Corporate Bitcoin buyer Strategy is preparing another acquisition of the cryptocurrency, which would be its third purchase this month, co-founder Michael Saylor signaled this week.
The firm’s latest buy came on Aug. 18, when it purchased 430 BTC for $51.4 million, bringing total holdings to 629,376 BTC, valued at more than $72 billion at current prices, according to public disclosures.
Data from SaylorTracker shows the company is sitting on unrealized gains of $25.8 billion, with its Bitcoin portfolio up more than 56%.
So far in August, Strategy has only added 585 BTC across two transactions — a relatively small amount compared to its usual acquisitions of thousands or tens of thousands of coins at a time. Despite the modest pace, Strategy remains by far the largest corporate holder of Bitcoin, well ahead of any other publicly listed company.
The company began accumulating Bitcoin in August 2020 with an initial $250 million purchase. Since then, it has steadily added to its holdings through a mix of cash purchases, convertible bond offerings, and share sales. Its largest single-month buy came in February 2021, when it acquired more than 19,400 BTC for about $1 billion.
Saylor continues to champion Bitcoin adoption in corporate finance, while the firm has become a standard-bearer for institutional investors seeking long-term exposure to the digital asset.
Strategy insists its buying does not move Bitcoin’s market price. Corporate treasurer Shirish Jajodia said in a recent interview that the company relies on over-the-counter trades and private agreements, avoiding direct purchases on exchanges.
“Bitcoin’s daily trading volume exceeds $50 billion. If you’re buying $1 billion over several days, it doesn’t shift the market that much,” Jajodia said.
Saylor has frequently argued that Bitcoin is “digital gold” and a superior long-term store of value compared to U.S. Treasuries or cash. He has lobbied regulators and accounting boards to adjust corporate reporting rules for digital assets, saying current impairment requirements under GAAP understate the true value of Bitcoin holdings.
He added that institutional holders like Strategy typically keep Bitcoin long term, which can support broader price stability, but short-term moves are still driven by traders and speculation.
Stock Price Under Pressure
While the company’s Bitcoin strategy delivered paper gains, Strategy’s own stock has come under pressure. Shares fell to about $325 on Wednesday, the lowest in nearly four months, before rebounding to $358 on Friday, according to TradingView data.
Since adopting its Bitcoin strategy, Strategy’s stock has become highly correlated with the cryptocurrency’s price swings. The shares reached an all-time high above $1,300 in February 2021 during Bitcoin’s bull run, but also dropped below $135 in December 2022 when Bitcoin fell under $17,000.
