Strategy (formerly MicroStrategy), led by vocal Bitcoin advocate Michael Saylor, has once again expanded its already massive Bitcoin holdings.
The company recently announced a purchase of 10,100 BTC for approximately $1.05 billion, pushing its total stash to 592,100 Bitcoin, putting it within striking distance of the 600,000 BTC mark.
With this latest acquisition, Strategy paid an average of $104,080 per Bitcoin, notably higher than its overall average purchase price of $70,666 per BTC. This puts the company in a strong profit position, with unrealized gains in the billions.
A Unique Bitcoin Treasury Model
Strategy has become a benchmark for institutional Bitcoin investment, pioneering a model that has been dubbed the “Bitcoin treasury strategy.” Rather than holding excess cash in fiat or traditional assets, Strategy has converted virtually its entire corporate treasury into Bitcoin. This approach, unorthodox at first, has now been emulated by a growing number of companies, even in Asia.
To fund these ongoing purchases, Strategy regularly raises capital either by issuing new shares or through convertible debt instruments. This aggressive capital-raising model allows the company to steadily increase its Bitcoin per share holdings, a metric it refers to as “BTC yield.”
In 2025, Strategy is on track to deliver a BTC yield of 19.1%, meaning that the amount of Bitcoin backing each share has grown by nearly a fifth over the year. This growth is central to the company’s value proposition for long-term investors.
Why Investors Pay a Premium for Strategy Shares
Despite Bitcoin trading at around $105,000 at the time of writing, Strategy’s shares are trading at a massive premium, with a market Net Asset Value (mNAV) multiple of 1.87. In other words, investors are willing to pay 87% more than the intrinsic Bitcoin value held per share. This premium reflects market confidence in Strategy’s ability to increase its Bitcoin holdings faster than an individual investor could accumulate on their own.
For comparison, spot Bitcoin ETFs like BlackRock’s IBIT or Fidelity’s FBTC offer 1:1 exposure to Bitcoin with minimal tracking error, but they do not grow the underlying Bitcoin per share. With Strategy, investors are betting on compounding returns, not just from BTC price appreciation, but from growing BTC ownership per share.
This strategy, of course, comes with higher risk. Shareholders are exposed not only to Bitcoin’s price volatility but also to dilution risks, market sentiment swings, and operational execution by the management team. Yet for risk-tolerant investors who believe in long-term Bitcoin growth, the BTC yield strategy offers a compelling upside.
Inspiring a New Class of Bitcoin Treasury Companies
Michael Saylor’s playbook is catching on globally. One of the most prominent followers is Metaplanet, a publicly traded Japanese firm that has rapidly accumulated over 10,000 Bitcoin. Metaplanet has announced plans to raise significant capital with the bold goal of reaching 210,000 BTC by the end of 2027.
Other companies, such as Nakamoto Holdings (Bitcoin Magazine) and 21 Capital (involving SoftBank, Tether, and Strike’s Jack Mallers), are also exploring or executing similar strategies, raising funds via capital markets to buy and hold Bitcoin as a long-term corporate asset.
Conclusion: Strategy Is Building a Bitcoin Empire
As Strategy inches closer to the 600,000 BTC milestone, it continues to solidify its position as the largest corporate holder of Bitcoin in the world, far ahead of any peer, including Tesla and Block. With Bitcoin increasingly seen as a digital store of value and a macro hedge against inflation and fiat debasement, Strategy’s aggressive approach could continue to outperform traditional corporate treasury models in the years to come.
Whether this strategy proves to be visionary or reckless will depend on Bitcoin’s long-term trajectory. For now, markets are voting with their capital and Michael Saylor’s Bitcoin empire is growing faster than ever.
