MicroStrategy, previously known as MicroStrategy, has made another major move in its Bitcoin investment strategy. Between February 18 and February 23, 2025, the company purchased approximately 20,356 BTC for $1.99 billion in cash, boosting its Bitcoin holdings to a total of 499,096 BTC. The average purchase price was $97,514 per BTC, including fees and expenses. To finance this recent acquisition, the company issued convertible senior notes totaling $2 billion on February 21st. These notes, due in 2030, carried a 35% conversion premium over MicroStrategy’s Class A common stock’s U.S. composite volume-weighted average price from February 19th. After fees and expenses, the company raised $1.99 billion in net proceeds. 2.3% of Bitcoin’s total supply cap (21 million BTC), MicroStrategy’s Bitcoin accumulation strategy has been a driving force behind its success in the market. The company began purchasing Bitcoin in August 2020 and became the first publicly traded company to adopt Bitcoin as a primary treasury reserve asset. Since then, it has pursued an aggressive acquisition strategy, with notable purchases including:
* Q4 2024: 218,887 BTC for $20.5 billion
* February 2025: 20,356 BTC for $1.99 billion 2.5% of Bitcoin’s circulating supply (19,828,478 BTC),
MicroStrategy’s ambitious “21/21 Plan” aims to raise $42 billion in capital over the next three years to acquire more Bitcoin, split between equity and fixed-income securities. The company has already secured $20 billion of this target using senior convertible notes and debt. Despite reporting a $670 million net loss in Q4 2024, MicroStrategy remains committed to long-term Bitcoin accumulation. With nearly 500,000 BTC in its treasury, MicroStrategy has unrealized gains of over $14.8 billion according to SaylorTracker. Furthermore, 12 U.S. states now hold MicroStrategy stock in their state pension funds or treasuries, totaling investments worth $330 million by the end of 2024 according to CoinTelegraph.
Co-founder Michael Saylor continues to be a leading advocate for Bitcoin. He has been pushing for a U.S. Bitcoin reserve strategy and backed Donald Trump’s plan for it. Saylor’s plans face political hurdles, but Senator Cynthia Lummis proposes a more conservative 5% Bitcoin reserve that lawmakers are currently considering. He recently met with El Salvador’s pro-Bitcoin president Nayib Bukele to discuss potential collaboration on Bitcoin adoption, which is generating excitement in the crypto world.
El Salvador has already accumulated 6,078 BTC—valued at $597 million—despite reversing Bitcoin’s legal tender status due to an IMF loan agreement.