Michael Saylor’s Strategy doubled down on its Bitcoin bet last week, adding more BTC to its balance sheet even as prices slid to their lowest levels since 2024. The move highlights the company’s long-term commitment to Bitcoin, despite growing paper losses and ongoing volatility in the crypto market.
According to a statement shared by Saylor, Strategy purchased 1,142 Bitcoin at an average price of $78,815 per coin. The buy cost roughly $90 million and pushed the firm’s total Bitcoin holdings to 714,644 BTC. At current market prices, those holdings are valued at more than $49 billion, making Strategy the largest corporate holder of Bitcoin by a wide margin.
Data from Bitcoin Treasuries shows that Strategy’s average purchase price across all its Bitcoin now stands at around $76,052 per BTC. With Bitcoin trading near $69,000 at the time of the report, the company is sitting on an unrealized loss of close to 10%. In dollar terms, that translates to roughly $5 billion in paper losses.
The hit to Bitcoin’s price has also weighed heavily on Strategy’s financials. In its latest report, the company said its operating loss climbed to over $17.4 billion as crypto markets weakened. Net losses rose to about $12.4 billion, and those figures could remain under pressure if Bitcoin continues to trend lower in the near term.
At the same time, Strategy has kept funding its Bitcoin purchases by issuing more shares. The company still has over $7.9 billion in authorized common shares available for future sales. On top of that, it has more than $20 billion worth of STRK preferred shares that can be issued. This approach has significantly expanded the share count, with total outstanding shares now exceeding 300 million, up sharply from around 77 million in 2021. While this strategy gives Strategy more firepower to buy BTC, it also means ongoing dilution for existing shareholders.
Despite these concerns, Wall Street analysts remain largely optimistic about Strategy’s stock, which trades under the ticker MSTR. Many see the company as a high-beta play on Bitcoin’s price and expect strong upside if BTC stages a meaningful recovery.
Cantor Fitzgerald recently reaffirmed its overweight rating on MSTR, setting a price target of $192. BTIG analysts are even more bullish, with a target of $250. Other firms are also upbeat: Canaccord Genuity sees the stock reaching $185, Mizuho has a much higher target of $403, and Truist Financial pegs MSTR at $268. According to MarketBeat data, the average price target among analysts now sits at $347, implying a potential upside of about 176% from current levels.
Ultimately, Strategy’s stock performance remains tightly linked to Bitcoin’s price. Recent trading has shown just how sensitive MSTR is to BTC moves. In one session last week, Strategy shares surged nearly 30% as Bitcoin rebounded from around $60,000 to above $70,000. If Bitcoin manages a sustained rally, analysts believe MSTR could once again see strong momentum.
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