Once again, it seems like Michael Saylor’s Bitcoin-first investment strategy has come back to the forefront. This comes after Strategy, formerly known as Microstrategy, revealed its intentions to drastically expand its Bitcoin holdings. As it stands, the company owns in excess of half a million bitcoins, which cements its standing as one of the primary institutional players in the cryptocurrency ecosystem. Even with owning assets of this scale, it appears that the firm has filed plans to acquire even more operating-capital Bitcoins worth $84 billion. This update is coming through at a time when Bitcoin price is around $97,000 in early May and underscores the level of commitment Strategy has towards the digital asset and how dependent the company has become on its Bitcoin plan.
The 42/42 Acquisition Plan
Strategy came up with what it terms The 42/42 Plan during the latest aftermath session, which they also label as an earnings call. This document outlines a process wherein the company aims to raise $84 million in capital over 2 years and then provide the requisite funding to fulfill the identified drawdowns.
Recent Acquisition Activity
This plan seems to be aggressive in part because of the buzz or activity in the past acquisitions of Strategy. The company did an equity offering of $21 billion at the market, which enabled them to, ostensibly, through the recent months, acquire more than 301,000 BTC. This promotional buy, as is reported, increased the share value of the company by 50%. By April 28th of 2025, the total holdings of Strategy had increased to 553,555 BTC. These bitcoins, as is reported, were purchased at a total value of $37.9 billion, which means that from all the acquisitions made till this date, an average price of $68,459 for the coins was paid. Out of these, a substantive portion—107,155 BTC—has purportedly been purchased in 2025 so far. This already makes 2025 the most aggressive buying year for the company, not accounting for the rest of the year since it is only April. The firm’s internal disclosures also reportedly note a specific average cost of $66,384.56 per bitcoin for the purchases made within 2025.
Latest Purchase Details
It seems that during the last round of acquisitions, Strategy’s holdings were augmented the most when they bought the 15,355 BTC. This specific round of purchases cost them 1.42 billion dollars on top of the previous 15,000 that were already bought at an average cost of $92,737 per coin on April 28. Institutional Positioning
These sharp and extensive purchases have reportedly positioned the strategy as the institutional holder of Bitcoin second globally, surpassing all crypto hedge funds. Reportedly, the company’s Bitcoin holdings come second only to BlackRock, a global asset manager. The source notes that, rather interestingly, Strategy’s playbook for building a BTC-heavy balance sheet is not seemingly slowing down, which is interesting considering a large portion of their holdings already.
Performance Amidst Loss
The source discusses that there is still some positive sentiment with regards to Strategy’s stock despite recording the fifth consecutive quarterly net loss. The company reportedly booked an unrealized loss of 5.9 billion in the first quarter of 2025. Regardless, their stock is up by roughly 32% since the beginning of the year. This performance has reportedly enabled Strategy’s stock to outperform the Nasdaq 100 index, reported as down by nearly 6% over the same period. Therefore, it can be assumed that investors decided to focus more on the company’s Bitcoin accumulation strategy, perhaps viewing this as beneficial in the longer run, compared to the plunge in net losses.
