Michael Saylor has never been subtle about where he thinks wealth is headed. In a post on X, he made his position even clearer, Strategy added another 520 Bitcoin for $35 million, bringing th
Michael Saylor has never been subtle about where he thinks wealth is headed.
In a post on X, he made his position even clearer, Strategy added another 520 Bitcoin for $35 million, bringing the company's total holdings to 847,363 BTC.
The purchase was not the only number Saylor put out. The company also said it had grown its USD reserve by $300 million, taking it to $1.4 billion. The stated reason: to shore up the credit quality of its Digital Credit securities and keep the capital structure in shape for future moves.
What makes Saylor's announcement resonate differently is the context he provided just two days earlier. In a separate post on X last week, he reflected on where Strategy stood in October 2022, and the picture was far from encouraging.
Related: World's largest Bitcoin holder has never sold a single coin
Bitcoin was trading near $20,000 at the time. Strategy held around 130,000 BTC, worth roughly $2.6 billion. MSTR shares were sitting at about $24 on a split-adjusted basis.
Then things got worse. Bitcoin fell below $16,000, and the company's debt briefly exceeded the combined value of its Bitcoin and cash reserves by around $300 million. The stock dropped into the $13 range by the end of that year.
The company did not sell. It did not restructure. It kept buying.
Since that low point in late 2022, Strategy has raised over $60 billion in additional capital and deployed it into Bitcoin, adding more than 716,000 BTC to its balance sheet. Today, its BTC and USD reserves exceed its total debt by roughly $48 billion, a swing of more than $48.3 billion from the moment it looked most exposed.
Saylor closed his post with a note directed at the people who held through it. "Thank you to everyone who believed, endured, and took the long view," he wrote.
Strategy is no longer just a software company that holds Bitcoin on the side. It is effectively a leveraged Bitcoin vehicle, one that now controls nearly 4% of the total Bitcoin supply that will ever exist.
The 520 BTC bought this weekend cost around $67,300 per coin on average, based on the $35 million figure Saylor disclosed. Whether that price looks cheap or expensive depends entirely on what Bitcoin does next.
