Saylor's Strategy Buys Another 4,871 BTC While Everyone Else Holds Their Breath

Michael Saylor's Strategy has a problem—it's addicted to orange coins. The Bitcoin treasury company dropped another 4,871 BTC into its vault last week at an average price of $67,718 per coin, shelling out roughly $329.9 million. For anyone keeping track at home, that's roughly $1.3 million per hour, assuming they slept at all during the shopping spree.

The purchase brings Strategy's total holdings to 766,970 BTC—roughly 3.8% of Bitcoin's total circulating supply. That's about $58.02 billion invested at an average cost basis of $75,644 per coin. To put this in perspective, if Bitcoin were a country, Strategy would be its most enthusiastic citizen—possibly even its president.

There's just one tiny detail: at Bitcoin's current price near $69,120, the entire position sits underwater by roughly 8%, translating to about $5 billion in unrealized losses on paper. That's roughly the GDP of a small island nation, or enough to buy a decent collection of Lambos, depending on your priorities.

Last week's shopping spree was mostly funded through $227.3 million in sales of the company's STRC preferred stock, with the remaining $72 million coming from common stock sales. Essentially, degens bought the dip while Saylor printed more stock to buy more Bitcoin. The circle of life in corporate crypto land.

This purchase snapped a brief one-week pause in buying—Strategy's first purchase-free week in 13 weeks. Michael Saylor signaled the return with a simple "Back to Work" tweet. One week of not buying Bitcoin probably felt like going through withdrawal for this guy.

Despite the paper losses, Strategy remains by far the largest corporate holder of Bitcoin in the world, continuing its relentless accumulation while most other institutional players have gone quiet. The gang's all here—watching from the sidelines while one man single-handedly tries to corner the market, one convertible note at a time.