Treasuries · Chart

MicroStrategy / Strategy BTC Accumulation Curve

Cumulative Bitcoin holdings of MicroStrategy (now Strategy, ticker MSTR / STRGY) plotted across every filed acquisition since the initial USD 250 million treasury allocation on 11 August 2020. Over 670,000 BTC accumulated, representing roughly 3.2 percent of total Bitcoin supply. The cleanest single visualisation of the Saylor BTC treasury thesis playing out in real time. Hover for the exact BTC added at any filing date.

Last updated: 18 May 2026 By Govind Satoshi

Chart

Cumulative Strategy (formerly MicroStrategy) BTC holdings across every filed acquisition. Hover any point for the filing date, cumulative BTC, and BTC added in that filing. Click Fullscreen for a presentation-grade view.

Loading data...

Accumulation phases

  • Treasury launch (Aug-Dec 2020). Initial 21,454 BTC at ~USD 11K. Within months, additional convertible debt raises (the first USD 650M convert in December 2020) brought the total to 70,470 BTC by end of 2020. This is the era when the thesis was proven: Saylor showed a public company could mechanically raise convertible debt and deploy at scale into BTC.
  • Cycle-top accumulation (2021). Continued buying through the 2021 BTC peak. By end of 2021 the holdings exceeded 124,000 BTC. The Feb 2021 spike took BTC to USD 60K and MSTR equity benefitted; subsequent purchases were higher cost-basis but the firm continued.
  • Bear market HODL (2022-2023). The 2022 BTC drawdown from USD 69K to USD 16K compressed Strategy's mNAV and made fresh ATM raises less accretive. The firm continued buying via convertibles (the 2022 USD 500M secured-note deal was deployed across the year) and crossed 189,000 BTC by year-end 2023.
  • Spot ETF launch + post-election ATM blowout (2024). The January 2024 spot BTC ETF launches re-rated MSTR equity. mNAV expanded sharply through 2024 as BTC rallied past USD 70K, then past USD 90K post the November US election. Strategy executed multi-billion-USD ATM raises in October, November, and December 2024, accumulating from ~226K BTC in August to ~447K BTC by year-end. The largest single-tranche addition (~52K BTC) happened mid-November.
  • 2025 sustained pace. Continued multi-billion-USD convert + ATM cadence through 2025. Crossed 500K BTC in February, 600K BTC by mid-year. Mid-2026 the cumulative stack is over 670K BTC.

The ATM / convert flywheel

Saylor's accumulation engine has two pumps:

  • Convertible debt. Multiple convert raises (USD 600M, USD 1B, USD 2B, USD 3B tranches) at progressively higher BTC reference prices. Coupons typically 0-1%, conversion premiums 30-50%. The convertibles are dilutive only if MSTR trades above the conversion price at maturity - by which time the BTC purchased with the proceeds has typically grown in value enough to make the dilution accretive in BTC-per-share terms.
  • At-the-market (ATM) equity issuance. Strategy can sell newly-issued shares directly into the market at the prevailing price. When MSTR trades above mNAV (which has been most of 2024-2025), every ATM share sold above mNAV accretes BTC-per-share for existing holders. This is the 'BTC yield' Saylor calls out in earnings calls - a multi-percent monthly BTC-per-share growth rate during high-mNAV periods.

The flywheel is self-reinforcing in bull cycles. High mNAV → accretive ATM raises → more BTC purchased → narrative validates → mNAV stays high. The unwind risk is a sustained MSTR-vs-BTC ratio compression (see the MSTR / BTC ratio chart) which could compress mNAV below 1 - at which point ATM raises become dilutive in BTC-per-share terms and the firm would slow accumulation. This has not happened in the post-2020 era so far.

