Strategy Adds 130 BTC, Launches $500M Stock Offering

A Historic Accumulation Continues

Strategy, formerly MicroStrategy, expanded its Bitcoin holdings once again on March 17, 2025, purchasing 130 BTC for $10.7 million at an average price of $82,981 per Bitcoin. The acquisition, though the smallest since the company began its Bitcoin buying spree in 2020, brings its total holdings to 499,226 BTC. 

With a valuation of approximately $41.4 billion, the company now controls 2.4% of Bitcoin’s total supply, solidifying its position as the largest corporate Bitcoin holder globally. The purchase was financed through proceeds from its STRK at-the-market (ATM) offering, part of a larger $21 billion fundraising strategy to increase its exposure to the asset.

While Strategy’s long-term Bitcoin bet has yielded substantial overall gains, its more recent purchases have been met with losses. The company’s total Bitcoin investment stands at $33.1 billion, with an all-time unrealized profit of $8.46 billion, or 25.52%. However, its last 13 Bitcoin acquisitions are collectively down nearly 25%, as per the SaylorTracker portfolio tracker. 

Notable losses include a 20,356 BTC purchase on February 24 at $97,514 per BTC, which is now down 14.86%, equating to an unrealized loss of $295.8 million. A January 27 buy of 10,107 BTC at $105,596 per BTC has suffered a steeper 23.53% drop, translating to a $258.8 million loss. The most significant downside comes from a 55,500 BTC purchase on November 25, 2024, at an average price of $97,862 per BTC, now down 14.46%, representing an unrealized loss of $780.7 million.

According to SaylorTracker, among the company’s last 13 purchases, only two are currently in positive territory. A November 11, 2024, buy of 27,200 BTC at $74,463 per BTC has gained 11.52%, equating to a $233.9 million unrealized profit. The latest 130 BTC acquisition remains close to its purchase price. The shift in Bitcoin accumulation strategy is becoming evident, as the company moves toward smaller, more frequent purchases in 2025 instead of the large block buys seen in late 2024. Six separate purchases have been made since January 2025, including a 20,356 BTC buy in February. 

In contrast, major buys in 2024 included a 55,500 BTC acquisition for $5.4 billion in November and a 21,550 BTC purchase for $2.1 billion in December. The increased frequency and reduced size of purchases could indicate an adaptation to Bitcoin’s price volatility.

Strategy is also pushing forward with efforts to secure additional capital for Bitcoin acquisitions. The company announced a $500 million stock offering, introducing a new perpetual preferred stock called “Strife,” priced at $100 per share with a 10% fixed dividend. 

Unlike its previous “Strike” offering in January, which carried an 8% dividend, Strife’s dividend is payable exclusively in cash and available only to institutional investors. The first dividend payout is expected within 100 days. Despite challenges in capital markets, analysts believe Strategy’s aggressive Bitcoin buying approach will persist, supported by previous large-scale fundraising through stock sales and 0% interest convertible bonds.

Market reactions to Strategy’s latest moves have been mixed. Following the announcement of its $10.7 million Bitcoin purchase, Strategy’s stock (NASDAQ: MSTR) surged 13.41%, closing at $293.60. However, after news of the $500 million stock offering, shares fell 6.5% to $275. Year-to-date, MSTR is down 5.5%, though it has doubled in value over the past six months. Bitcoin itself briefly rallied after the acquisition announcement but later slipped 0.3%, trading at $82,921.51.

At the Future Proof Citywide event in Miami, Michael Saylor weighed in on Bitcoin’s market dynamics, attributing recent volatility to macroeconomic concerns, shifting rate cut expectations, and geopolitical uncertainties. Despite near-term pressure, Saylor remains bullish, stating, “When that flips, I think Bitcoin will rip forward with a vengeance.” 

He has long advocated for Bitcoin as a strategic reserve asset and has even suggested that the U.S. government should acquire 20% of the total Bitcoin supply. Saylor previously aligned with former President Donald Trump’s proposal to leverage Bitcoin for eliminating national debt, reinforcing his belief that the cryptocurrency’s long-term trajectory remains upward.

On March 21, Strategy announced a 10% preferred stock offering priced at $85 per share, aiming to raise approximately $711 million to continue its Bitcoin accumulation strategy. This latest round of perpetual preferred stock offers investors an annual 11.8% dividend, attracting them from the bond market's 4.2% interest rates. Co-founder Michael Saylor indicated plans for further debt-raising and equity sales to support their corporate BTC treasury strategy.

This article has been refined and enhanced by ChatGPT.