Strategy now controls roughly $62 billion in Bitcoin — and here's how it built that position
What began as a software company’s experiment to “maximize long‑term value for shareholders” has turned into one of the most consequential balance‑sheet strategies in crypto: Strategy has been accumulating Bitcoin for more than five years and now holds one of the largest corporate BTC treasuries in the world.
By the numbers
- Total BTC held: 815,061 (about 3.9% of the fixed 21 million supply)
- Market value at current BTC > $75,000: roughly $62 billion
- Company average entry price: north of $75,500 (Michael Saylor has quipped he’ll “buying the top forever”)
- Funding sources: a mix of convertible notes historically, plus issuance proceeds from Stretch (STRC) — Strategy’s dividend‑paying preferred shares — when available
Strategy’s buying has repeatedly intersected with major macro and crypto events, sometimes coinciding with short‑term pullbacks and other times sparking rallies. Below are the firm’s seven largest BTC buys to date, with the immediate market reactions tied to the announcement timestamps.
1) Nov. 25, 2024 — 55,500 BTC
- Avg price: $97,862 | Total spend: ~$5.4 billion
- Notes: Strategy’s single largest purchase by both BTC and dollars. In the hours after the announcement, Bitcoin dipped roughly $4,000 to below $94,000 — a ~4% move below the firm’s average price. Michael Saylor tweeted the buy as part of a larger update on holdings and BTC yield.
2) ~Nov. 18, 2024 — (second‑largest) 52,500-ish BTC
- Avg price: $88,627 | Total spend: ~$4.6 billion
- Notes: Announced about a week before the Nov. 25 purchase. Bitcoin briefly fell in the hour after the news, then rebounded to a daily high near $92,653; the next day it set a new all‑time high above $94,000. That buy brought Strategy’s holdings at the time to about 331,200 BTC.
3) April 20, 2026 — 34,200 BTC
- Avg price: $74,395 | Total spend: ~$2.54 billion
- Notes: This acquisition pushed Strategy’s total above 815,000 BTC. Unlike many prior purchases funded via convertible notes, this buy was financed with proceeds from Stretch (STRC). Rather than triggering a dip, BTC rose more than 1% after the announcement (trading around $75,907 on April 21), giving the firm a small unrealized gain from the trade.
4) Dec. 2020 — 29,645 BTC
- Avg price: $21,925 | Total spend: ~$650 million
- Notes: One of Strategy’s earliest big buys during the 2020 bull market. The BTC price was essentially flat in the 24 hours around the disclosure (CoinGecko showed open ~$23,518 and close ~$23,795 on Dec. 21–22, 2020).
5) Nov. 11, 2024 — 27,200 BTC
- Avg price: $74,463 | Total spend: ~$2.03 billion
- Notes: Purchased in the Oct. 31–Nov. 10 window and announced shortly after a U.S. election outcome. The day of the announcement, Bitcoin surged—closing at $88,637—a >10% one‑day jump and a fresh all‑time high following the news.
6) Q1 2026 (end of March) — 22,337 BTC
- Avg price: $70,194 | Total spend: ~$1.57 billion
- Notes: Funded in part by continued Stretch (STRC) issuances. Bitcoin traded up from the average purchase price—briefly topping $75,000 on announcement day—before slipping back below $70,000 in subsequent days.
7) Jan. 20, 2026 — 22,305 BTC
- Avg price: $95,284 | Total spend: ~$2.1 billion
- Notes: Announced amid broader macro headlines and tariff worries. BTC sold off in the days following, falling to roughly $90,000 and briefly to about $87,650 — more than 8% below Strategy’s acquisition mark.
Why this matters
Strategy’s accumulation is more than a corporate treasury play — it’s helped normalize the idea that public companies can hold meaningful crypto reserves. The firm’s repeated and sizable buys have sometimes amplified volatility around announcements, but they’ve also showcased new funding mechanics (like preferred‑share issuances) that other firms may emulate. Michael Saylor’s steady, outspoken commitment to buying regardless of market timing has been a defining feature of the program.
Editor’s note: This story was originally published Nov. 19, 2024, and updated with new details on April 21, 2026.
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