Strategy, the company formerly known as MicroStrategy, recently cheered a new high in its Bitcoin holdings. The digital currency came close to its all-time record of $124,000. This milestone marks another victory in a bold financial journey that began in August 2020.
Back then, Bitcoin traded for about $11,680. Since that first buy, Bitcoin’s value has soared by 935%. Strategy’s own balance sheet reflects this massive growth. Under Michael Saylor’s leadership, the company has made 81 separate purchases up to October 2025. They have scooped up a massive 640,031 Bitcoins, spending roughly $47.4 billion. The average price they paid for each Bitcoin sits around $73,983. With Bitcoin now trading at about $121,000, their stash is worth an impressive $77.4 billion. This means Strategy holds an unrealized profit of more than $30 billion.
The “HODL” Philosophy
Strategy’s main game plan is called “HODL.” This means buying Bitcoin and holding onto it for a very long time. They see Bitcoin as a better store of value than cash or traditional assets like gold. It acts as a shield against rising prices and currency losing its worth.
Saylor has often spoken out, calling Bitcoin a “superior digital asset.” The company has found clever ways to pay for its Bitcoin buys without giving away too much ownership. They’ve used convertible debt, sold new shares, and even taken loans using their Bitcoin as collateral. This approach has made Strategy the world’s largest corporate owner of Bitcoin. They just keep buying, no matter how wild the market gets. According to saylortracker.com, the company buys about 340.8 Bitcoins daily, spending around $41 million on active buying days.
Strategy’s adventure started on August 10, 2020. They spent $250 million on 21,454 Bitcoins, averaging $11,653 each. The speed and size of their purchases have changed a lot since that first investment. They’ve had long stretches of weekly buys, sometimes spending up to $5.4 billion at a time. “Our journey began with $0.25 billion in Bitcoin — and an immediate $0.04 billion unrealized loss. Today, we closed at a new all-time high: $77.4 billion in BTC NAV,” Saylor shared on X this week, celebrating their massive success.
Our journey began with $0.25 billion in Bitcoin — and an immediate $0.04 billion unrealized loss. Today, we closed at a new all-time high: $77.4 billion in BTC NAV. pic.twitter.com/9k5VkAaG8p
— Michael Saylor (@saylor)
Riding the Waves: Purchase Patterns
A chart from the company shows a clear link between Bitcoin’s price movements and Strategy’s buying sprees. Yellow dots on the chart, which show when Strategy buys, tend to increase as Bitcoin’s price climbs.
After their first purchase in August 2020, the company kept buying during the 2021 bull market. That’s when Bitcoin first hit an all-time high of $70,000. During this early growth period, they made big, but not always regular, purchases. This included one single buy of 38,250 Bitcoins in February 2021. By the end of that year, they held 124,391 Bitcoins. What came next was a long slump for the crypto market, lasting through 2022 and most of 2023. Bitcoin’s price dropped below $20,000. During this tough time, Strategy bought very little. Even with paper losses, the company didn’t sell a single coin, showing great toughness.
As a new Bitcoin bull market kicked off, Strategy’s purchases picked up speed. Starting in 2023, as prices began to recover, the company bought much more. They really stepped up their game over the next two years, making record weekly buys of thousands of Bitcoins. In 2025, the company even made its first purchase when Bitcoin cost more than $100,000 each. From 2023 to 2025, Strategy added over 507,000 Bitcoins. That’s almost 79% of their total holdings today.
Strategy’s buying history shows they don’t simply “buy the dip” like many investors. Instead, Saylor’s plan focuses on continuous accumulation through dollar-cost averaging. They tend to buy more when Bitcoin prices are going up, often because it’s easier to raise money at lower interest rates or through stock premiums. In contrast, they slow down their buying during market downturns to keep cash on hand. This careful approach has allowed Strategy to keep accumulating without being forced to sell, even when the market gets bumpy.
This strategy has paid off big time. Strategy saw a 26% Bitcoin Yield by September, year-to-date. This measure shows how much their Bitcoin holdings grew compared to new shares they issued. It highlights how well they managed their funding. Strategy’s stock (MSTR) on the U.S. exchange has jumped an incredible 2,300% in the last five years. That’s much more than Bitcoin’s own rise of about 1,000% over the same period.
A Vision for the Future
Strategy’s plan is certainly forward-looking and involves a lot of risk, but it also promises huge rewards. Saylor has no plans to sell in the future. His stated goal is to gather Bitcoin forever, finding creative ways to fund this play and ignoring short-term market swings.
The company has been smart about when it buys, adding to its stash during market recoveries. But most of its success comes from Bitcoin’s continued rise in value. This shows a massive amount of faith in the digital currency. If Bitcoin’s value were to crash, it could put a lot of pressure on Strategy’s finances. It might even cause big problems for the wider market if they had to sell. Saylor, however, remains upbeat. He predicts Bitcoin will hit $1 million. If that happens, Strategy’s current holdings would be worth over half a trillion dollars, completely changing the company and the entire financial world.