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Tim Hakki
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Strategy (formerly MicroStrategy) Chairman Michael Saylor has hinted on X that the firm is poised to execute its 100th Bitcoin acquisition, marking a symbolic milestone nearly six years after the company began its aggressive treasury reserve policy.
The upcoming purchase follows a persistent buying streak, with the firm accumulating assets consistently over the downturn despite trading conditions that have placed its massive position $12.4 billion underwater.
Key Takeaways
- Strategy currently holds 717,131 BTC acquired at an average cost of $76,027 per coin, totaling an investment basis of over $54 billion.
- Michael Saylor teased the milestone with a “StrategyTracker” chart captioned “The Orange Century,” indicating the firms’s 100th distinct purchase is imminent.
- The accumulation continues despite unrealized losses, with Bitcoin trading near $64,700 compared to the firm’s break-even price.
Strategy has accumulated its holdings through 99 separate transactions since August 2020.
While spot Bitcoin ETFs log their fifth straight week of outflows, implying cooling institutional demand, Saylor’s firm continues to absorb supply aggressively.
The company’s persistence highlights a divergence between short-term institutional flows and high-conviction long plays by corporate treasuries.
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The Orange Century: The Accumulation Stats of Michael Saylor
In his latest X post on Saturday, Saylor shared a chart from the firm’s “StrategyTracker” with the caption “The Orange Century.”
For those who have followed Michael Saylor closely over the past few years, a formal Form 8-K filing announcing a completed acquisition could be just around the corner.
According to company data, the firm has purchased Bitcoin consistently over the 2020s so far, including a purchase every month since November 2024. A purchase this week would mark the 100th total buy event since the strategy began.
The firm now controls 717,131 BTC, approximately 3.4% of the total 21 million supply cap, valued at around $47.5. However, the aggressive buying at market peaks has pushed the average cost per coin to $76,027.
With Bitcoin trading below $67,000 as traders buy crash protection, the treasury faces significant unrealized losses.
Despite this price action, the company remains committed to its dollar-cost averaging strategy, leveraging capital markets to finance continued accumulation.
Dilution Concerns and Strategic Pivots
To sustain this buying pressure, Strategy has evolved its financing approach. Fortune reports that the firm has shifted toward issuing preferred stock to raise capital, a move analysts warn could turn the company into a “dilution machine” relative to Bitcoin per share (BPS) metrics.
The company issued $7 billion in preferred stock in 2025 alone, carrying high dividend obligations.
While Bitcoin hashrate shows a V-shaped recovery signaling network health, Strategy’s balance sheet is under scrutiny as it navigates $6 billion in debt maturities due in 2028.
The firm plans to “equitize” this convertible debt over the coming years, potentially increasing share counts further to protect the Bitcoin stack.
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Corporate Treasury Implications
Strategy’s influence has inspired other entities to hedge with crypto, seen in smaller scale executions like the Consensys and Sharplink ETH treasury holdings.
However, no other public entity approaches Strategy’s scale.
As the firm approaches its 100th purchase, the market watches closely to see if Saylor can maintain shareholder value while managing heavy debt loads in a sub-$70,000 Bitcoin environment.
