Strategy, fronted by outspoken Bitcoin bull and Executive Chairman Michael Saylor, added to its sizable Bitcoin holdings Monday with the purchase of 20,356 BTC—or approximately $2 billion worth.
The purchase is the latest in a string of Bitcoin purchases dating back to 2020, when Strategy (formerly MicroStrategy) and Saylor made the strategic decision to allocate capital to the leading cryptocurrency to “maximize long-term value for shareholders.”
Since that time, the business intelligence firm has reshaped itself into a Bitcoin development company and pioneered the crypto treasury reserve asset model that others have copied. It has also amassed more than 499,000 Bitcoin—more than $43 billion worth as of this writing—making it the largest corporate treasury reserve holder of the asset.
Here’s a look back at Strategy’s seven largest Bitcoin purchases to date and their immediate impacts on the price of Bitcoin, marked from the time of Saylor’s announcements via social media.
#1) 55,500 BTC - November 25, 2024
Average Price: $97,862
Total Spend: $5.4 billion
Michael Saylor announced Strategy’s largest-ever purchase of Bitcoin, by both BTC and USD denominations, on November 25. The purchase of 55,500 Bitcoin surpassed its previous top acquisition by more than $800 million.
In the hours after the Saylor announcement, Bitcoin dropped by about $4,000 to under $94,000, a 4% decrease from the average price paid by Strategy.
MicroStrategy has acquired 55,500 BTC for ~$5.4 billion at ~$97,862 per #bitcoin and has achieved BTC Yield of 35.2% QTD and 59.3% YTD. As of 11/24/2024, we hodl 386,700 $BTC acquired for ~$21.9 billion at ~$56,761 per bitcoin. $MSTR https://t.co/79ExzXk4UM
— Michael Saylor⚡️ (@saylor) November 25, 2024
2) 51,780 BTC - Nov. 18, 2024
Average price: $88,627
Total spend: $4.6 billion
The second-largest Bitcoin purchase in Strategy history came just one week before its largest-ever purchase. Though Bitcoin dropped shortly in the hour following the announcement, a rebound followed, and it reached a daily high of $92,653, just 2% shy of its all-time high price (set last week), according to data from CoinGecko.
The following day, Bitcoin hit a new all-time high price above $94,000. Strategy’s latest purchase brought its holdings to 331,200 BTC.
3) 29,646 BTC - Dec. 21, 2020
Average price: $21,925
Total spend: $650 million
Strategy’s third-largest Bitcoin purchase took place in December 2020 amid rising Bitcoin prices and bull market sentiment. The firm disclosed a purchase of 29,645 BTC for its fourth-ever Bitcoin acquisition.
Despite the purchase being the largest for Strategy at the time, Bitcoin price's was relatively unchanged in the 24 hours around the announcement. Data from CoinGecko showcases a Bitcoin open price of $23,518 on December 21, closing one day later at $23,795 for a negligible gain.
4) 27,200 BTC - Nov. 11, 2024
Average price: $74,463
Total spend: $2.03 billion
Less than one week after Donald Trump won his second election, Strategy announced a purchase of 27,200 Bitcoin. That stash was purchased during the timeframe of October 31 to November 10, a time in which Bitcoin ranged in price from $72,000 to $80,000.
However, following the Saylor announcement on the morning of November 11, Bitcoin moved violently upwards, closing the day at $88,637—a move of more than 10%—after setting yet another new all-time high price after the election.
5) 21,550 BTC - December 9, 2024
Average price: $98,783
Total spend: $2.1 billion
Strategy’s fifth largest purchase marks its highest-ever average Bitcoin price, having acquired more than 21,000 Bitcoin for nearly $99,000 on average. The buy brought up the average price of all its lifetime Bitcoin purchases to $60,389.
However, the market didn’t react super positively to the latest announcement from Saylor and the company, as the price of Bitcoin decreased by more than 2.5% in the hours that followed, dropping below the average price of its purchase to $97,600. On the following day, Bitcoin broke even further downward, dipping below $95,000 briefly before rebounding to that level
6) 21,454 BTC - August 11, 2020
Average price: $11,652
Total spend: $250 million
Strategy’s sixth-largest Bitcoin purchase of all time was its first-ever purchase and the lowest recorded average price.
On the back of social restrictions and macroeconomic shocks from the COVID-19 pandemic, Saylor rationalized the company’s purchase saying, “Our decision to invest in Bitcoin at this time was driven in part by a confluence of macro factors affecting the economic and business landscape that we believe is creating long-term risks for our corporate treasury program—risks that should be addressed proactively.”
While the purchase has aged well, now up nearly 700% at today’s Bitcoin price, the initial announcement meant little for Bitcoin’s price in the immediate aftermath. Bitcoin opened August 11, 2020 at $11,682 and closed the following day at $11,579—a negligible decline.
7) 20,356 BTC - February 24, 2025
Average price: $97,514
Total spend: $1.99 billion
After rebranding to Strategy, Saylor’s firm made its seventh-largest Bitcoin purchase in early 2025, adding 20,356 Bitcoin for $1.99 billion. The addition helped pull up the firm’s average entry price to $66,357 per Bitcoin.
But like previous buys, the market did not immediately respond with positivity. In fact, in the hours following the purchase, Bitcoin led a larger market crash that has brought the price from about $96,000 that morning to about $86,000 a day later.
Edited by Andrew Hayward
Editor's note: This story was originally published on November 19, 2024, and last updated with new details on February 25, 2025.