Michael Saylor’s Bitcoin strategy is nearing a major milestone: its 100th purchase. The chairman of Strategy hinted on social media that this symbolic achievement could happen soon, marking nearly six years of continuous accumulation.
Massive Bitcoin accumulation despite unrealized losses
Since 2020, Strategy has aggressively accumulated Bitcoin. The company currently holds:
- 717.131 BTC
- Average cost of $76,027 per coin
- Total investment exceeding $54 billion
Despite Bitcoin trading below its average purchase price, the firm continues accumulating through a dollar-cost averaging (DCA) strategy.
Long-term conviction amid market volatility
Current market conditions include:
- Bitcoin trading around $64,000–$67,000
- Significant unrealized losses
- Ongoing outflows from spot Bitcoin ETFs
Still, Strategy maintains a long-term vision, diverging from short-term institutional behavior.
The symbolic 100th purchase milestone
Saylor hinted at the milestone with a chart titled “The Orange Century,” suggesting the 100th purchase is imminent.
Since August 2020, the company has completed 99 acquisitions, including consistent monthly buys since late 2024. Strategy now controls approximately 3.4% of Bitcoin’s total supply.
Financing strategy and dilution concerns
To sustain its buying pressure, Strategy has adjusted its financing approach:
- Issued $7 billion in preferred stock in 2025
- High dividend obligations
- Potential shareholder dilution
Analysts warn this could negatively impact metrics such as Bitcoin per share (BPS).
Debt pressure and balance sheet risks
The company also faces:
- $6 billion in debt maturing by 2028
- Potential conversion into equity
- Increasing share count
This places its balance sheet under scrutiny as accumulation continues.
Corporate treasury implications
Saylor’s strategy has influenced other companies to adopt crypto exposure in their treasuries, including:
Some examples include:
- Ethereum-based reserves
- Digital asset hedging strategies
However, no public company matches Strategy’s scale.
Market watching the next move
As the 100th purchase approaches, markets are closely monitoring:
- Strategy sustainability
- Shareholder value impact
- Debt management in uncertain conditions
Saylor’s next move could either reinforce—or challenge—one of the boldest corporate bets on Bitcoin.
Source: Yahoo Finanzas
