Future

Bitcoin

Notable

Reserve

Gains

Strategy, formerly known as MicroStrategy, has once again&nbsp;<a style="text-decoration:none" href="https://x.com/saylor/status/1894010574494687441">expanded</a> its <a href="https://bsc.news/post/what-is-bitcoin-how-it-works-mining-digital-gold-guide">Bitcoin</a> holdings. Between February 18 and February 23, 2025, the company purchased approximately 20,356 BTC for $1.99 billion in cash. The average purchase price stood at $97,514 per BTC, including fees and expenses.
In order to finance the purchase, the company issued convertible senior notes totaling $2 billion on February 21. The notes, due in 2030, carried a 35% conversion premium over MicroStrategy’s Class A common stock’s U.S. composite volume-weighted average price from February 19. After fees and expenses, the company raised $1.99 billion in net proceeds.
&nbsp;
With this latest acquisition, MicroStrategy now holds a total of 499,096 BTC, acquired for approximately $33.1 billion at an average price of $66,357 per BTC.
<h2 dir="ltr" id="span-span-microstrategy-s-bitcoin-accumulation-strategy-span-span">MicroStrategy’s Bitcoin Accumulation Strategy</h2>
MicroStrategy began accumulating Bitcoin in August 2020, becoming the first publicly traded company to adopt Bitcoin as a primary treasury reserve asset. Since then, the firm has pursued an aggressive Bitcoin acquisition strategy.
&nbsp;
Notable purchases include:
<ul>
 <li>Q4 2024: 218,887 BTC for $20.5 billion</li>
 <li>February 2025: 20,356 BTC for $1.99 billion</li>
</ul>
MicroStrategy’s current 499,096 BTC holding represents:
<ul>
 <li>2.3% of Bitcoin’s total supply cap (21 million BTC)</li>
 <li>2.5% of Bitcoin’s circulating supply (19,828,478 BTC)</li>
</ul>
<h2 dir="ltr" id="span-span-microstrategy-s-21-21-plan-and-future-bitcoin-purchases-span-span">MicroStrategy’s 21/21 Plan and Future Bitcoin Purchases</h2>
The company’s $2 billion note offering is part of its ambitious “21/21 Plan.” This strategy aims to raise $42 billion in capital over the next three years to acquire more Bitcoin, split between equity and fixed-income securities.
&nbsp;
As of now, MicroStrategy has already secured $20 billion of this target, using senior convertible notes and debt to fuel its Bitcoin buying spree.
&nbsp;
Despite reporting a $670 million net loss in Q4 2024, the company remains committed to long-term Bitcoin accumulation.
<h2 dir="ltr" id="span-span-unrealized-gains-and-institutional-investment-span-span">Unrealized Gains and Institutional Investment</h2>
With nearly 500,000 BTC in its treasury, MicroStrategy has unrealized gains of more than $14.8 billion, according to <a href="https://saylortracker.com/">SaylorTracker</a>.
&nbsp;
Additionally, 12 U.S. states now hold MicroStrategy stock in their state pension funds or treasuries, with total investments reaching $330 million by the end of 2024, according to CoinTelegraph.
<h2 dir="ltr" id="span-span-michael-saylor-pushes-for-a-u-s-bitcoin-reserve-span-span">Michael Saylor Pushes for a U.S. Bitcoin Reserve</h2>
MicroStrategy’s co-founder Michael Saylor continues to be a leading Bitcoin advocate. At the Conservative Political Action Conference (CPAC), Saylor backed Donald Trump’s Bitcoin Reserve Plan, and proposes that the U.S. government should acquire 20% of Bitcoin’s total supply for a strategic reserve.
&nbsp;
This would mean purchasing:
<ul>
 <li>3.9 million BTC</li>
 <li>Worth approximately $392 billion at current prices</li>
</ul>
While this plan faces political hurdles, Senator Cynthia Lummis has proposed a more conservative 5% Bitcoin reserve, which lawmakers are currently considering.
&nbsp;
Recently, Saylor met with El Salvador’s pro-Bitcoin president, Nayib Bukele, to discuss Bitcoin adoption. While the details of their discussion remain private, speculation is growing about a potential collaboration.
&nbsp;
El Salvador has already accumulated 6,078 BTC—valued at $597 million—despite reversing Bitcoin’s legal tender status due to an IMF loan agreement.

How Much Bitcoin Strategy (Previously MicroStrategy) Holds After Recent $BTC Acquisition

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