MicroStrategy’s Bitcoin war chest just crossed another big milestone — and its buying binge tells a clear story about how a single public company helped reshape corporate treasuries. What started as a strategy to “maximize long‑term value for shareholders” has turned MicroStrategy into one of the largest public Bitcoin holders. Over more than five years of accumulation, the enterprise software firm-turned-Bitcoin-treasury now holds 843,738 BTC — roughly 4% of Bitcoin’s fixed 21 million supply — a stash worth about $65 billion at recent BTC prices above $76,500. Co‑founder and Executive Chairman Michael Saylor has repeatedly said he’ll keep “buying the top forever,” a stance that pushed MicroStrategy’s average entry price to north of $75,700 per BTC — more than seven times the firm’s initial average cost. Below are MicroStrategy’s seven largest BTC purchases to date, how they were funded and the near‑term market reactions when Saylor announced them publicly. 1) November 25, 2024 — 55,500 BTC - Average price: ~$97,862 | Total spend: ~$5.4 billion - Notes: MicroStrategy’s single biggest buy by both BTC and dollars. Saylor’s announcement was followed by an immediate drop of roughly $4,000 (about 4%) as Bitcoin traded under $94,000. 2) Mid‑November 2024 (one week before the above) — largest buy #2 - Average price: ~$88,627 | Total spend: ~$4.6 billion - Notes: Announced roughly a week earlier, the purchase briefly pressured prices before a rebound: Bitcoin hit a daily high of $92,653 and the next day climbed to a new all‑time high above $94,000. After this buy MicroStrategy’s holdings reached about 331,200 BTC. 3) April 20, 2026 — 34,200 BTC - Average price: ~$74,395 | Total spend: ~$2.54 billion - Funding: Proceeds from Stretch (STRC), MicroStrategy’s dividend‑paying preferred share. - Notes: Unlike many prior buys that were financed with convertible notes, this accumulation used STRC capital. Bitcoin rose more than 1% after the announcement and was trading around $75,907 the following day, giving the company a small unrealized gain on the newly added BTC. 4) December 2020 — 29,645 BTC - Average price: ~$21,925 | Total spend: ~$650 million - Notes: Early in MicroStrategy’s accumulation, this December 2020 buy was the largest at the time. Market impact was muted — Bitcoin opened ~$23,518 on Dec. 21 and closed ~$23,795 the next day. 5) November 2024 election window (Oct. 31–Nov. 10 tranche; announced Nov. 11) — 27,200 BTC - Average price: ~$74,463 | Total spend: ~$2.03 billion - Notes: Purchased across a window when BTC traded between ~$72K–$80K. Saylor’s Nov. 11 announcement coincided with a violent move higher for BTC; it closed that day at $88,637 — a jump of more than 10% from the firm’s average buy price. 6) May 18, 2026 — nearly 25,000 BTC - Average price: ~$80,985 | Total spend: ~$2.01 billion - Funding: STRC preferred shares. - Notes: This acquisition raised MicroStrategy’s average acquisition cost to about $75,701 per BTC. The market reaction was negative in the short term: within two days BTC fell roughly 4.5% to ~$77,207 and later dipped below $75,000. 7) Late Q1 2026 — 22,337 BTC - Average price: ~$70,194 | Total spend: ~$1.57 billion - Funding: STRC share sales. - Notes: Announced near the end of March 2026, BTC initially traded above the purchase price and briefly topped $75,000 the same day; in the days after, price retreated and briefly slipped under $70,000. How MicroStrategy funds its buys - Convertible notes were a primary source early on. - In 2026, MicroStrategy increasingly tapped a preferred dividend share — Stretch (STRC) — issuing shares when market conditions allowed and using proceeds to buy BTC. Why it matters - MicroStrategy is not just another corporate buyer: its scale (hundreds of thousands of BTC) and high public profile have meaningfully intersected with broader markets and narratives about institutional adoption of crypto. Its willingness to buy at all price levels — coupled with repeated, high‑visibility announcements from Saylor — has repeatedly produced short‑term volatility around those disclosures. Editor’s note: This story was originally published Nov. 19, 2024, and updated with new details through May 24, 2026. Read more AI-generated news on: undefined/news