Michael Saylor's Bitcoin-first investment strategy has once again taken the spotlight

Strategy (formerly MicroStrategy) laid out an ambitious new plan to scale its BTC holdings. The company now owns over half a million bitcoins

Strategy (formerly MicroStrategy) is a company that has made headlines for its bold Bitcoin-first investment strategy, and the company’s 42/42 Plan to increase its BTC holdings has once again taken the spotlight.

The company, helmed by Bitcoin bull Michael Saylor, now owns a significant portion of the flagship cryptocurrency, making it one of the biggest institutional players in the crypto market.

The company's latest earnings report, which saw Strategy disclose a net loss for the fifth consecutive quarter, also highlighted its bullish stance on Bitcoin despite reporting an unrealized loss of $5.9 billion.

The company's stock has seen a surge, rallying by 50% after Strategy completed a $21 billion at-the-market equity offering that recently brought in over 301,000 BTC.

As of April 28, Strategy holds 553,555 BTC, which were acquired at a total cost of $37.9 billion and an average price of $68,459 per coin. Of this total, 107,155 BTC have been bought in 2025 alone, making it the company’s most aggressive buying year to date despite only four months having passed. The firm’s internal disclosures also note an average cost of $66,384.56 per bitcoin.

The latest bitcoin buy was announced on April 28, when Strategy disclosed purchasing 15,355 BTC at an average price of $92,737 for a total of $1.42 billion.

This brings the total bitcoin bought this year to 107,155 at an average price of $85,004 per bitcoin and a total spend of $9.1 billion.

This places Strategy as the second-largest institutional holder of bitcoin, trailing only BlackRock.

However, at the current bitcoin price of $97,000, Strategy's bitcoin portfolio holds a paper gain of $5.8 billion, having started the year with a total of $32 billion in bitcoin bought at an average price of $57,803 per bitcoin.

Strategy's market value is now deeply influenced by bitcoin's price direction.

The company's BTC portfolio has yielded a 13.7% return so far in 2025, generating a paper gain of $5.8 billion. Despite the crypto market volatility, the company updated its BTC yield target from 15% to 25% and a $15 billion profit goal by the end of the year.

The company's stock is currently up by 3.35% in the past 24 hours and is currently trading at $394.37, while bitcoin is trading at $96,500.