Strategy, the software firm turned Bitcoin treasury company, has spent more than five years accumulating Bitcoin, pioneering a trend among publicly traded firms that add cryptocurrency to their balance sheets. What began as an effort to maximize long-term shareholder value has grown into an industry-shifting approach, further accelerated by the deepening ties between traditional financial markets and crypto. The company now holds 761,068 BTC, representing roughly 3.6% of Bitcoin’s fixed supply of 21 million coins, a stash valued at nearly $54 billion with Bitcoin trading above $70,000.
Co-founder and Executive Chairman Michael Saylor has publicly committed to continuing purchases regardless of price, describing his approach as buying indefinitely. That strategy has pushed the firm’s average acquisition cost to approximately $75,700 per Bitcoin, more than seven times the average price paid during its first purchase. Below is a review of the company’s seven largest Bitcoin acquisitions and their immediate effects on the market, measured from the time Saylor announced each buy on social media.
Strategy’s single largest purchase came on November 25, 2024, when Saylor announced the acquisition of 55,500 BTC for approximately $5.4 billion at an average price of $97,862 per coin. The buy surpassed the firm’s previous record acquisition by more than $800 million. In the hours following the announcement, Bitcoin’s price fell roughly $4,000, dropping to under $94,000, a decline of about 4% from Strategy’s average entry price.
The second-largest purchase in company history occurred just one week earlier, with Strategy acquiring Bitcoin at an average price of $88,627 for a total of $4.6 billion. Although the price dipped briefly in the hour after the announcement, it rebounded to a daily high of $92,653, according to data from CoinGecko, placing it within 2% of the then all-time high. The following day, Bitcoin set a new record above $94,000, and the purchase brought Strategy’s total holdings to 331,200 BTC.
The third-largest acquisition took place in December 2020, when Strategy disclosed a purchase of 29,645 BTC at an average price of $21,925, totaling $650 million. The buy occurred during a period of rising prices and broad bull market sentiment, and represented the firm’s largest acquisition at that time. Despite the scale of the purchase, Bitcoin’s price remained largely stable in the 24 hours surrounding the announcement, moving from an open of $23,518 to a close of $23,795 the following day.
Less than one week after Donald Trump won his second presidential election, Strategy announced the purchase of 27,200 BTC at an average price of $74,463, totaling $2.03 billion. The coins were acquired between October 31 and November 10, a period when Bitcoin traded between $72,000 and $80,000. Following Saylor’s announcement on November 11, Bitcoin surged more than 10%, closing the day at $88,637 after setting another all-time high in the post-election period.
Strategy’s largest purchase of 2026 came near the end of the first quarter, when the firm acquired 22,337 BTC for $1.57 billion at an average price of $70,194. The buy was funded in part through continued sales of its preferred stock offering, Strife (STRC), which pays a dividend and is issued when it trades above $100, with proceeds directed toward Bitcoin purchases. Unlike many of the firm’s prior large acquisitions, Bitcoin moved upward following the announcement, briefly breaching $75,000 on the same day, though it later retreated to below $70,000.
In January 2026, Strategy acquired 22,305 BTC for $2.1 billion at an average price of $95,284, its sixth-largest purchase by Bitcoin denomination, ending a stretch of more than nine months without a weekly buy exceeding $2 billion. The announcement on January 20 coincided with growing concerns over trade tariffs and geopolitical tensions, and Bitcoin had already fallen to around $90,000 by the time of the disclosure, dropping as low as $87,650 the following day. The firm’s seventh notable purchase came on March 31, 2025, when it added 22,048 BTC for approximately $1.92 billion at an average price of $89,969 amid market uncertainty tied to an ongoing trade dispute. That acquisition pushed Strategy’s total holdings past 528,000 BTC at the time, though Bitcoin closed the first quarter at $82,514, more than $7,000 below Saylor’s reported average purchase price.
Originally reported by Decrypt.
