Strategy Makes Biggest Bitcoin Buy Since November 2024, MSTR Drops 5%

Strategy, the enterprise software company formerly known as MicroStrategy, has added to its position as the world’s largest corporate Bitcoin holder with its biggest Bitcoin purchase since Nov. 11, 2024. 

Executive chairman Michael Saylor announced on X today that the firm acquired 22,305 BTC for approximately $2.13 billion, paying an average price of $95,284 per Bitcoin.

The acquisition pushes Strategy’s total holdings to 709,715 BTC, accumulated for roughly $53.92 billion at an average price of $75,979 per coin. 

What’s more, the company’s treasury now represents more than 3.3% of BTC’s total eventual supply, cementing Strategy’s dominance as the most aggressive corporate Bitcoin accumulator in the world.

Yet despite the scale of the announcement, Strategy’s stock didn’t enjoy its usual post-purchase bump. MSTR shares plunged more than 5% in pre-market trading, reflecting broader market uncertainty and renewed questions about the sustainability of the firm’s increasingly concentrated Bitcoin strategy.

A Return to Mega-Scale Accumulation

The new purchase marks Strategy’s largest single buy in more than a year, signaling a return to mega-scale accumulation after a period of comparatively smaller additions. 

Since pioneering the corporate Bitcoin treasury movement in 2020, Saylor has made acquisitions at all stages of the market cycle, funding purchases with a mix of operating income, equity issuance, and convertible debt.

While other corporate treasuries have begun dipping into digital assets, none come close to Strategy’s scale. For comparison, the company now holds over ten times more Bitcoin than the next-largest publicly known corporate holder.

Market Reaction: Bitcoin and Strategy Down

The more than 5% pre-market drop in Strategy’s share price suggests investor concerns around leverage and valuation pressure. Adding to the concerns is the recent slump in BTC’s price. 

In the past 24 hours, the largest crypto by market cap saw its price slide more than 2%. This coincided with a broader crypto market pull back in the same period. 

Strategy’s share price has long been highly correlated with BTC, often outperforming the asset due to the company’s leveraged balance sheet. 

Saylor’s Weekend Teaser: “₿igger Orange”

The formal announcement of the latest buy came after a wave of speculation sparked by Saylor himself. On Sunday, he posted the two-word phrase “₿igger Orange” alongside a SaylorTracker chart, immediately triggering chatter across crypto communities. Many assumed the hint pointed to an imminent acquisition, and they were right.

Still, Saylor didn’t reveal the purchase on Monday morning. Instead, he issued a philosophical reminder about Bitcoin’s round-the-clock design.

In a brief X post shared on Martin Luther King Jr. Day yesterday, Saylor wrote: “Bitcoin never takes holidays.”

The message played into Bitcoin’s reputation as a 24/7, borderless financial network—and subtly amplified anticipation for today’s eventual announcement.

A Long-Term Doctrine With No Signs of Slowing

With 709,715 BTC now on the balance sheet, Strategy has reaffirmed its commitment to a long-term, accumulation-first doctrine that has redefined how public companies think about treasury management. 

The firm shows no sign of easing its pace, even as Bitcoin trends downward and institutional demand deepens.

Whether markets continue to reward Strategy’s ultra-concentrated approach depends heavily on Bitcoin’s trajectory. But as of now, the company remains the undisputed heavyweight of corporate Bitcoin ownership.