AU-investor framing

  • Leading indicator for institutional Bitcoin demand. Strategy's accumulation cadence is one of the few real-time signals of corporate-treasury BTC demand. Acceleration in Strategy filings has historically correlated with broader institutional accumulation phases.
  • MSTR equity as a leveraged BTC bet. AUD-resident investors wanting leveraged BTC exposure via the equity market can hold MSTR via Stake / IBKR. The trade-off: MSTR has historically traded at 1.5-3x mNAV premium (you pay that premium for leverage + brokerage-account access), is USD-denominated (AUD/USD currency layer), and carries dilution risk from ongoing ATM raises.
  • Strategy is the canonical example for the MSTR copy-cat trend. Metaplanet (Japan), Semler Scientific, KULR Tech, Genius Group, and several others have copied the playbook. None has yet executed at Strategy's scale but the trend is durable - watch the corporate treasuries leaderboard for the latest copy-cat additions.
  • ATO CGT treatment for AU MSTR holders. MSTR is a US-listed CGT asset for AU-resident holders. 50% CGT discount applies for 12+ month holdings inside individual ownership. Currency gains/losses on the AUD/USD layer are part of the CGT calculation per ATO TR 96/14. SMSF holders get the 1/3 CGT discount (10% effective rate) on 12+ month holdings.

Methodology

  1. Source. Strategy's 10-Q quarterly filings and 8-K disclosures of treasury additions. Every entry on the chart corresponds to a publicly filed acquisition.
  2. Date convention. The plotted date is the filing date (typically the date Strategy announces the acquisition - usually within days of the actual purchase window).
  3. Stock split adjustment. Strategy's 2024 10-for-1 stock split affected the share count but not the BTC holdings; BTC-per-share metrics on the company's earnings disclosures are split-adjusted, but the BTC accumulation chart is unaffected.
  4. Update cadence. Refreshed on every 8-K disclosure of new acquisitions. Maintained manually.

Frequently asked questions

Michael Saylor (Strategy's executive chairman) pivoted MicroStrategy from a niche enterprise business-intelligence software company to a publicly-traded BTC accumulation vehicle in August 2020. The thesis: fiat is structurally debasing, BTC is the optimal hard-money treasury asset, and a public company can use its access to debt and equity markets to accumulate BTC at scale beyond what individual investors can. Strategy raises convertible debt and at-the-market (ATM) equity above its mNAV (market-cap / BTC NAV ratio), uses the proceeds to buy BTC, and accretes BTC-per-share for existing equity holders. The chart visualises the resulting accumulation curve.

Strategy's accumulation rate depends on capital-raise cadence. When mNAV is high, the ATM machine is more accretive (selling each share above mNAV adds more BTC-per-share than the dilution removes); the firm accelerates raises. Convertible debt deals close in larger discrete tranches (often USD 500M-3B per deal). Acquisitions therefore cluster around large convert deals and high-mNAV ATM windows. The chart shows clear acceleration phases around Q4 2020, Q4 2024 (when mNAV peaked above 3x and the firm executed multiple multi-billion-USD raises in weeks), and 2025.

No. Saylor has publicly committed to the never-sell policy. The firm has held through the late-2021 to late-2022 BTC drawdown (BTC peaked at ~USD 69K in November 2021 and bottomed at ~USD 16K in November 2022) and through multiple subsequent 20-40 percent drawdowns. The accumulation curve has been monotonic since launch: every quarter has shown a higher cumulative BTC holding than the previous quarter.

MicroStrategy rebranded to 'Strategy' (legal name Strategy Inc., ticker MSTR for the Class A shares plus STRGY for the preferred shares) in early 2025. The brand pivot reflects the company's evolution from a software-business-with-a-BTC-balance-sheet to a Bitcoin-treasury-company-with-a-software-business. The software business continues but is no longer the headline of the corporate narrative.

BTC-per-share is Strategy's total BTC holdings divided by total diluted shares outstanding. Saylor reports it each quarter as the headline 'BTC yield' metric. When the company executes accretive ATM raises (selling equity above mNAV and buying more BTC), BTC-per-share rises. Historical growth has been 50-100 percent year over year in the post-2023 era. For MSTR equity holders this is the primary value-creation metric, distinct from share price (which is BTC-per-share x BTC USD x mNAV multiple).

Strategy's 10-Q filings, 8-K disclosures of treasury additions, and the company's published acquisition tracker. Every entry on the chart corresponds to a filed acquisition with a specific date and BTC count. Maintained manually as new filings publish.

About the author

Govind Satoshi
Govind Satoshi
Former Institutional Trader. Founder, SatoshiMacro.
Traded allocated institutional capital at a Sydney proprietary trading firm.