The accumulation machine just shifted into overdrive. Michael Saylor has executed its largest Strategy Bitcoin purchase since January, acquiring 17,994 BTC for $1.28 billion at an average price of $70,946 per coin . This isn’t just another weekly buy—it’s a supply shock event that absorbed the equivalent of five weeks of newly mined Bitcoin in a single transaction . Total holdings now stand at 738,731 BTC, representing approximately 3.7% of Bitcoin’s circulating supply .
The Strategy Bitcoin Purchase: By the Numbers
According to the SEC filing, Strategy raised the capital through a mix of $899.5 million in common stock sales and $377.1 million from STRC perpetual preferred stock—the largest STRC contribution to date, accounting for over 30% of the purchase . The company now holds 738,731 BTC acquired for approximately $56.04 billion at an average cost of $75,862 per coin .
What makes this acquisition remarkable is the timing. For the first time in this cycle, Strategy is buying aggressively below its average cost basis—a shift from 2022-2023 when the company typically avoided larger purchases during below-cost periods . Since February 9, Strategy has acquired 25,229 BTC while its average cost basis has dropped only 0.25% .
Supply Shock: 18,000 BTC vs. 450 BTC Per Day
The scale of this purchase is staggering in supply terms. Bitcoin miners currently produce approximately 450 BTC per day, or roughly 3,150 BTC per week . By acquiring nearly 18,000 BTC in a single week, Strategy absorbed the equivalent of five weeks of new supply . This dynamic creates genuine supply-side pressure that fundamentals-focused investors can’t ignore.
The significance is amplified by this week’s historic milestone: Bitcoin has surpassed 20 million mined coins, leaving less than 1 million BTC to be created over the next century . Over 95% of the total 21 million supply is now in circulation, with issuance rate cut in half by the 2024 halving . Every major corporate purchase now represents a permanent removal of ever-scarcer supply.
The “Second Century” Signal
Saylor teased the acquisition with his customary Sunday post: “The Second Century Begins” . The reference is twofold: this marks Strategy’s 102nd Bitcoin purchase since 2020, and it signals a new phase of accumulation as the company surpasses 100 total acquisitions .
My Thoughts
This Strategy Bitcoin purchase is a masterclass in conviction meets capital structure. The company has now absorbed the equivalent of five weeks of global mining output in a single week—a feat impossible for any other corporate entity. This isn’t just accumulation; it’s a structural supply shock.
The shift toward STRC preferred stock as a funding source (now 30% of the purchase) is significant . At an 11.5% dividend yield, STRC attracts income-focused capital that would otherwise never touch Bitcoin, effectively broadening the pool of investors funding the treasury strategy .
With less than 1 million BTC left to mine and corporate demand accelerating, the supply/demand imbalance is becoming extreme. Strategy alone now holds 3.7% of all Bitcoin that will ever exist . When the next wave of institutional FOMO arrives, this supply won’t be available.
For investors, the message is clear: Saylor is treating $70,000 Bitcoin as a discount. The “Second Century” has begun—and it looks a lot like the first: relentless, disciplined, and conviction-driven.
