Strategy Buys 20,000 Bitcoin in $2B Deal, Boosting Holdings to $33B

Strategy, the company formerly known as MicroStrategy, has made another significant move in its Bitcoin acquisition strategy. Between February 18 and 23, 2025, the firm purchased 20,356 Bitcoin (BTC) for $1.99 billion, at an average price of $97,514 per BTC. This latest purchase brings Strategy's total Bitcoin holdings to 499,096 BTC, valued at approximately $33.1 billion at current prices.

The company's executive chairman, Michael Saylor, announced the purchase on social media platform X on February 24. Strategy also filed the details with the U.S. Securities and Exchange Commission (SEC) in an 8-K filing. The purchase was funded by a $2 billion convertible note offering that Strategy recently completed. These zero-coupon notes will mature on March 1, 2030, and can be converted to Strategy's Class A common stock at a conversion price of $433.43 per share.

Strategy's aggressive Bitcoin acquisition strategy is part of what it calls the "21/21 Plan." Under this ambitious initiative, the company aims to raise up to $42 billion – partly through equity and fixed-income instruments – to finance future BTC purchases over the next three years. According to the company's announcement, Strategy has already raised nearly $20 billion toward its $42 billion target.

Following the announcement of the latest purchase, Strategy's stock (MSTR) was trading at $303.50 – up 1.27% in pre-market trading. Over the past year, the stock has surged by 345%, outperforming Bitcoin itself, which is up 86.7% over the same period. Strategy's holdings now dwarf those of other public companies, with the next largest corporate holder being Block (formerly Square) with approximately 8,027 Bitcoin, followed by Tesla with around 5,465 Bitcoin.

Despite a decline in the total crypto market capitalization from a peak of $3.90 trillion in December to $3.31 trillion at the time of writing, institutional investors remain optimistic about the asset class. This optimism has been fueled in part by expectations of favorable regulatory developments following U.S. President Donald Trump's victory in the November 202