Strategy’s Bitcoin holdings surge to 639,835 BTC, valued at $70B+ with $25B unrealized gains as of late September 2025.
Michael Saylor’s “Always Be Stacking” chart showcases five years of relentless accumulation, averaging $73,971 per BTC.
The firm’s $84B “42/42” plan fuels ongoing buys, inspiring 70+ corporate treasuries amid Bitcoin’s $110K+ rally.
In the relentless arena of corporate crypto adoption, Michael Saylor remains the undisputed high priest of HODLing. On September 28, 2025, the Strategy (formerly MicroStrategy) co-founder and executive chairman lit up X with a chart that’s pure orange-pilled poetry: a jagged Bitcoin price line intertwined with those iconic orange dots—each one a testament to his firm’s unyielding accumulation strategy. Captioned “Always Be Stacking,” the post clocks in at a staggering $70.01 billion in Bitcoin value, with 639,835 BTC in the vault at an average purchase price of $73,971. It’s not just a flex; it’s a battle cry for every Bitcoin maximalist watching fiat erode.
Saylor’s chart, sourced from StrategyTracker, paints a vivid five-year saga. Starting from the 2020 dip—when Strategy scooped up its first 21,454 BTC for $250 million amid COVID chaos—the line dances through bull runs and bear winters. Orange dots cluster like war paint: 29,646 more in December 2020 at $22K apiece, ballooning to 70,470 by year-end. Fast-forward to 2024’s frenzy, with mega-buys like 51,780 BTC in November at $88K, pushing holdings past 439,000 by December. The rebrand to Strategy in February 2025 sealed the pivot from BI software to Bitcoin treasury titan, crossing half a million BTC in Q1 alone via aggressive ATM equity sales and convertible notes.
By mid-September, after a 30,690 BTC haul funded by Series A preferred stock issuances, holdings hit 638,985—worth north of $71B at peaks over $112K. The latest: 850 more on September 22 for $99.7M at $117K average, edging the total to 639,835 and implying $25B in unrealized gains. That’s over 3% of Bitcoin’s 21M supply, locked in a fortress of debt-fueled diamond hands. Saylor’s playbook? Leverage cheap capital—$84B targeted through 2027 via the upsized “42/42” plan—to outpace inflation and fiat debasement. For crypto denizens, this isn’t abstract. Strategy’s MSTR stock has morphed into a leveraged BTC ETF proxy, surging 300% YTD on Bitcoin’s rally to $110K+. It inspires copycats: Over 70 firms now hold BTC treasuries, from miners to meme stocks. Yet risks lurk—volatility, dilution from stock sales, and regulatory scrutiny amid fair-value accounting shifts that juiced Q1 earnings by $12.7B. Saylor shrugs it off: “BTC Yield” target hiked to 25% for 2025, eyeing $15B gains.
As Bitcoin eyes $120K post-halving, Saylor’s stack stands as a monument to conviction. In a world of yield-chasing alts, his mantra endures: Stack sats, stack forever. The chart’s upward arc? A roadmap for the patient. Crypto’s corporate vanguard marches on—orange dots leading the charge.
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Nikolai Carter
