Strategy reaches 500,000 BTC mark
Strategy surpasses 500,000 BTC with $584 million Bitcoin purchase.
Bitcoin treasury company Strategy (formerly MicroStrategy) announced it acquired an additional 6,911 BTC for roughly $584.1 million at an average price of $84,529 between March 17 and March 23, according to an SEC filing.
The purchase pushes Strategy’s total holdings above 500,000 BTC — roughly 2.4% of Bitcoin’s 21 million supply — cementing its position as the largest corporate holder of Bitcoin.
Key Takeaways
- New Acquisition: Strategy added 6,911 BTC at an average price of $84,529, bringing total holdings to 506,137 BTC.
- Cost Basis: Strategy’s cumulative Bitcoin cost basis stands at $66,608 per BTC, for a total investment of $33.7 billion including fees.
- Capital Raising: The company has upsized its Series A Perpetual Strife Preferred Stock (STRF) offering to $722.5 million and maintains $21 billion of STRK shares available.
- Long‑Term Plan: Strategy’s “21/21” initiative targets $42 billion in capital raises via equity and fixed-income offerings to continue funding Bitcoin acquisitions.
Accelerated Accumulation Strategy
Strategy’s latest purchase follows the pricing of its 10% Series A Perpetual Strife Preferred Stock (STRF) offering, which was increased from $500 million to $722.5 million last week.
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This issuance is part of a broader plan to raise up to $21 billion via its perpetual strike preferred stock (STRK), under which approximately $20.99 billion in STRK shares remain available for issuance as of March 23. CEO Michael Saylor reiterated that these capital markets instruments allow Strategy to acquire Bitcoin at scale without diluting common equity.
Building Toward the 21/21 Plan
Strategy’s aggressive capital‑raising is anchored in its “21/21 plan,” which targets $42 billion in combined equity and fixed‑income offerings to purchase Bitcoin. In parallel with the STRF and STRK programs, Strategy sold nearly 2 million common shares (MSTR) for $592.6 million last week, leaving $3.57 billion of common equity still available.
Strategy BTC holdings. Source: highcharts.com
Collectively, these funding vehicles have enabled Strategy to deploy capital into Bitcoin even as corporate treasuries navigate volatile markets and macroeconomic uncertainty.
Market Context and Investor Reaction
With Bitcoin trading near $87,000 at press time, Strategy’s holdings are valued at over $44 billion. Despite the bullish accumulation narrative, Strategy’s stock (ticker: CIFR) closed down 1.5% on March 24, reflecting broader market pullbacks and investor caution toward heavily Bitcoin‑exposed companies.
Nevertheless, Strategy’s share price remains up roughly 20% year‑to‑date, underscoring continued confidence among institutional investors in its corporate Bitcoin strategy.
Outlook for Corporate Bitcoin Adoption
Strategy’s milestone of surpassing 500,000 BTC underscores the growing trend of corporate Bitcoin treasuries. By locking in a cost basis well below current market prices, Strategy positions itself for outsized gains in a bull market while signaling to peers that capital markets can be effectively leveraged for large‑scale Bitcoin accumulation.
As other corporations monitor Strategy’s success, further entrants into the corporate Bitcoin space could accelerate institutional adoption, amplifying demand for Bitcoin as a reserve asset.
Recently we wrote, that Michael Saylor, Executive Chairman of MicroStrategy, announced that Strategy has increased its Strife Perpetual Preferred Stock offering from $500 million to $722.5 million.
