Without buying down or selling a single bitcoin: analysis of Strategy's success play

By Hannah Pérez

A detailed analysis of the epic trip of Strategy in Bitcoin, From its first purchase in 2020 to less than USD $ 12,000 per currency until October 2025. Saylor accumulates regardless of volatility and trusts in the long term.

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From $ 250 million to $ 77 billion: this has been the epic trip of Strategy in Bitcoin.
A detailed analysis of the purchasing history of Bitcoin of Strategy From 2020 to 2025.
Your purchasing patterns show that the company does not necessarily “Buy in the fall.”
Instead, it focuses on accelerating purchases in bullish cycles and being resilient in bassists.
Strategy: Hodl forever before the perspective of a brilliant future to Bitcoin.

Strategy This week celebrated an increase in the value of its reservations of Bitcoin (BTC) when the price of cryptocurrency approached its historical maximum of USD $ 124,000.

The company, previously known as Microstrategy has been directing an aggressive and consistent strategy of accumulation of Bitcoin As the main treasury asset since August 2020. He began buying when the price of the distinguished cryptocurrency was negotiated around USD $ 11,680. Since then, Bitcoin has grown by 935%, and also the figures of Strategy.

Under the leadership of Michael Saylor, the company has made 81 purchases until October 2025, accumulating in total 640,031 BTC for an approximate expenditure of USD $ 47.4 billion, at an average acquisition price of around USD $ 73,983 per BTC

At the current price of approximately USD $ 121,000 per BTC, The value of your holdings amounts to USD $ 77.4 billion, generating an extraordinary profit not made of more than USD $ 30 billion.

**Strategy: Hodl against all odds**

The strategy of Strategy It focuses on the “Hodl”, that is, buy and retain Bitcoin in the long term as a reservation of value greater than the traditional cash or assets –Like gold–protecting against inflation and monetary devaluation.

Saylor has publicly defended Bitcoin Like a “Superior Digital Assets” and has used innovative financing mechanisms to maximize acquisitions without excessively diluting capital. This includes convertible debt emissions, actions of shares (ATM), collateralized loans with BTC, inter alia.

This approach has turned Strategy In the largest corporate holder of Bitcoin of the world, with an approach to persistent accumulation regardless of market volatility. According to Saylortracker.com, the daily acquisition average is 340.8 BTC, with an average daily expenditure of USD $ 41 million during active periods.

Strategy He began his trip on August 10, 2020, with a purchase of 21,454 BTC, for a total expenditure of USD $ 250 million at an average price of USD $ 11,653 per BTC The rhythm and purchase size has changed considerably since that first investment, with prolonged periods of weekly acquisitions and expenses of up to USD $ 5.4 billion at a time.

“Our trip began with $ 250 million in Bitcoin and an immediate unrealized loss of $ 040 million. Today we close with a new historical maximum: $ 77.4 billion in BTC liquidative value“Saylor celebrated this week.

Our Journey Began with $ 0.25 Billion in Bitcoin – and An Immediate $ 0.04 billion unrealized loss. Today, We Closeed at A New All-Time High: $ 77.4 Billion in BTC Nav. pic.twitter.com/9k5vkaag8p

– Michael Saylor (@saylor) October 2, 2025

Clear correlation between price and acquisitions

The acquisition chart provided by the company reveals a correlation between the evolution of the price of Bitcoin and a progressive increase in movements of Strategy to add coins to your massive reserve (marked by yellow points).

The graphic indicates the Bitcoin’s acquisitions of Strategy over time within the evolution of the price of cryptocurrency. Source: Strategy.com

After its first purchase in August 2020, the company was making investments during the Bull Market of 2021 (when the price conquered a historical maximum of USD $ 70,000). During that initial adoption phase, they made sporadic acquisitions but significant, including one by 38,250 BTC in February 2021. That year they ended with 124,391 BTC in their pockets.

What came later was a prolonged bearish cycle for the cryptocurrency market, which extended throughout 2022 until practically late 2023. During this period, when BTC It sank below USD $ 20,000, purchases were minimal. Despite paper losses, Strategy He showed resilience and did not sell a coin.

With a new uprising cycle of Bitcoinpurchases of Strategy They also accelerated. From 2023, when prices began to recover, the company intensifies its acquisitions. This strategy intensified during the next two years, with records record for weekly purchases for up to thousands of Bitcoins. In 2025, the company makes its first purchase of more than USD $ 100,000 for each BTC

In total, from 2023 to 2025, Strategy has added more than 507,000 BTC, representing almost 79% of current holdings.

Purchase patterns: beyond falls

The acquisition history of Bitcoin by Strategy shows some patterns, Starting because the company does not strictly follow the typical strategy of «buy“. Instead, Saylor’s play seems to focus on a averaged costs in dollar with emphasis on continuous accumulation.

The graph in question also shows that yellow points are grouped during climbs (2021, 2023-2025), indicating that Strategy accelerate when you can raise funds at reduced costs (due to low interest rates and Premiums in actions). While in the bearish cycles of the market, they have chosen to curb the purchase rhythm to preserve liquidity.

To date, this perspective has allowed Strategy Accumulate without pause, avoiding forced sales despite volatility.

This has resulted in a yield yield) of 26% for September, in the year to date. The metric measures the growth of holdings vs. shareholding dilution, which reflects efficiency in financing. The actions of Strategy (MSTR) In the US stock market, 2,300% have been shot in the last 5 years, more than the increase close to 1,000% of Bitcoin.

Bet and eternal trust for Bitcoin

The strategy of Strategy It is visionary and high risk, but with a huge reward. Without a future sales perspective, Saylor’s express plan is to accumulate BTC As an active asset, creatively financing the play and ignoring short -term volatility.

The company has managed to buy in adequate periods, accumulating in times of market recovery. However, to a large extent, its success has depended on the continuous appreciation of Bitcoina huge confidence deposit that, if fails, could press its finances and cause possible catastrophes for the market in case of liquidation.

Saylor remains optimistic and, if BTC It reaches a price of USD $ 1 million, as the executive predicts, its current holdings would be worth more than half billion dollars, transforming the company and financial landscape as a whole.

Article written with the help of AI, edited by Diariobitcoin

Image generated with AI tool, under free use license

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