Micro-Strategy Strategy Annual Review: Increased BTC positions exceeded 200,000! Buying Bitcoin Never Stops

Strategy (micro-strategy) continues to buy goods regardless of the price movement of Bitcoin. Michael Saylor's "stubbornness" will result in the purchase of more than 200,000 BTC in 2025.
(Preliminary summary: JPMorgan Chase calls Bitcoin to see $170,000 next year, and pay close attention to the micro-strategy mNAV 1 red line in the short term)
(Background supplement: Micro-strategy Strategy’s Bitcoin reserves have hit the brakes? Unlimited increases have turned into cash hoarding, should retail investors flee? )

When everyone was sharing Spotify’s annual review on the community, Strategy also took the opportunity to share their performance in Bitcoin this year. (Bitcoin) The above results, a total of more than 200,000 coins were purchased in 2025! This sends a strong signal to the outside world that Bitcoin is at the core of the company's balance sheet. However, this may also mean that Strategy will no longer increase its holdings of Bitcoin this year.

650,000 Bitcoins

Strategy has purchased more than 200,000 Bitcoins this year, with a cumulative position of 650,000 pieces, with a market value of approximately US$48.38 billion.

Compared with the size of approximately 203,600 coins in 2023, it has tripled in two years. The average holding cost was pushed up to US$74,436, but the company still bought 130 coins in early December at an average price of US$89,960, without putting the brakes on the high price at all.

Does anyone remember they were a software company?

Michael Saylor sees long-term holding of Bitcoin as a “defense against inflation.” He emphasized in many public conversations:

We do not trade Bitcoin, we own it. In a world where fiat currencies continue to depreciate, Bitcoin is the only safe haven. We will continue to buy as this is the only way to shift corporate balance sheets from fragile fiat to hard assets.

This strategy avoids timing trading and instead treats Bitcoin as a "hard asset" in the four-year halving cycle. Michael Saylor's goal is not to earn short-term spreads, but to capture long-term exponential appreciation.

Recently, in the face of external doubts about potential liquidation, Strategy announced the establishment of a cash reserve of US$1.44 billion to ensure that operating and interest expenses do not require selling coins. At the same time, the company raises funds through the issuance of stocks and low-interest debt. As long as the long-term increase in Bitcoin is "higher than the interest required to be paid to creditors," this spiral capital arbitrage mechanism can continue to amplify shareholder value.