecast, by 2033, the company will own 4% of the total Bitcoin supply, which equates to 830,000 BTC, with an expected price of $1 million per Bitcoin.
Such a scenario could position Strategy not only as the largest corporate Bitcoin holder but also as a major force in the crypto market, capable of influencing liquidity and price movements of the leading cryptocurrency.
