Strategy’s relentless hoovering of Bitcoin has accelerated

The company formerly known as MicroStrategy purchased 6,556 Bitcoin over the past week for more than $555 million

Strategy’s relentless hoovering of Bitcoin has accelerated, with the firm following up a recent $286 million purchase with the announcement Monday it has bought almost twice as much last week.

The company formerly known as MicroStrategy purchased 6,556 Bitcoin over the past week for more than $555 million, the firm said on Monday.

It now holds 538,200 Bitcoin bought at an average purchase price of $67,766, for a total spend of about $36 billion. At current Bitcoin prices, the company’s holdings are worth about $47 billion.

Equities have struggled this month amid an escalating US-China trade war. But Bitcoin has proven resilient: the cryptocurrency has gained about 3% since US President Donald Trump announced sweeping tariffs on April 2.

That trend continued Monday. Bitcoin rose about 4%, briefly topping $88,000, while the S&P 500 Index fell 2.79%.

But Bitcoin’s overperformance has little to do with Strategy’s buying spree, according to Matthew Sigel, head of digital assets research for Van Eck.

“There is little to no correlation between Strategy’s weekly Bitcoin purchase volume and either Bitcoin price at the end of the week or the change in Bitcoin price over the course of the week,” Sigel wrote.

Despite recent market volatility, Strategy seems undaunted in its quest to acquire more Bitcoin. On April 14, the company said it had acquired $286 million worth of Bitcoin the preceding week. Strategy is the largest publicly traded holder of Bitcoin.

Strategy’s coffers are overshadowed only by exchange-traded funds such as BlackRock’s iShares Bitcoin Trust, which held 570,983 Bitcoins worth about $48 billion as of Monday.

Some analysts predict Strategy’s stock, currently trading at $319.49, will hit $600 by the end of this year. That would make the firm more valuable than many notable financial institutions such as Charles Schwab and Citigroup.

Strategy wasn’t the only company to load up on Bitcoin over the past week.

On Monday, Tokyo-based Metaplanet said it had spent $56 million to acquire 649 Bitcoin.

Inspired by Strategy, Metaplanet pivoted to being a Bitcoin treasury company last year.

Metaplanet also operates a hotel division and holds the license for Bitcoin Magazine in Japan. It began acquiring Bitcoin in April 2024, and CEO Simon Gerovich has said the company aims to hold 10,000 by the end of 2025.

But the approach comes with significant risks. Firms that didn’t begin acquiring their Bitcoin early are more vulnerable to the token’s famed volatility and many have been left underwater by a recent slump.

However, GameStop’s stock recently surged after the company said it would pursue a similar Bitcoin-reserves plan.

Andrew Flanagan is a markets correspondent for DL News. Have a tip? Reach out to aflanagan@dlnews.com.