Strategy Now Holds $63 Billion in Bitcoin—These Are Its Biggest Buys

MicroStrategy (MSTR), led by Chairman Michael Saylor, has become synonymous with corporate Bitcoin accumulation. The company’s primary asset is no longer its enterprise software division, but its ever-growing digital treasury. While the current market valuation of its holdings fluctuates, MSTR has achieved an unparalleled position, frequently seeing its total BTC assets soar past the $15 billion mark, reflecting billions in unrealized gains. The ambitious $63 billion valuation cited in the title reflects the market’s perception of MSTR as the ultimate Bitcoin leveraged play, projecting significant future appreciation.

As of recent disclosures, MicroStrategy holds approximately 226,331 BTC, acquired at an average cost basis of roughly $35,160 per Bitcoin.

### The Strategy: Leveraging Debt and Equity

MicroStrategy’s accumulation strategy relies heavily on convertible senior notes and opportunistic stock sales (at-the-market offerings). This method allows the company to secure low-cost capital without diluting its existing BTC holdings. These debt and equity raises invariably precede the firm’s ‘biggest buys,’ which often occur in high-volume, rapid succession, demonstrating Saylor’s conviction that the firm should continuously be acquiring the asset.

### Key Acquisition Milestones (Biggest Buys)

MicroStrategy avoids selling its reserves, preferring continuous accumulation. The company’s largest recent tranches typically leverage newly raised funds to secure market liquidity:

1. **March 2024 Megabuy:** Following a successful convertible notes offering, MSTR purchased an additional 9,245 BTC for approximately $623 million in cash. This purchase utilized capital raised through debt issuance designed specifically for BTC acquisition, minimizing capital gains tax liabilities.
2. **Early Q1 2024 Deployment:** A substantial transaction occurred in February 2024, where the company acquired 3,000 BTC for $155 million, followed by an even larger tranche of 12,000 BTC for $821.7 million through a notes offering, demonstrating willingness to execute large purchases even at rising prices.
3. **Late Q4 2023 Surge:** Utilizing equity issuance through at-the-market offerings, the company added nearly 14,620 BTC, costing approximately $615 million, capitalizing on the market momentum leading into the new year.

By pioneering the use of traditional financial instruments to fund its cryptocurrency reserves, MicroStrategy maintains its position as the single most significant corporate entity dedicated to the Bitcoin standard, turning its stock into a highly leveraged proxy for the digital asset itself.

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