Michael Saylor is ready to pull the trigger again. The co-founder of Strategy, formerly known as MicroStrategy, shared his usual Sunday Bitcoin chart on X today, teasing yet another purchase set for Monday.
“Death to the blue lines. Long live the green dots,” Saylor said to his 4.1 million followers in the post, hinting at an end to the brief one-week pause in Bitcoin buying.
Strategy, according to tracking platform SaylorTracker, currently holds 471,107 BTC. That stash is valued at $45.3 billion and includes the company’s January 27 addition of 10,107 BTC before the pause.
Rebrand puts Bitcoin front and center
On February 5, MicroStrategy shed its old identity and officially became Strategy and leaned into its Bitcoin-first reputation by adopting a Bitcoin logo. The company swapped its branding colors for Bitcoin-themed ones and made sure its marketing screamed pro-Bitcoin at every turn. Phong Le, Strategy’s CEO, said:
“Bitcoin and artificial intelligence are the two most transformative technologies of the twenty-first century. Our new name powerfully, and simply, conveys the universal and global appeal of our company.”
Strategy released its Q4 2024 earnings report on the same day it announced the rebrand and its software business pulled in $120.7 million in revenue—a 3% year-over-year drop. More notably, they posted a $640 million net loss for the quarter. Regardless, Q4 2024 became the company’s most aggressive quarter yet, with 218,887 Bitcoins worth $20.5 billion added to their pile.
During the earnings call, Strategy presented shareholders with its roadmap for Bitcoin gains in 2025. They pointed to major catalysts, including the possibility of regulatory clarity in the US, stronger political support for digital assets, and improvements to Bitcoin ETFs as well as institutional investors.
On August 7, 2024, Strategy split both Class A and Class B shares 10-for-1, which slashed entry costs for new investors and opened the doors for a wider base of potential shareholders. By the end of December, they had issued 42.3 million shares of Class A stock, raising $15.1 billion.
In January and February 2025, they issued another 6.5 million shares, securing $2.4 billion. Even with these massive raises, Strategy still has $4.3 billion in Class A shares available for future offerings. CFO Andrew Kang called the company’s capital plan “firing on all cylinders” and confirmed they’ve already raised $20 billion out of their $42 billion goal.
And that’s not all. Early in 2025, Strategy launched its first convertible preferred stock offering, raking in $584 million from institutional and retail backers. The company also issued $3 billion in 0% Convertible Senior Notes in November 2024, which will mature in 2029. These notes allow investors to convert holdings into Strategy stock at $672.40 per share, a price investors are betting will be a steal down the line.
From the $3 billion note issuance, the company netted $2.97 billion after fees. But they weren’t done. In January 2025, they rolled out another fundraising vehicle: Series A Perpetual Strike Preferred Stock. Priced at $80 per share, this raised $563.4 million after expenses. These preferred shares come with an 8% annual dividend and a $100 liquidation preference, giving Strategy another steady funding option.
Strategy’s Bitcoin returns in 2024 were through the roof, with a BTC Yield of 74.3%. But for 2025, they’ve set a more conservative 15% target in a reported move toward a more sustainable pace.
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