MicroStrategy now owns 2.6% of bitcoin's circulating supply

According to Michael Saylor's latest announcement, the world's largest bitcoin holding company now owns 528185 BTC. That is more than 2.6% of bitcoin's circulating supply.

Despite a rocky start to 2025, with bitcoin (BTC) sliding below $70,000 after a brief touch of $74,000, the price has since rebounded.

As of Friday morning, bitcoin was trading at around $64,000. At Friday’s prices, bitcoin’s market capitalization is about $1.6 trillion.

According to Michael Saylor’s latest announcement, the world’s largest bitcoin holding company now owns 528,185 BTC. That is more than 2.6% of bitcoin’s circulating supply.

Personally, Saylor also owns at least 17,000 additional bitcoin. Combined, therefore, he and the company he founded own over 2.7% of bitcoin’s market capitalization.

MicroStrategy (NASDAQ:MSTR), doing business as Strategy, is a highly leveraged speculator on bitcoin’s price. Strategy currently owes $8.2 billion in US dollar-denominated debts. In addition, Strategy has dividend obligations to two preferred series of shareholders, STRK and STRF.

Blessed with an avid fan base of investors who think that the bitcoin-acquiring company is worth more than the bitcoin it has acquired, its MSTR common shares trade at a curious premium to the assets that back those shares. As of publication time, basic MSTR shares are trading at a 73% premium to the company’s bitcoin.

Half as much circulating bitcoin as Satoshi Nakamoto

Acquiring bitcoin through the addition of convertible debt, issuances of preferred shares, and MSTR at-the-money (‘ATM’) sales, the company captures this premium to achieve a so-called ‘bitcoin yield.’ Year-to-date in 2025, these dilutive practices have resulted in a bitcoin yield metric for MSTR shareholders of 11%.

Strategy’s average purchase price for all of its bitcoin holdings is $67,458. It paid an average of $35.6 billion for its holdings that are now worth $44 billion. It has unrealized profits on its trade of $8.4 billion.

Incredibly, the company now owns approximately half as much bitcoin as the original creator of bitcoin, Satoshi Nakamoto. Most estimates of Nakamoto’s holding are around 1.1 million.

Saylor, who founded MicroStrategy in 1989, has vowed to ‘donate’ his personal wealth back to all bitcoin owners upon his death. Waxing philosophical about his appreciation for acolytes who believed his message during his lifetime, he said he would burn private keys to over 17,000 bitcoin as his giving pledge.

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