Michael Saylor, the co-founder and executive chairman of Strategy (formerly MicroStrategy), has hinted at resuming the company’s aggressive Bitcoin acquisition strategy following a brief one-week hiatus. This comes as the firm continues implementing its “21/21 plan,” a strategy focused on expanding its Bitcoin holdings using structured financial instruments and corporate cash flow.
On Feb. 10, Strategy completed its most recent Bitcoin purchase, adding 7,633 BTC worth over $742 million to its balance sheet. This brought its total holdings to 478,740 BTC, now valued at more than $46 billion. At the time of writing, the company’s Bitcoin investment has gained approximately 47.7%.
Saylor has been vocal about utilizing what he calls “intelligent leverage” in Q1 2025 to fund further Bitcoin acquisitions. The move signals Strategy’s unshaken confidence in Bitcoin as a superior store of value and strategic corporate asset, despite persistent market volatility and regulatory uncertainties.
Institutional Endorsement and Growing Exposure
The company’s aggressive Bitcoin accumulation has garnered significant institutional attention. On Feb. 6, BlackRock, the world’s largest asset manager with over $11.6 trillion in assets under management, disclosed an increase in its stake in Strategy to 5%, reinforcing institutional confidence in the firm’s Bitcoin-first approach.
Furthermore, at least 12 U.S. state pension and treasury funds have exposure to Strategy’s stock, underscoring Bitcoin’s growing adoption within traditional financial structures. These states include California, Texas, Florida, and Illinois, among others. The California State Teachers’ Retirement Fund holds nearly $83 million in Strategy shares, while the California Public Employees Retirement System holds approximately $76.7 million.
The increasing involvement of state pension funds in Strategy’s stock reflects a broader trend of Bitcoin adoption within institutional investment portfolios. This marks a shift from Bitcoin’s earlier perception as a speculative asset to a potential long-term hedge against inflation and monetary debasement.
$2 Billion Convertible Note Offering to Fund More BTC Purchases
In a move further cementing its commitment to Bitcoin, Strategy recently announced the pricing of a $2 billion convertible note offering. These corporate securities will provide additional liquidity for more Bitcoin acquisitions, extending the company’s strategic leverage. Convertible notes allow investors to convert their debt holdings into equity under specific conditions, making them an attractive financing tool for companies with strong stock performance.
The move comes amid an increasingly favourable Bitcoin market landscape, with institutional demand surging following the launch of Bitcoin spot ETFs in early 2024. Saylor’s strategy positions the company as a leader in corporate Bitcoin adoption, setting a precedent for other firms to follow.
With Bitcoin’s price hovering around $95,000 and speculation mounting over its trajectory in 2025, Strategy’s latest moves could further catalyze corporate and institutional adoption. While concerns persist over the sustainability of its leverage-driven accumulation, the firm remains steadfast in its Bitcoin conviction, cementing its position as the largest corporate holder of BTC in history.
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