Strategy buys again and reaches 709,715 bitcoin

Strategy holds 709,715 bitcoin, 3.3% of the maximum supply of 21 million, at a total cost of $53.92 billion.

How did Strategy pay for this purchase?

Saylor has used this mechanism since 2020. It has a cost that doesn’t show up in the price paid: existing shareholders end up with a smaller slice of the same company. In return the company borrows nothing more, so on this purchase it has no repayments to meet if the price falls.

Put bluntly: at this rate, by 2030 Saylor will own more bitcoin than Satoshi Nakamoto, the person who invented them.

The running total after this purchase is 709,715 bitcoin, bought at an average price of about seventy-six thousand dollars, for a total outlay of $53.92 billion. At this week’s prices, around ninety-five thousand dollars, that pile is worth about sixty-seven billion. That’s thirteen billion more than it cost, though the gain stays on paper until the company sells.

The accumulation in figures: 709,715 bitcoin in the holding, more than 3.3% of the maximum supply; $53.92 billion spent in all, at an average price of about $76,000; value at current levels about $67 billion, with thirteen billion of unrealized gain.

How big is this concentration, and how risky is it?

Around it, the rest of the market is moving the same way. Grayscale has just filed for a listed fund on Near, a sign that traditional managers are looking beyond bitcoin and ethereum. At Davos, Treasury Secretary Bessent confirmed the administration’s plan for a strategic bitcoin reserve. For traders, the level that counts is still a hundred thousand. Clearing it on real volume would open another round of institutional buying. Failing there would shake out the people who came in recently.

And this is also the weak point, because the more bitcoin you hold, the more you depend on what its price does. Standard & Poor’s has given the company a B− credit rating with a stable outlook, and it cited exactly this dependence. If the price stayed below sixty thousand dollars for long, servicing its existing debt without selling bitcoin would become difficult.