The strategy has shifted from a software company to a Bitcoin treasury corporation. Over the past five years, the company has consistently added Bitcoin to its balance sheet and now holds a cumulative total of 843,738 BTC, valued at nearly $65 billion based on the price in this article, accounting for approximately 4% of Bitcoin’s fixed supply.
This report reviews Strategy’s largest purchases to date. Overall, the company increased its positions multiple times at the end of 2024 and in 2026, with individual purchases reaching billions of dollars, steadily raising its average cost basis to over $75,700 per coin.
Two purchases at the end of 2024 ranked among the top
The largest transaction occurred on November 25, 2024, when the company purchased 55,500 BTC at an average price of $97,862, totaling approximately $5.4 billion. This transaction set a new record for Strategy, both in terms of volume and value.
The report noted that after the announcement, Bitcoin's price dropped by approximately $4,000 within hours, falling below $94,000. The second-largest purchase occurred on November 18, 2024, involving 51,780 BTC bought at an average price of $88,627, totaling approximately $4.6 billion.
On November 11 of the same year, Strategy also purchased 27,200 BTC at an average price of $74,463, totaling approximately $2.03 billion. According to the report, on the day the transaction was disclosed, Bitcoin closed at $88,637, rising more than 10% for the day.
Continue increasing positions in 2026 using preferred shares.
After entering 2026, Strategy continued to expand its Bitcoin holdings. On April 20, the company purchased 34,200 BTC at an average price of $74,395, totaling approximately $2.54 billion. This was its third-largest purchase to date and raised its holdings to over 815,000 BTC.
Unlike previous transactions that relied heavily on convertible bonds, this deal was primarily funded by dividend-paying preferred shares named Stretch (STRC). According to the report, following this disclosure, the price of Bitcoin slightly increased, rising to approximately $75,907 the next day, resulting in a small paper gain for the company.
On May 18, Strategy purchased an additional 24,869 BTC at an average price of $80,985, totaling approximately $2.01 billion, with funds also sourced from preferred stock instruments. Within two days of the announcement, Bitcoin dropped nearly 4.5% to $77,207 and briefly fell below $75,000.
On March 16, the company also purchased 22,337 BTC at an average price of $70,194, totaling approximately $1.57 billion. This transaction is also related to the ongoing issuance of STRC. The report noted that on the day the news was announced, Bitcoin rose above $75,000 but declined again in the following days.
Set a record at the time in 2020
At an earlier stage, Strategy disclosed on December 21, 2020, that it had purchased approximately 29,646 BTC at an average price of $21,925, totaling approximately $650 million. This was the company’s largest Bitcoin purchase at the time.
However, unlike later transactions that caused significant price fluctuations, Bitcoin’s price remained relatively stable in the 24 hours before and after this transaction. According to the report, Bitcoin opened at approximately $23,518 and closed at $23,795 the following day.
Looking at the timeline, Strategy’s large purchases do not always immediately push Bitcoin higher. In some cases, the market dipped shortly after the trades were disclosed; in a few instances, prices continued to rise after the announcement. More clearly, the company continues to expand its Bitcoin reserves through equity and equity-like financing instruments.