Michael Saylor Inches Closer to 700,000 BTC Goal with Modest Post-Crash Purchase
Michael Saylor’s firm, Strategy, has taken another incremental step toward its ambitious target of holding 700,000 Bitcoin (BTC), adding 168 BTC to its reserves last week. The acquisition took place amid heightened market volatility following the dramatic Black Friday crypto downturn and signals the company’s continued commitment to long-term Bitcoin accumulation, despite recent market headwinds.
According to a recent disclosure from Strategy, the latest purchase totaled approximately $18.8 million, translating to an average purchase price of $112,051 per BTC. Notably, this acquisition occurred just as Bitcoin prices dipped below $104,000 on October 10, triggered by a broader market sell-off. Strategy’s total Bitcoin holdings now stand at 640,418 BTC, acquired at an average cost basis of $74,010 per coin, bringing the total investment to roughly $47.4 billion.
This modest purchase follows a similar acquisition the week prior, when Strategy bought 220 BTC for $27.2 million, shortly after Bitcoin reached a new all-time high of over $126,000 before plunging. The consistent, albeit smaller, purchases mark a shift from Strategy’s earlier strategy in the year, during which the company was buying Bitcoin at a more aggressive pace — averaging 25,000 BTC per month during April and May.
Compared to those peak acquisition months, the recent strategy appears more conservative. In August and September, Strategy acquired 7,714 BTC and 3,526 BTC respectively, averaging around 5,620 BTC per month. At this rate, it would take approximately 11 more months for the company to reach its stated goal of 700,000 BTC.
Despite Strategy’s persistent accumulation, the firm’s stock (MSTR) has not been immune to market volatility. Shares of MSTR continued their downward trajectory last week, falling below $284 — a level last seen in April 2025. Since October 5, the stock has dropped about 21%. Nevertheless, MSTR remains up over 50% year-over-year and has logged a staggering 1,650% increase over the past five years, underscoring long-term investor confidence in the firm’s Bitcoin-centric approach.
The lowest point for MSTR shares this year was $238, recorded on April 7, while the highest was more than $455 in July. Although current prices reflect recent market stress, the broader upward trend highlights the market’s recognition of Strategy’s pioneering role in institutional Bitcoin adoption.
Strategy’s accumulation strategy has inspired several other companies to explore Bitcoin as a treasury asset. One notable example is Metaplanet, a Japanese hospitality firm that began stockpiling Bitcoin in July 2024. By the end of September, Metaplanet had amassed 30,823 BTC worth approximately $34.1 billion. However, the company’s market capitalization recently fell below the value of its Bitcoin holdings, signaling investor skepticism or a disconnect between asset value and enterprise performance.
Metaplanet’s market-to-Bitcoin Net Asset Value (mNAV) ratio dropped to 0.99 last Tuesday and declined further to 0.9 by Saturday — indicating that the market is currently undervaluing the company relative to its Bitcoin stash. Since its last BTC acquisition on September 30, Metaplanet has not made any new purchases.
The shift in Strategy’s buying behavior may reflect a broader sentiment in the crypto market. With Bitcoin’s price facing turbulence and macroeconomic uncertainty increasing, some firms may be recalibrating their treasury strategies to ensure sustained financial health. However, Strategy remains steadfast in its mission, gradually building one of the largest corporate Bitcoin treasuries in the world.
Institutional interest in Bitcoin continues to evolve as more companies view the asset not only as a hedge against inflation but also as a strategic reserve. While volatility is an inherent feature of the crypto market, long-term trends suggest increasing corporate adoption, particularly among firms willing to weather short-term price swings for potential long-term gains.
Looking ahead, the next few months will be critical for Strategy and other Bitcoin-heavy firms. As regulatory frameworks become clearer and the Bitcoin halving event in 2028 draws nearer, market participants will closely watch how institutions adjust their positions. For Strategy, the path to 700,000 BTC may be slow and calculated, but it remains firmly within reach.
Moreover, the broader implications of such large-scale Bitcoin accumulation cannot be overlooked. Strategy’s massive holdings not only reflect a deep conviction in Bitcoin’s long-term value but also contribute to market liquidity dynamics and price stability. Each new purchase, however small, reinforces the narrative of Bitcoin as a viable corporate treasury asset.
In the context of rising geopolitical tensions, currency devaluations, and increasing institutional adoption, Bitcoin’s role as digital gold is becoming more widely accepted. Strategy’s methodical accumulation strategy may well serve as a blueprint for other companies considering a similar path.
As the digital asset market matures, the actions of major players like Michael Saylor and his firm will continue to shape investor sentiment and corporate strategies globally. Whether Strategy accelerates its buying pace or maintains its current rhythm, one thing is clear: the journey to 700,000 BTC is not just a financial milestone—it’s a statement of belief in the future of decentralized finance.