In 2020, Michael Saylor decided that MicroStrategy would use $250 million of its treasury to buy Bitcoin. This decision transformed the company, influenced corporate investors, and had an impact on the cryptocurrency markets. The bet became an official strategy, linking the company directly to the price of BTC and establishing MicroStrategy as a benchmark in corporate crypto adoption.
How It Started and Context
The first purchase in 2020 occurred during a period of concern about the dollar. MicroStrategy presented the operation as a financial hedge, and since then the company continued buying more Bitcoin during market dips, establishing a disciplined accumulation model that inspired other companies.
The accumulation was financed through debt, stock sales, and operating funds. By early 2021, MicroStrategy had already issued over $2 billion in debt to buy more Bitcoin, reinforcing its strategic position and long-term exposure.
Impact and Implications
By mid-July 2025, MicroStrategy held more than 597,325 BTC, making it the company with the most Bitcoin. Michael Saylor also personally owns 17,732 BTC, and the company reported an average purchase price of $66,384.56 per BTC, reflecting its sustained commitment to the cryptocurrency.
The size of the position changed the market’s perception of MicroStrategy. The company’s shares began to correlate with BTC price, reflecting direct exposure to the crypto asset and increasing the visibility of its corporate strategy in financial media.
Saylor has expressed a very long-term commitment:
“MicroStrategy will hold its Bitcoin investment for at least 100 years.”
His support fueled interest from other companies, with over $25 billion invested by corporations in the first half of 2025, reinforcing institutional confidence in Bitcoin.
The concentration of Bitcoin in a single company implies risks and effects. The balance sheet depends on BTC appreciating to sustain the stock’s value, and the use of debt and stock to buy BTC increased financial burden and market risk exposure. At the same time, the market signal accelerated corporate adoption, and Saylor estimates that Bitcoin could reach $21 million in about 20 years, consolidating the narrative of Bitcoin as a corporate reserve asset.
The transformation that began in 2020 turned MicroStrategy’s treasury into a major BTC accumulator. By mid-July 2025, the key figure is 597,325 BTC. This model raises questions about management, risk, and the role of companies as digital asset holders, setting a precedent for institutional adoption of cryptocurrencies in the financial world.
