Software firm turned Bitcoin treasury company Strategy has been purchasing BTC for more than five years, pioneering the growing trend of publicly traded companies adding cryptocurrencies to their balance sheets.
What began as a strategy to "maximize long-term value for shareholders" has transformed into an industry-shifting paradigm, further fueled by the deepening ties between traditional financial markets and crypto.
Along the way, Strategy has accumulated 843,738 BTC — roughly 4% of Bitcoin's fixed supply of 21 million coins — a stash worth nearly $65 billion at a current Bitcoin price above $76,500.
Regardless of how high Bitcoin's price climbs, Strategy co-founder and Executive Chairman Michael Saylor has committed to "buying the top forever," pushing the firm's average entry price to over $75,700 per Bitcoin — more than seven times the average cost of the company's first Bitcoin purchase.
#1) 55,500 BTC — November 25, 2024
Average price: $97,862
Total spend: $5.4 billion
Michael Saylor announced Strategy's largest-ever Bitcoin purchase — by both BTC and USD denominations — on November 25, 2024. The acquisition of 55,500 Bitcoin surpassed the company's previous record buy by more than $800 million.
In the hours following the announcement, Bitcoin dropped by about $4,000 to under $94,000, a 4% decrease from the average price Strategy paid. Saylor noted at the time that the firm had achieved a BTC Yield of 35.2% quarter-to-date and 59.3% year-to-date, and that as of November 24, 2024, Strategy held 386,700 BTC acquired for approximately $21.9 billion at roughly $56,761 per Bitcoin.
#2) 51,780 BTC — November 18, 2024
Average price: $88,627
Total spend: $4.6 billion
The second-largest Bitcoin purchase in Strategy's history came just one week before its record-breaking buy. Although Bitcoin dipped briefly 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 at the time, according to data from CoinGecko. The following day, Bitcoin hit a new all-time high above $94,000. The purchase brought Strategy's total holdings to 331,200 BTC.
#3) 34,200 BTC — April 20, 2026
Average price: $74,395
Total spend: $2.54 billion
Strategy announced its third-largest Bitcoin purchase of all time on April 20, 2026, adding 34,200 Bitcoin to its holdings and pushing its total stash to over 815,000 BTC — valued at around $62 billion shortly after the acquisition. Unlike many of the firm's other large purchases, which were frequently followed by price declines, Bitcoin moved higher by more than 1% after this announcement, changing hands around $75,907 on April 21. That gave the firm a small unrealized gain from the purchase.
#4) 29,646 BTC — December 21, 2020
Average price: $21,925
Total spend: $650 million
Strategy's fourth-largest Bitcoin purchase took place in December 2020 amid rising prices and strong bull market sentiment. The firm disclosed a purchase of 29,645 BTC — its fourth-ever Bitcoin acquisition and the largest at the time. Despite the size of the buy, Bitcoin's price was relatively unchanged in the 24 hours surrounding the announcement. CoinGecko data shows Bitcoin opened at $23,518 on December 21 and closed one day later at $23,795, a negligible gain.
#5) 27,200 BTC — November 11, 2024
Average price: $74,463
Total spend: $2.03 billion
Less than one week after Donald Trump won his second presidential election, Strategy announced a purchase of 27,200 Bitcoin. That stash was acquired during the period from October 31 to November 10, when Bitcoin ranged in price from $72,000 to $80,000. Following Saylor's announcement on the morning of November 11, Bitcoin surged sharply, closing the day at $88,637 — a move of more than 10% — after setting yet another new all-time high in the post-election period.
#6) 24,869 BTC — May 18, 2026
Average price: $80,985
Total spend: $2.01 billion
Strategy leaned on its preferred stock offering — STRC — to help acquire nearly 25,000 Bitcoin valued at more than $2.01 billion in May 2026. The purchase ranked as the firm's sixth-largest of all time by Bitcoin denomination, lifting its average BTC acquisition price to approximately $75,701. As with several of the company's largest purchases, however, Bitcoin's price fell shortly after the announcement. Within two days of the May 18 disclosure, BTC had dropped nearly 4.5% to trade at $77,207, and later in the week dipped below the $75,000 mark for the first time in over a month.
#7) 22,337 BTC — March 16, 2026
Average price: $70,194
Total spend: $1.57 billion
Strategy made its third-largest purchase of 2026 near the end of the first quarter, acquiring 22,337 BTC valued at $1.57 billion at the time of purchase. The buy ranks as the firm's seventh-largest Bitcoin-denominated acquisition of all time. The purchase was funded through continued sales of its preferred stock offering — known as Stretch (STRC) — which pays a dividend to holders and is occasionally issued when it trades above $100. When that occurs, the firm uses the funds raised to buy additional Bitcoin.
While most of Strategy's largest buys have typically been met with falling prices shortly afterward, Bitcoin actually moved upward from the average purchase price of $70,194 in this instance, breaching $75,000 on the same day the acquisition was announced. In the days that followed, however, the price retreated, briefly dipping back below $70,000.
Why it matters
Strategy's average Bitcoin entry price has risen to over $75,700 per coin — more than seven times higher than the average cost of its first Bitcoin purchase — illustrating how sustained accumulation at progressively higher prices reshapes a company's cost basis over time.
The firm's purchases represent roughly 4% of Bitcoin's fixed 21 million supply, meaning a single institutional buyer's acquisition decisions can meaningfully affect available market supply.
Strategy funds large Bitcoin purchases partly through preferred stock offerings such as STRC, linking traditional equity and fixed-income instruments directly to cryptocurrency price exposure for shareholders.
Bitcoin's price has frequently moved — both up and down — in the hours and days immediately following Strategy's purchase announcements, highlighting how publicly disclosed large-scale buys can act as short-term market signals.
