From 130K to 846,842 BTC – How Saylor shaped Strategy’s Bitcoin bet

Strategy’s Michael Saylor recently took a trip down memory lane in a post on X to show how far his company has come since the 2022 crypto bear market.

For background, the company owned approximately 130,000 Bitcoin [BTC], which was worth approximately $2.6 billion in October 2022, when the price of the cryptocurrency was around $20,000.

Meanwhile, on a split-adjusted basis, its stock, $MSTR, was trading close to $24.

What happened when BTC dropped from $20k to $16k?

The market value of Strategy’s cash reserves and Bitcoin holdings briefly dropped below its debt obligations by roughly $300 million as Bitcoin later fell below $16,000.

This raised questions about the company’s leveraged Bitcoin strategy and caused MSTR shares to drop to about $13. Nevertheless, the business kept acquiring Bitcoin and fortifying its capital structure rather than liquidating assets or altering its direction.

Over the course of the following few years, Strategy raised over $60 billion through debt and equity offerings, which it then utilized to purchase an additional 716,000 BTC. As Bitcoin’s value increased dramatically, so did its Bitcoin treasury.

All this combined, Strategy now has a strong net asset position because of its cash reserves and Bitcoin holdings, which now exceed its total debt by about $48 billion.

Strategy’s journey since August 2020

That said, since the 11th of August 2020, Strategy has made 112 purchases and 1 sale.

Additionally, Stretch [STRC], one of the Strategy’s preferred stocks used to raise money for Bitcoin purchases, fell to $90 as a result of this sell-off.

Interestingly, Strategy has reached a total BTC stash of 846,842 BTC worth $54.4 billion. Following a 3.46% decline in the previous trading day, MSTR’s stock price closed at $112.53 at press time.

However, if one looks closely, the stock price’s current trading level is at a very low level compared to its peak in November 2024 and May 2025, when it was trading at about $420. 

All of this occurred at a time when Bitcoin was trading at $64,334.01, up 1.18% in the last day but down more than 16% in the previous month. Although it is less than the peak of $124500, this is still better because in 2020, Bitcoin was only worth about $10,000. 

Mixed community sentiments

While some people liked Saylor’s approach, as noted by investment manager Lawrence Lepard, who said, 

Thank you for the role you have played in  fueling Bitcoin evangelism and adoption.  I can’t wait to see the next ten years. History is going to be very kind.

Kaleo, LedgArt’s co-founder, highlighted Strategy’s drawbacks and stated, 

Therefore, while Strategy rejoices in its recovery from the 2022 bear market, opinions among market players on Saylor’s Bitcoin approach are still split.

Final Summary

• From August 2020, Strategy’s BTC stash has reached a total of 846,842 BTC worth $54.4 billion.
• Thanks to its relentless buying spree, Strategy has now exceeded its total debt by about $48 billion.