Michael Saylor's Strategy (formerly MicroStrategy) is on the verge of its 100th Bitcoin (BTC) purchase, a milestone that would extend the firm's buying streak to 13 consecutive weeks while its 717,131 BTC treasury — acquired at an average price of $76,027 per coin — sits deep underwater with the cryptocurrency trading near $65,000.
What Happened: Strategy Nears 100th Purchase
Saylor posted a chart on X on Feb. 22 with the caption "The Orange Century," a signal he has repeatedly used before announcing new acquisitions. The company has made 99 separate Bitcoin purchases since it first adopted the cryptocurrency as a treasury reserve asset in August 2020.
The buying has continued despite significant unrealized losses. With Bitcoin trading well below Strategy's average cost basis, the market value of the firm's holdings is lower than what it paid.
On Jan. 26, Securities and Exchange Commission filings showed Strategy acquired 2,932 BTC for approximately $264.1 million at an average price of $90,061 per coin, a purchase made while Bitcoin fluctuated between $87,000 and $90,000.
The firm has now bought Bitcoin for 12 straight weeks regardless of price swings.
Strategy funds its acquisitions through debt issuance and share sales, a financial engineering approach that has drawn criticism from investors who argue the company risks diluting existing shareholders.
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Why It Matters: Conviction Amid Losses
The world's largest corporate Bitcoin holder continuing to accumulate while underwater carries weight. When a company with more than 717,000 BTC doubles down during a drawdown, it signals a long-term time horizon that may influence how other institutional players view the asset.
Whale-level investors and corporate treasuries tend to operate on 10- to 20-year outlooks rather than reacting to short-term charts. Strategy's persistence — buying through volatility, losses, and dilution concerns — could reinforce confidence among institutional observers even as retail sentiment wavers.
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