Since 2020, the company has completed 105 Bitcoin transactions and has adopted a reverse investment strategy while continuing to increase its BTC holdings through corporate debt and equity financing.
Michael Saylor, co-founder of the Bitcoin (BTC) treasury company Strategy, signaled that the company is accumulating more BTC after the price of Bitcoin retreated from a recent high of over $73,000 this week.
Saylor stated on Sunday: 'Think bigger,' while sharing the historical chart of BTC purchases by Strategy, which has become a hallmark signal for the company's impending BTC purchases.
Strategy's most recent purchase of BTC was on April 6, when the company bought 4,871 bitcoins for over $329.8 million, bringing its total holdings to 766,970 BTC. According to the company, this portion of the holdings was valued at about $54.5 billion based on the market price at the time of publication.
The company, headquartered in Tysons Corner, Virginia, continues to accumulate BTC even in the bear market, where Bitcoin prices once fell to a two-year low, causing Strategy's BTC treasury to incur floating losses.
Strategy's Bitcoin buying history. Source: Strategy
Strategy holds an unrealized loss of nearly $14.5 billion
The average purchase cost of each BTC for Strategy is $75,644, nearly $5,000 lower than the market price at the time of writing.
According to documents filed with the U.S. Securities and Exchange Commission (SEC), the company recorded a loss of nearly $14.5 billion on its BTC holdings in the first quarter of 2026.
Despite the unrealized losses, Strategy continues to accumulate BTC at a rate faster than miners are producing new coins, leading some analysts to predict a potential squeeze in Bitcoin supply.
In March, miners produced about 16,200 BTC, while Strategy accumulated 46,233 BTC during the same period, nearly three times the newly mined supply.
Strategy's quarter-end BTC holdings. Source: Strategy
Saylor stated in April: 'The global consensus is that Bitcoin is digital capital. The four-year cycle has ended. The current price is driven by capital flows. Banks and digital credit will determine the growth trajectory of Bitcoin.'
According to BitcoinTreasuries data, the 766,970 BTC held by Strategy makes it the largest BTC treasury company by holdings. The second is Twenty One Capital, which holds 43,514 BTC.
In the ongoing bear market, Strategy has continued to accumulate against the trend, while other BTC treasury companies show signs of capitulation in a challenging operating environment. MARA Holdings sold 15,133 bitcoins for about $1.1 billion in March, at a discount to repurchase $1 billion of zero-coupon convertible bonds.
Chairman and CEO Fred Thiel commented that this transaction enhances the company's 'financial flexibility' and increases its 'strategic options' as MARA expands 'beyond purely Bitcoin mining into digital energy and AI/high-performance computing infrastructure.'