MicroStrategy strengthened its Bitcoin treasury strategy in January 2025 with the purchase of 1,070 BTC for $101 million, bringing its holdings to 447,470 BTC.
The company paid an average of $94,004 per Bitcoin and reported a Bitcoin yield of 48% for the fourth quarter and 74.3% for the full year. Its investor filing documented the purchase.
From MicroStrategy to Strategy
At the time, the company was also preparing to raise up to $2 billion through a perpetual preferred-stock offering. The January 3 announcement described the offering as part of its broader “21/21” plan to raise $21 billion through equity and another $21 billion through fixed-income instruments.
That financing model has since become much larger. The company rebranded as Strategy and has used common equity, convertible debt and several preferred-stock offerings to finance its Bitcoin purchases.
By July 2026, Strategy reported holding 843,775 BTC, with an average acquisition cost of about $75,476 per Bitcoin. It had also raised $17.06 billion through equity programs during 2026 and $7.53 billion through its STRC preferred-stock program.
Also Read: MicroStrategy Boosts Bitcoin Holdings to 446400 BTC with New Purchase
Bitcoin accumulation comes with financing costs
The scale of Strategy’s Bitcoin holdings has turned the company into more than a corporate holder of the asset. Its balance sheet now depends heavily on its ability to keep accessing capital markets while meeting obligations to debt and preferred-stock investors.
Strategy reported $6.7 billion of convertible debt and $15.5 billion of preferred stock outstanding in May 2026. By July, it had also built a $3.75 billion U.S. dollar reserve intended to cover preferred dividends and interest for more than two years.
That structure allows Strategy to continue accumulating Bitcoin without relying entirely on operating cash flow. But it also means Bitcoin exposure sits alongside substantial claims from creditors and preferred shareholders. The company’s own filings acknowledge that those claims rank ahead of common shareholders if the company is liquidated.
Michael Saylor, the company’s co-founder and executive chairman, remains one of Bitcoin’s most prominent corporate advocates. In an interview, he said that permanently removing Bitcoin from circulation through lost private keys would effectively increase the proportion owned by remaining holders.
Saylor also met Eric Trump at Mar-a-Lago in January 2025, although details of their discussion were not disclosed.
Strategy’s current model shows how far the company has moved beyond the 1,070-BTC purchase that started this story. Bitcoin remains the core asset, but the company has built an increasingly complex capital structure around it, making access to financing and the cost of that financing just as important as the size of its Bitcoin reserve.
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