*MicroStrategy (Strategy) bought ∼85,000 to 90,000 BTC below $40k* — mostly in 2020-2021.
Here’s the breakdown from their 8-K filings:
*BTC bought sub-$40k by MSTR*
*2020 purchases — all below $40k:*
1. *Aug-Dec 2020*: ∼70,470 BTC at avg ∼$15,964
- First buy Aug 2020: 21,454 BTC at $11,652
- Big Q4 2020 buys between $10k-$30k d5f8
*2021 purchases — mix of below/above $40k:*
2. *Jan-Feb 2021*: ∼19,452 BTC at avg ∼$31,808 — most below $40k
3. *After Feb 2021*: Prices jumped. They bought at $45k-$59k through 2021
*Total estimate:*
*∼85,000 BTC* were bought when BTC was under $40k
That’s ∼18% of their current ∼478,000 BTC holdings d5f8
*Why it matters:*
1. *Average cost basis now*: ∼$66,384 to $75,651 per BTC
2. *Sub-$40k stack*: Those 85k coins have 50-200%+ unrealized gains even when BTC dips to $60k
3. *2022-2026 buys*: Almost all above $40k. Recent 2026 buys were $67k-$88k bf2a372f
*Caveat*: Exact number depends on cutoff. If you mean <$40k avg price per _purchase lot_, it’s ∼85k BTC. If you mean any BTC bought while spot was <$40k, could be ∼100k because they DCA’d through 2021 dips.
MSTR’s cost basis first went above $40k in Q2 2021 and never looked back. Their lowest buys were ∼$10k in 2020.
Want the full purchase-by-purchase table? I can pull their SEC filings and break it down.$BTC
Here’s the breakdown from their 8-K filings:
*BTC bought sub-$40k by MSTR*
*2020 purchases — all below $40k:*
1. *Aug-Dec 2020*: ∼70,470 BTC at avg ∼$15,964
- First buy Aug 2020: 21,454 BTC at $11,652
- Big Q4 2020 buys between $10k-$30k d5f8
*2021 purchases — mix of below/above $40k:*
2. *Jan-Feb 2021*: ∼19,452 BTC at avg ∼$31,808 — most below $40k
3. *After Feb 2021*: Prices jumped. They bought at $45k-$59k through 2021
*Total estimate:*
*∼85,000 BTC* were bought when BTC was under $40k
That’s ∼18% of their current ∼478,000 BTC holdings d5f8
*Why it matters:*
1. *Average cost basis now*: ∼$66,384 to $75,651 per BTC
2. *Sub-$40k stack*: Those 85k coins have 50-200%+ unrealized gains even when BTC dips to $60k
3. *2022-2026 buys*: Almost all above $40k. Recent 2026 buys were $67k-$88k bf2a372f
*Caveat*: Exact number depends on cutoff. If you mean <$40k avg price per _purchase lot_, it’s ∼85k BTC. If you mean any BTC bought while spot was <$40k, could be ∼100k because they DCA’d through 2021 dips.
MSTR’s cost basis first went above $40k in Q2 2021 and never looked back. Their lowest buys were ∼$10k in 2020.
Want the full purchase-by-purchase table? I can pull their SEC filings and break it down.$BTC