How Much Bitcoin Strategy (Previously MicroStrategy) Holds After Recent $BTC Acquisition

Strategy, formerly known as MicroStrategy, has once again expanded its Bitcoin holdings. Between February 18 and February 23, 2025, the company purchased approximately 20,356 BTC for $1.99 billion in cash. The average purchase price stood at $97,514 per BTC, including fees and expenses.

In order to finance the purchase, the company issued convertible senior notes totaling $2 billion on February 21. The notes, due in 2030, carried a 35% conversion premium over MicroStrategy’s Class A common stock’s U.S. composite volume-weighted average price from February 19. After fees and expenses, the company raised $1.99 billion in net proceeds.

With this latest acquisition, MicroStrategy now holds a total of 499,096 BTC, acquired for approximately $33.1 billion at an average price of $66,357 per BTC.

MicroStrategy’s Bitcoin Accumulation Strategy

MicroStrategy began accumulating Bitcoin in August 2020, becoming the first publicly traded company to adopt Bitcoin as a primary treasury reserve asset. Since then, the firm has pursued an aggressive Bitcoin acquisition strategy.

Notable purchases include:

• Q4 2024: 218,887 BTC for $20.5 billion

• February 2025: 20,356 BTC for $1.99 billion

MicroStrategy’s current 499,096 BTC holding represents:

• 2.3% of Bitcoin’s total supply cap (21 million BTC)

• 2.5% of Bitcoin’s circulating supply (19,828,478 BTC)

MicroStrategy’s 21/21 Plan and Future Bitcoin Purchases

The company’s $2 billion note offering is part of its ambitious “21/21 Plan.” This strategy aims to raise $42 billion in capital over the next three years to acquire more Bitcoin, split between equity and fixed-income securities.

As of now, MicroStrategy has already secured $20 billion of this target, using senior convertible notes and debt to fuel its Bitcoin buying spree.

Despite reporting a $670 million net loss in Q4 2024, the company remains committed to long-term Bitcoin accumulation.

Unrealized Gains and Institutional Investment

With nearly 500,000 BTC in its treasury, MicroStrategy has unrealized gains of more than $14.8 billion, according to SaylorTracker.

Additionally, 12 U.S. states now hold MicroStrategy stock in their state pension funds or treasuries, with total investments reaching $330 million by the end of 2024, according to CoinTelegraph.

Michael Saylor Pushes for a U.S. Bitcoin Reserve

MicroStrategy’s co-founder Michael Saylor continues to be a leading Bitcoin advocate. At the Conservative Political Action Conference (CPAC), Saylor backed Donald Trump’s Bitcoin Reserve Plan, and proposes that the U.S. government should acquire 20% of Bitcoin’s total supply for a strategic reserve.

This would mean purchasing:

• 3.9 million BTC

• Worth approximately $392 billion at current prices

While this plan faces political hurdles, Senator Cynthia Lummis has proposed a more conservative 5% Bitcoin reserve, which lawmakers are currently considering.

Recently, Saylor met with El Salvador’s pro-Bitcoin president, Nayib Bukele, to discuss Bitcoin adoption. While the details of their discussion remain private, speculation is growing about a potential collaboration.

El Salvador has already accumulated 6,078 BTC—valued at $597 million—despite reversing Bitcoin’s legal tender status due to an IMF loan agreement.