Strategy Adds $330M in BTC, Resumes Accumulation

Strategy (formerly MicroStrategy) disclosed Monday that it purchased 4,871 BTC for roughly $330 million, resuming its accumulation strategy after a brief pause and adding to what remains the largest bitcoin treasury held by any public company.

It’s the first purchase after a one-week break; the purchase follows a short pause in the company’s recent accumulation streak. For a company that has made its accumulation streak a central part of its market identity, even a brief pause drew attention. The resumption, predictably, drew more.

Holdings Remain Below Average Purchase Price

Total holdings now sit at 766,970 BTC. The company has spent roughly $58 billion acquiring them, at an average cost of $75,644 per coin. With Bitcoin trading near $70,000 at the time of writing, the company’s holdings are valued at approximately $53.3 billion, which is more than $4 billion below what Strategy paid in aggregate. That represents an unrealised paper loss of more than $4 billion at current prices.

MSTR Popped, But the Year Has Been Rough

Shares of Strategy (NASDAQ: MSTR) rose nearly 4% in pre-market trading on Monday following the announcement. That’s a decent single-session move, but context matters: the stock opened the year near $160 and now sits at $124.54, a decline of more than 20%. The losses largely track bitcoin’s own turbulence, compounded by the fact that Strategy uses leverage to fund its purchases, reflecting the company’s leveraged exposure to bitcoin through debt-funded purchases

Saylor and Schiff Clash Again Over Bitcoin Performance

Over the weekend, Michael Saylor and Peter Schiff went at it again on social media – a recurring fixture at this point, predictable enough to have its own rhythm. 

Schiff argued in a post on X that bitcoin has returned roughly 12% over the past five years

Saylor responded in a separate post on X that framing ignores entry points entirely. He pointed to annualised returns since August 2020, when Strategy initiated its buying program, which paints a considerably more favourable picture.

It’s a debate that never really resolves, because both sides are measuring different things on purpose. 

Schiff picks a window that flatters his view; Saylor picks one that flatters his. The argument is less about bitcoin’s actual performance than about which version of the truth each man finds most useful.

What to Watch

Strategy’s identity in public markets is now inseparable from its bitcoin strategy. It holds more of the asset than any other public company, and its weekly buying disclosures have become a closely watched signal for both institutional and retail participants trying to read large-scale capital flows in the crypto market. 

Because Strategy regularly reports changes to its bitcoin treasury, its purchases are closely monitored by investors as a signal of institutional conviction in the asset.

The bigger question isn’t whether the company keeps buying, as industry insiders believe it almost certainly will. It’s whether the market continues to reward the stock for doing so in an environment where bitcoin hasn’t decisively broken to new highs. 

The leveraged bet only looks brilliant when the underlying asset is rising. At $70,000, Strategy is still waiting for the trade to fully pay off.

The latest purchase reinforces Strategy’s long-term accumulation strategy, though investor sentiment remains closely tied to whether bitcoin can sustain momentum near current price levels.