Strategy has been at the forefront of institutional Bitcoin investment since August 2020, when it began using Bitcoin as a treasury reserve asset. As of early 2025, the company holds over 500,000 BTC, purchased at an average cost of approximately $66,608 per Bitcoin, with a total market value exceeding $46 billion (Strategy Q1 2025 Earnings Preview). On May 1, 2025, Strategy announced plans to raise an additional $21 billion to further expand its Bitcoin holdings, as part of its “21/21 Plan” aiming to secure $42 billion by 2027 (MicroStrategy’s $42 Billion Bitcoin Investment Plan).
This aggressive strategy has positioned Strategy as the largest corporate holder of Bitcoin, far surpassing competitors like Tesla. The company’s recent capital raises, including $18.8 billion through equity offerings and $6.2 billion via convertible notes, underscore its commitment to Bitcoin as a long-term store of value, akin to gold (Strategy Incorporated Earnings Dates).
Analyst Sentiment and Market
Analysts remain bullish on Strategy’s Bitcoin buying plans for several reasons, supported by recent market developments:
- Bitcoin’s Market Position: Bitcoin’s market capitalization has recently surpassed major tech companies like Alphabet Inc. (Google’s parent), reaching approximately $570 billion and ranking as the 5th most valuable asset globally (Coinpedia Digest: This Week’s Top Crypto News Highlights). This milestone, reported on April 26, 2025, underscores Bitcoin’s growing legitimacy as a store of value, supporting Strategy’s investment thesis.
- Institutional Adoption: The influx of institutional investors into Bitcoin, driven by the approval of Bitcoin ETFs in 2024, has legitimized digital assets as a mainstream investment class. Strategy’s strategy aligns with this trend, positioning it to benefit from continued institutional interest, as noted in recent analyses (2025 and the Future of Crypto).
- Long-Term Vision: Despite a $5.91 billion unrealized loss in Q1 2025 due to Bitcoin’s price volatility, Strategy’s overall Bitcoin holdings remain profitable, with an unrealized gain of 14.62% (Can Strategy Survive a Bitcoin Crash?). Analysts view this as a temporary setback in a long-term strategy, given Bitcoin’s historical appreciation and potential for future growth.
- Market Growth Potential: The broader crypto ecosystem is experiencing significant expansion, with over 17,000 cryptocurrencies in existence and more than 18,000 businesses accepting crypto payments, as reported by Eurasia Review. Analysts predict 2025 will be a pivotal year for cryptocurrency adoption, further supporting Strategy’s bullish outlook.
Market Data and Financial Performance
Here’s a detailed look at Strategy’s Bitcoin holdings and recent financial performance, which informs analyst sentiment:
| Metric | Details |
|---|---|
| Bitcoin Holdings | ~500,000 BTC |
| Average Purchase Price | ~$66,608/BTC |
| Current Market Value | ~$46 billion (as of February 2025) |
| Q1 2025 Loss | $5.91 billion (unrealized) |
| Total Capital Raised | $25 billion (targeting $42 billion by 2027) |
