Michael Saylor’s Strategy Buys 1,895 More BTC Despite $4.22B Quarterly Loss

Michael Saylor’s company, Strategy (formerly MicroStrategy), has reaffirmed its position as the most aggressive corporate Bitcoin (BTC) accumulator by purchasing an additional 1,895 BTC between April 28 and May 4, 2025. The purchase, worth approximately $180.3 million, was executed at an average price of $95,167 per Bitcoin. This brings the firm’s total holdings to a staggering 555,450 BTC, acquired at an average purchase price of $68,550. The total investment now exceeds $38 billion, making Strategy one of the most significant players in the crypto ecosystem.

The latest acquisition was financed through the sale of $128.5 million in common stock and $51.8 million in STRK preferred stock. These sales marked the final drawdown of Strategy’s previous $21 billion at-the-market (ATM) equity program. Signaling continued bullishness, the company announced a new $21 billion ATM equity offering to provide additional funding for future Bitcoin purchases.

Losses mount—but so does conviction

Despite posting a net loss of $4.22 billion in the first quarter of 2025, largely driven by a $5.91 billion unrealized loss on its crypto holdings due to new fair value accounting standards, Strategy remains undeterred. The company’s losses reflect paper value changes, not realized sell-offs, and Strategy has not indicated any intention of divesting its Bitcoin.

Interestingly, the firm’s stock has surged 32% year-to-date, reflecting continued investor faith in its high-conviction strategy. As of May, Strategy holds approximately 2.64% of the total Bitcoin supply, valued at over $53 billion based on current market prices.

In tandem with its growing Bitcoin stack, Strategy has outlined plans to raise up to $84 billion through future equity and debt offerings. This capital is expected to fund further Bitcoin acquisitions. Analysts at Bernstein suggest this could catalyze a broader trend of corporate Bitcoin treasury adoption, predicting institutional purchases could hit $330 billion by 2030 if others follow Saylor’s model.

Michael Saylor, Strategy’s executive chairman and a vocal Bitcoin advocate, remains unapologetically committed to Bitcoin. He has frequently described BTC as “digital gold” and views his firm’s strategy as a hedge against inflation, fiat devaluation, and centralized monetary policies.

While critics argue that such an outsized exposure to a volatile asset class is reckless, Saylor and Strategy are betting on a future where Bitcoin plays a foundational role in the global financial system. Whether that vision comes to fruition remains to be seen, but Strategy’s bold moves continue to shape the conversation around institutional crypto adoption.