Strategy Doubles Down on Bitcoin with $180M Buy Despite Q1 Losses

In a move that further solidifies its place as the world's largest corporate holder of bitcoin, Michael Saylor’s company Strategy has acquired an additional 1,895 BTC for approximately $180 million. The purchase, which took place between April 28 and May 4, was disclosed in a recent regulatory filing with the U.S. Securities and Exchange Commission. The company paid an average price of $95,167 per bitcoin.

The funds for this acquisition came from the sale of Strategy’s own shares. During the week, the firm sold 353,825 shares of its common stock (MSTR) and 575,392 shares of its preferred stock (STRK), raising $180.3 million. These share sales are part of the company’s aggressive capital-raising strategy, particularly through its 21/21 Plan — a campaign launched to accumulate $42 billion in bitcoin through a combination of stock sales.

As of May 4, the MSTR portion of the 21/21 Plan has been fully executed and terminated. However, Strategy still has $20.87 billion in remaining capacity under the STRK portion. Simultaneously, the firm has introduced a follow-up campaign dubbed the “42/42 Plan,” aiming to raise an additional $42 billion — equally split between equity and debt — by 2027 to continue its bitcoin acquisition spree.

Strategy also utilizes perpetual preferred stocks (STRK and STRF) outside the scope of both capital plans to supplement its bitcoin buying capacity. With the latest purchase, the company now holds a staggering 555,450 bitcoin, acquired at a cumulative cost of roughly $38.08 billion. At today’s price levels, those holdings are worth around $52.2 billion, giving the firm an unrealized gain of approximately $14.2 billion.

That represents more than 2.6% of bitcoin's total supply — a level of concentration rarely seen among institutional investors.

The acquisition follows the company’s recent earnings report, in which Strategy posted a $4.2 billion net loss for the first quarter. Much of that loss was attributed to $6 billion in unrealized depreciation on its bitcoin holdings, driven by new fair value accounting standards. Despite falling short of both revenue and earnings expectations, investor sentiment around Strategy remains upbeat.

Analysts cite several reasons for continued optimism. The company’s pioneering approach to capital structure, its dominance in bitcoin accumulation, and its appeal to institutional investors create a unique long-term value proposition. As one market strategist put it, “No other firm has blended equity, debt, and digital assets with this level of conviction.”

While Strategy leads the charge, it is no longer alone. Other players are beginning to follow its lead. Cantor Fitzgerald, SoftBank, Bitfinex, and Tether recently unveiled a $3.6 billion bitcoin initiative called Twenty One Capital. Firms like Semler Scientific, KULR, and Metaplanet have also adopted bitcoin as part of their treasury strategy.

With institutional interest accelerating and bitcoin prices staying near record highs, Strategy’s bold stance may prove to be more than a gamble — it might be a roadmap.