Strategy Now Holds $43 Billion in Bitcoin—These Are Its Biggest Buys

Strategy, fronted by outspoken Bitcoin bull and Executive Chairman Michael Saylor, added to its sizable Bitcoin holdings Monday with the purchase of 20,356 BTC—or approximately $2 billion worth.

The purchase is the latest in a string of Bitcoin purchases dating back to 2020, when Strategy (formerly MicroStrategy) and Saylor made the strategic decision to allocate capital to the leading cryptocurrency to “maximize long-term value for shareholders.”

Since that time, the business intelligence firm has reshaped itself into a Bitcoin development company and pioneered the crypto treasury reserve asset model that others have copied. It has also amassed more than 499,000 Bitcoin—more than $43 billion worth as of this writing—making it the largest corporate treasury reserve holder of the asset.

Here’s a look back at Strategy’s seven largest Bitcoin purchases to date and their immediate impacts on the price of Bitcoin, marked from the time of Saylor’s announcements via social media.

#1) 55,500 BTC - November 25, 2024

Average Price: $97,862 
Total Spend: $5.4 billion 

Michael Saylor announced Strategy’s largest-ever purchase of Bitcoin, by both BTC and USD denominations, on November 25. The purchase of 55,500 Bitcoin surpassed its previous top acquisition by more than $800 million.

In the hours after the Saylor announcement, Bitcoin dropped by about $4,000 to under $94,000, a 4% decrease from the average price paid by Strategy.

2) 51,780 BTC - Nov. 18, 2024

Average price: $88,627
Total spend: $4.6 billion 

The second-largest Bitcoin purchase in Strategy history came just one week before its largest-ever purchase. Though Bitcoin dropped shortly in the hour following the announcement, a rebound followed, and it reached a daily high of $92,653, just 2% shy of its all-time high price (set last week), according to data from CoinGecko.

The following day, Bitcoin hit a new all-time high price above $94,000. Strategy’s latest purchase brought its holdings to 331,200 BTC.

3) 29,646 BTC - Dec. 21, 2020

Average price: $21,925
Total spend: $650 million

Strategy’s third-largest Bitcoin purchase took place in December 2020 amid rising Bitcoin prices and bull market sentiment. The firm disclosed a purchase of 29,645 BTC for its fourth-ever Bitcoin acquisition.

Despite the purchase being the largest for Strategy at the time, Bitcoin price's was relatively unchanged in the 24 hours around the announcement. Data from CoinGecko showcases a Bitcoin open price of $23,518 on December 21, closing one day later at $23,795 for a negligible gain.

4) 27,200 BTC - Nov. 11, 2024

Average price: $74,463
Total spend: $2.03 billion

Less than one week after Donald Trump won his second election, Strategy announced a purchase of 27,200 Bitcoin. That stash was purchased during the timeframe of October 31 to November 10, a time in which Bitcoin ranged in price from $72,000 to $80,000.

However, following the Saylor announcement on the morning of November 11, Bitcoin moved violently upwards, closing the day at $88,637—a move of more than 10%—after setting yet another new all-time high price after the election.

5) 21,550 BTC - December 9, 2024 

Average price: $98,783
Total spend: $2.1 billion 

Strategy’s fifth largest purchase marks its highest-ever average Bitcoin price, having acquired more than 21,000 Bitcoin for nearly $99,000 on average. The buy brought up the average price of all its lifetime Bitcoin purchases to $60,389. 

However, the market didn’t react super positively to the latest announcement from Saylor and the company, as the price of Bitcoin decreased by more than 2.5% in the hours that followed, dropping below the average price of its purchase to $97,600. On the following day, Bitcoin broke even further downward, dipping below $95,000 briefly before rebounding to that level

6) 21,454 BTC - August 11, 2020

Average price: $11,652
Total spend: $250 million 

Strategy’s sixth-largest Bitcoin purchase of all time was its first-ever purchase and the lowest recorded average price.

On the back of social restrictions and macroeconomic shocks from the COVID-19 pandemic, Saylor rationalized the company’s purchase saying, “Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program—risks that should be addressed proactively.”

While the purchase has aged well, now up nearly 700% at today’s Bitcoin price, the initial announcement meant little for Bitcoin’s price in the immediate aftermath. Bitcoin opened August 11, 2020 at $11,682 and closed the following day at $11,579—a negligible decline.

7) 20,356 BTC - February 24, 2025

Average price: $97,514
Total spend: $1.99 billion

After rebranding to Strategy, Saylor’s firm made its seventh-largest Bitcoin purchase in early 2025, adding 20,356 Bitcoin for $1.99 billion. The addition helped pull up the firm’s average entry price to $66,357 per Bitcoin.

But like previous buys, the market did not immediately respond with positivity. In fact, in the hours following the purchase, Bitcoin led a larger market crash that has brought the price from about $96,000 that morning to about $86,000 a day later.

Edited by Andrew Hayward

Editor's note: This story was originally published on November 19, 2024, and last updated with new details on February 25, 2025.