MicroStrategy expands Bitcoin stash with $820 million purchase

MicroStrategy announced a $820 million Bitcoin purchase in March 2025, acquiring roughly 12,000 BTC at an average price of $68,477 per coin [3]. The buy followed a convertible‑notes offering that funded the acquisition and pushed the company’s total Bitcoin balance to about 205,000 BTC, valued at more than $14.8 billion at the time [3].

By July 2025 the firm reported that its treasury now contains 601,550 BTC, with an average cost basis of $71,268 per coin and a market value exceeding $73 billion—roughly 3 percent of all Bitcoin in circulation [2]. The dramatic increase reflects a series of debt and equity financings that CEO Michael Saylor continues to use to “buy the top,” a strategy he says positions Bitcoin as a superior long‑duration reserve asset [3].

MicroStrategy’s aggressive accumulation has turned the Nasdaq‑listed software company into a de‑facto Bitcoin investment vehicle. Its stock has outperformed the cryptocurrency itself, delivering a 3,558 percent gain since late 2020 versus Bitcoin’s 905 percent rise over the same period [2]. Analysts now view the firm more as a leveraged Bitcoin proxy than a traditional SaaS business, with its market cap of $46.48 billion largely reflecting the crypto holdings rather than software revenue [2].

The company also offers tokenized shares on-chain, allowing investors to trade fractional equity 24/7 via platforms such as xStocks and Gemini [2]. While the equity is tokenized, the Bitcoin itself remains untokenized, keeping the core asset off the blockchain.

MicroStrategy’s continued reliance on debt‑financed Bitcoin purchases raises questions about how long the firm can sustain leverage amid price swings and regulatory scrutiny. If Bitcoin’s price were to fall sharply, the company’s balance sheet could face heightened pressure, testing whether its treasury‑first model can endure beyond the next market cycle.