Strategy Marks 100th Bitcoin Buy With $40M Addition Ahead of Saylor’s Digital Credit Pitch
The world’s largest corporate Bitcoin holder, Strategy, has logged its 100th Bitcoin acquisition since launching its buying campaign in 2020—this time with its most modest purchase of the year.
The Tysons Corner, Virginia-based firm revealed Monday that it acquired 591 BTC for approximately $40 million last week. The addition pushes its total stash to 717,722 Bitcoin. With Bitcoin trading near $65,500, the company’s holdings are valued at roughly $47 billion at current market prices.
A Milestone Buy—But a Smaller One
While the purchase marks a symbolic milestone, it represents a scaled-back pace compared to prior buying waves. In recent months, Strategy had leaned heavily on preferred equity offerings to accelerate accumulation. This time, the acquisition was funded through proceeds from common share issuance.
Despite the incremental buy, Strategy remains underwater on its long-term Bitcoin bet. Having spent more than $54 billion building its position, the firm is currently facing an unrealized loss of about $6.8 billion. The latest purchase, however, slightly reduced its average acquisition cost to $76,020 per Bitcoin.
Market Pressures Mount
Strategy’s stock slipped 2.5% Monday to $127. Although that’s above recent lows near $123, shares remain down roughly 64% over the past six months, reflecting broader crypto market weakness and pressure on Bitcoin-centric equities.
Compounding the strain is the company’s use of its variable-rate preferred stock product, STRC, which carries an 11.25% monthly dividend. While the instrument has helped fuel Bitcoin accumulation, it has also increased recurring dividend obligations. To manage those costs, the firm has reportedly built up cash reserves to effectively prepay certain dividend commitments.
At the same time, Strategy’s enterprise value relative to its Bitcoin holdings has narrowed, limiting its ability to boost Bitcoin per share as aggressively as before. Industry-wide metrics such as multiple-to-net asset value (mNAV) have similarly declined for other Bitcoin treasury firms.
Strategy Doubles Down While Others Lag
Even with the slowdown, Strategy remains far ahead of other publicly traded Bitcoin accumulators. In January alone, it accounted for roughly 93% of all Bitcoin added by public companies—stacking over 40,000 BTC while competitors collectively added just a few thousand.
Some of those rivals, including Strive and Metaplanet, have adopted similar preferred equity strategies to finance their own Bitcoin purchases.
Spotlight on “Digital Credit”
The announcement comes just before Strategy hosts a two-day conference in Las Vegas focused on companies pursuing Bitcoin-centered treasury models. The event will open with a keynote from co-founder and Executive Chairman Michael Saylor, who is expected to outline the firm’s evolving strategy centered on “digital credit.”
Compared to the bullish environment surrounding last year’s inaugural gathering, the tone this time is markedly different. Bitcoin-buying firms now face tighter capital conditions, weaker equity valuations, and heightened scrutiny over leverage strategies.
Still, Strategy continues to inch forward—adding Bitcoin, even if in smaller bites—while reinforcing its position as the dominant corporate player in the digital asset arena.