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Bitcoin-focused company Strategy has made headlines once again by purchasing 21,021 BTC worth approximately $2.46 billion. This latest acquisition is the company’s largest buy since November 2024, marking a major step in its long-term Bitcoin investment strategy.
Michael Saylor, the Chairman of Strategy, revealed the news in a recent post on X (formerly Twitter). According to the reveal , the average purchase price for this batch of Bitcoin was around $117,256 per BTC.
Funded by a Record-Breaking Stock Offering
The $2.46 billion acquisition was funded using proceeds from the company’s recent IPO of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC). The IPO consisted of over 28 million shares, making it the largest public offering in the U.S. so far in 2025.
Strategy revealed that the STRC stock will be listed on the Nasdaq, becoming the first U.S. exchange-listed perpetual preferred security issued by a Bitcoin treasury company. What makes it even more unique is that it will pay monthly dividends with a rate determined by the board.
Bitcoin Holdings Reach 628,791 BTC
Following this purchase, Strategy’s total Bitcoin holdings have grown to an impressive 628,791 BTC, with an average cost basis of $73,277 per coin. This means the company has invested approximately $46.08 billion in Bitcoin to date.
At the current market value, Strategy’s Bitcoin reserve is worth around $74.04 billion, reflecting a profit of roughly $27.96 billion, or 60.6% gains.
A Look Back at Previous Bitcoin Buys
This latest buy is significant, but not the company’s biggest. In November 2024, Strategy made two massive Bitcoin purchases: one worth $5.43 billion, and another close to $4.59 billion. Compared to those figures, the current acquisition is smaller but still ranks as one of the largest in recent months.
CryptoQuant analyst Maartunn shared a chart on X highlighting the size of Strategy’s recent buys. The chart shows that although this purchase doesn’t top previous records, it still stands out as a strong signal of institutional confidence in Bitcoin.
Shift in Market Behavior: Long-Term Holders Begin Selling
While Strategy continues to accumulate and HODL Bitcoin, other market participants are showing a different trend. According to on-chain analytics platform Glassnode, long-term Bitcoin holders (LTHs) have started selling, and short-term holders (STHs) are increasing their supply.
Glassnode shared a chart displaying the supply ratio between STHs and LTHs. This ratio has declined by 11% in the past month, indicating a rotation of Bitcoin from long-term investors to newer participants. Historically, such trends have been seen before all-time highs (ATHs) in the market.
What Does This Mean for Bitcoin’s Future?
The behavior of major players like Strategy suggests strong long-term confidence in Bitcoin. The company’s increasing BTC reserve and strategic funding methods reflect a clear belief that Bitcoin has room to grow, especially amid global economic uncertainty and rising institutional interest.
At the same time, the drop in the long-term holder supply and increase in short-term positions could indicate near-term volatility or a potential price surge. These types of capital rotations have historically preceded major rallies, as newer investors tend to enter the market when momentum builds.
Final Thoughts
Strategy’s $2.46 billion Bitcoin buy is not just another corporate purchase—it’s a signal to the broader market. With over 628,000 BTC now in its treasury, the company is doubling down on its conviction in Bitcoin as a long-term store of value.
While the rest of the market shows signs of repositioning, Strategy’s approach remains consistent: accumulate, hold, and lead. Whether this signals a new bull run or a strategic hedge against economic instability, one thing is clear—institutional interest in Bitcoin is not slowing down.
