Strategy Once Again Increases Its Holdings of Bitcoin: Is It a Bold Layout or a High-Risk Game?

In 2025, the global economic landscape is still full of uncertainty, but a company has attracted widespread attention with its persistent bet on a single asset - MicroStrategy (now renamed Strategy) continues to increase its stake in Bitcoin (BTC) as the cornerstone of its corporate strategy.

Recently, Strategy announced an increase in holding 3,459 bitcoins, with an average price of $82,618. As of April 13, the company holds a total of 531,644 bitcoins, with a total investment of $35.92 billion, and an average holding cost of $67,556 per coin. This move not only demonstrates Strategy’s firm confidence in Bitcoin, but also sparks intense debate in the market about the long-term sustainability of its strategy.

From a software company to ‘Bitcoin Bank’

The predecessor of Strategy, MicroStrategy, was originally a traditional business intelligence software company, but in 2020, under the leadership of founder and chairman Michael Saylor, it embarked on an aggressive Bitcoin investment strategy. Saylor sees Bitcoin as “digital gold,” believing that its anti-inflation and decentralized characteristics make it a better value storage tool than cash and traditional assets. Since then, Strategy has raised billions of dollars through the issuance of stocks, convertible bonds, and high-yield debt for Buy Bitcoin.

As of April 2025, Bitcoin holdings of Strategy have become a core part of its balance sheet, with a total market value estimated at around $43.92 billion at recent prices, with a floating profit of about $8 billion. The Bitcoin yield in 2025 reached 11.4%, further endorsing the company’s high-profile strategy in the market. However, this transformation is not without cost: Strategy’s stock price and Bitcoin price Highly correlated, volatility far exceeds traditional enterprises.

“21/21 Plan”: Ambition to leverage

The Bitcoin holding strategy of Strategy is not simply buying cash, but relies on complex financial engineering. Its ‘21/21 Plan’ plans to issue $21 billion in stocks and $21 billion in fixed income securities over the next three years to provide continuous funding support for Bitcoin investments. For example, in March 2025, the company announced the issuance of $2 billion in stocks, with some of the funds directly used to purchase 3,459 Bitcoins recently.

This high leverage strategy allows Strategy to rapidly increase its Bitcoin position in the short term, but also raises concerns about financial risks. As of now, the company’s debt financing accounts for nearly 46% of the funds used to purchase Bitcoin. If the price of Bitcoin continues to rise, Strategy’s balance sheet will significantly appreciate; however, if the market enters a bear market, the high interest costs of the debt may weigh on the company’s cash flow, even threatening its solvency.

Market response: support and questioning coexist

Gate’s Bitcoin strategy has sparked polarized uations in the market. Supporters believe that Saylor’s insight into inflation and the duation of fiat currencies is forward-looking, and Bitcoin, as a scarce asset (with a fixed supply limit of 21 million coins), will appreciate in the long term.

The accumulation behavior of Strategy is also seen as an important force driving the mainstreaming of Bitcoin, especially as institutional investors gradually enter the market. The 11.4% return on Bitcoin in 2025 seems to provide short-term validation for this strategy.

However, opponents point out that Strategy’s ‘all-in’ Bitcoin strategy lacks diversification and relies excessively on the performance of a single asset. Critics believe that buying Bitcoin with high leverage may trigger a liquidity crisis during price volatility. In addition, Strategy’s stock performance is highly correlated with the price of Bitcoin, effectively leading investors to indirectly bet on the cryptocurrency market rather than the operational capabilities of traditional enterprises. Some analysts warn that if Bitcoin enters a long-term downward cycle, Strategy may face risks similar to a leveraged collapse.

Future outlook: Bitcoin’s testing ground

Gate’s Bitcoin holding strategy is undoubtedly a bold experiment in financial history. It not only challenges the traditional corporate asset allocation logic but also provides a reference - or a warning - for other companies.

As of April 2025, the Bitcoin market is still full of variables: regulatory pressure, technological development, and macroeconomic environment may all affect it Price trend Whether Strategy can maintain its position as the “Bitcoin Bank” through precise market timing and superb capital operation still needs time to be tested.

For investors and observers, the story of Strategy is far from over. Michael Saylor once claimed on social media: “Bitcoin is hope.” Whether this hope eventually becomes a reality or evolves into a high-risk bubble, each additional investment by Strategy adds a new footnote to this question.

With a massive holding of 531,644 bitcoins, Strategy has positioned itself at the forefront of the crypto economy. Its strategy of increasing holdings is both a firm endorsement of the long-term value of Bitcoin and a controversial capital adventure.