Software firm turned Bitcoin treasury company Strategy has been buying BTC for more than five years, pioneering the growing trend of publicly traded firms that are adding cryptocurrencies to their balance sheets.
What started as a way to “maximize long-term value for shareholders” has transformed into an industry-shifting paradigm that has been further fueled by greater entwinement of traditional financial markets and crypto.
Along the way, Strategy has accumulated 761,068 BTC, or about 3.6% of the fixed 21 million total Bitcoin supply—a stash worth nearly $54 billion at today’s Bitcoin price above $70,000.
Regardless of how high Bitcoin’s price goes, though, Strategy co-founder and Executive Chairman Michael Saylor has committed to “buying the top forever,” pulling up the firm’s average entry price to about $75,700 per Bitcoin—over seven times the average cost of the firm’s first Bitcoin purchase.
Below, we look back at Strategy’s seven largest Bitcoin purchases to date and their immediate impacts on the price of Bitcoin, marked from the time of Saylor’s announcements via social media.
Average price: $97,862
Total spend: $5.4 billion
Michael Saylor announced Strategy’s largest-ever purchase of Bitcoin, by both BTC and USD denominations, on November 25 in 2024. The purchase of 55,500 Bitcoin surpassed its previous top acquisition by more than $800 million.
In the hours after the Saylor announcement, Bitcoin dropped by about $4,000 to under $94,000, a 4% decrease from the average price paid by Strategy.
Average price: $88,627
Total spend: $4.6 billion
The second-largest Bitcoin purchase in Strategy history came just one week before its largest-ever purchase. Though Bitcoin dropped shortly in the hour following the announcement, a rebound followed, and it reached a daily high of $92,653, just 2% shy of its all-time high price, according to data from CoinGecko.
The following day, Bitcoin hit a new all-time high price above $94,000. Strategy’s purchase brought its holdings to 331,200 BTC.
Average price: $21,925
Total spend: $650 million
Strategy’s third-largest Bitcoin purchase took place in December 2020 amid rising Bitcoin prices and bull market sentiment. The firm disclosed a purchase of 29,645 BTC for its fourth-ever Bitcoin acquisition.
Despite the purchase being the largest for Strategy at the time, Bitcoin price’s was relatively unchanged in the 24 hours around the announcement. Data from CoinGecko showcases a Bitcoin open price of $23,518 on December 21, closing one day later at $23,795 for a negligible gain.
Average price: $74,463
Total spend: $2.03 billion
Less than one week after Donald Trump won his second election, Strategy announced a purchase of 27,200 Bitcoin. That stash was purchased during the timeframe of October 31 to November 10, a time in which Bitcoin ranged in price from $72,000 to $80,000.
However, following the Saylor announcement on the morning of November 11, Bitcoin moved violently upwards, closing the day at $88,637—a move of more than 10%—after setting yet another new all-time high price after the election.
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Average price: $70,194
Total spend: $1.57 billion
Strategy made its largest purchase of 2026 near the end of the first quarter, grabbing 22,337 BTC valued at $1.57 billion at the time of purchase.
The purchase is good enough for its fifth-largest Bitcoin-denominated buy of all time, with this large buy spurred by continued sales of its preferred stock offering—Stretch (STRC)—which pays a dividend to holders and is occasionally issued when it trades above $100. When that is the case, the firm takes the funds raised from its issuance and buys more Bitcoin.
While most of the firm’s largest buys have typically been met with falling prices shortly after its purchase, BTC actually ranged upwards from the average purchase price of $70,194, breaching $75,000 on the same day the purchase was announced. In the days that followed, however, the price did retreat, briefly back to under $70,000.
Average price: $95,284
Total spend: $2.1 billion
Strategy went more than nine months without a splashy weekly Bitcoin purchase of $2 billion or more before nabbing 22,305 BTC for $2.1 billion in January 2026.
That purchase was good enough for its sixth-largest of all-time by Bitcoin denomination, though it falls just short of its December 9, 2024 acquisition of 21,550 BTC at around $99,000 per coin when comparing overall USD spend.
Announced on January 20, the firm’s latest major acquisition came with an average price of $95,284—but amid growing trade tariff concerns and President Donald Trump’s push to acquire Greenland, the top crypto asset sold off in the days that followed.
At the time of the announcement, it had already fallen to around $90,000, and at one point the following day was trading as low as $87,650 according to data from CoinGecko—more than 8% below Strategy’s acquisition mark.
Average price: $89,969
Total spend: $1.92 billion
Strategy purchased nearly $2 billion in Bitcoin in February 2025 before following it up a month later with its sixth-largest purchase (as denominated in BTC) on March 31.
The firm added 22,048 BTC for around $1.92 billion amid market uncertainty caused by President Donald Trump’s tariff-fueled trade war. The purchase bumped the firm’s treasury to more than 528,000 Bitcoin at the time, but sent the share price of MSTR down, dropping approximately 3% when markets opened before rebounding.
Strategy Buys $2 Billion in Bitcoin, Mirroring Size of February Purchase
But Bitcoin would finish the first quarter on a downward trend, closing on March 31 at $82,514, more than $7,000 below Saylor’s reported average price.
The purchase marked a string of three straight weeks with a Bitcoin buy for the company, which was snapped in the following week. However, when buys restarted two weeks later, Strategy would go on to disclose weekly Bitcoin purchases for more than 3 months.
Editor’s note: This story was originally published on November 19, 2024, and last updated with new details on March 21, 2026.
