Strategy, where Michael Saylor is the chairman of the board, purchased approximately 17,994 Bitcoins last week. This move of the company means a total investment of $1.28 billion at an average price of $70,946. The purchase was made at a price below Strategy’s average cost to date of $75,985. With the last transaction, the number of Bitcoins in the portfolio increased to 738,731 and the total purchase cost reached 56 billion dollars.
Remarkable Change in the Company’s Acquisition Strategy
With this latest purchase, Strategy has made its largest Bitcoin purchase since January. He previously spent $2.13 billion purchasing 22,305 Bitcoins in January. Recent purchases mark the first time the company has taken a high-volume position below its average cost. During the price declines in the 2022-2023 period, Strategy acted more cautiously and purchased much lower quantities.
The company added 25,229 Bitcoins to its portfolio at levels below its average cost since February, allowing the purchase cost to drop from $76,052 to $75,985. This approach shows that Strategy is trying to balance costs by spreading its current position over the long term.
Bitcoin and Strategy Shares Under Pressure
After Bitcoin prices rose to around $126,000 in October 2025, they fell by up to 47 percent by early 2026. Prices have fluctuated between $63,000 and $72,000 in recent months. The company’s shares traded on the US stock exchange were at $ 543 in November 2024, but by the end of February, they lost more than 70 percent of their value, falling to approximately $ 125.
In the last quarter of 2025, in accordance with new accounting standards, the company announced a net loss of $ 12.4 billion as a result of reporting Bitcoin assets according to market value. In the company’s financial reporting, volatility in Bitcoin prices appears to be a determining factor.
Difference Between Market Cap and Bitcoin Reserves
Economist Peter Schiff has long been criticizing the sustainability of Strategy, which has a Bitcoin-focused business model. Schiff particularly draws attention to the devaluation of the company’s stocks and its financing model. On the other hand, analyst Ted Pillows emphasized that Strategy’s market value is 20-25 percent lower than the total value of Bitcoin reserves. In previous years, investors were willing to pay a premium for Strategy shares more than twice their asset value.
The company’s main operating model is based on rising Bitcoin prices increasing the market value of the company and thus providing new capital at a higher valuation. As Bitcoin prices fluctuate, this strategy of the company may pose risks from time to time.
Strategy raised over $21 billion in funds through stock and bond sales in 2025. In addition, the company has a capital target of 84 billion dollars by 2027 within the scope of the ’42/42 Plan’. With the cash reserves created in this context, approximately 21 months of dividend and interest payments were secured. Thus, a buffer was created so that there was no need to sell Bitcoin against possible fluctuations in the markets.
Although Saylor handed over the CEO seat to Phong Le, he remains the main face of the company. He has not backed down from his opinion that “Bitcoin will gain value against world currencies in the long term”, which he expressed in 2020, when the company made its first Bitcoin purchase. Although purchases have recently fallen below the average cost, it remains determined.
