How Michael Saylor Turned Strategy Into the Largest Corporate Bitcoin DCA Operation Ever Seen

TLDR:

• Michael Saylor’s Strategy has deployed over $54 billion into Bitcoin across six consecutive years without selling.
• The year 2025 marked a single-year record with $22.4 billion in Bitcoin purchases made by Strategy alone.
• Strategy now holds 717,131 BTC, representing approximately 3.4% of Bitcoin’s total fixed supply of 21 million coins.
• Bitcoin is currently trading below Strategy’s realized price of $76,000, yet Saylor continues accumulating without pause.

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Michael Saylor has executed what many in the crypto space now recognize as the largest dollar-cost averaging strategy in Bitcoin’s history.

Since 2020, his company Strategy, formerly MicroStrategy, has deployed over $54 billion to accumulate Bitcoin. The firm now holds 717,131 BTC, equal to roughly 3.4% of Bitcoin’s total supply.

Not a single coin has been sold throughout this six-year period. Saylor’s long-term conviction has shaped every financial decision made along the way.

Saylor’s Annual Bitcoin Purchases Reveal a Growing Commitment Over Six Years

Saylor initiated Strategy’s Bitcoin position in 2020 with $1.1 billion in capital deployed. The following year, the company raised that figure to $2.57 billion as confidence in the strategy grew.

Market turbulence in 2022 brought the annual investment down sharply to $276 million. Even so, Strategy maintained its position and did not liquidate any holdings during that period.

Crypto analyst Darkfost_Coc outlined the full year-by-year breakdown on X, drawing broad attention from the market.

The data showed that 2023 marked a strong recovery in deployment, with $1.9 billion invested. That figure then jumped dramatically to $21.9 billion in 2024, reflecting a significant acceleration in buying. The pattern pointed clearly to a strategy that grows more aggressive as time passes.

The 2025 figure of $22.4 billion set a new single-year record for capital deployed into Bitcoin. Strategy has continued into 2026 at a similar pace, with $4.1 billion already committed.

Should the current rate hold, 2026 could challenge or surpass the record set last year. Saylor has given no indication that the company plans to slow its accumulation at any point.

Throughout six years, Saylor has remained publicly committed to Bitcoin as a long-term store of value. He has repeatedly stated his belief that Bitcoin could eventually trade above the $1 million mark.

This conviction has guided Strategy’s capital-raising activities, including repeated equity and debt offerings. Each round of financing has fed directly back into further Bitcoin purchases across the market.

Strategy’s Realized Price Sits Above Current BTC Levels as Buying Continues

Bitcoin is currently trading below Strategy’s realized price of approximately $76,000. This places the company’s average cost basis above where the asset is priced in today’s market.

Rather than adjusting course, Saylor has continued allocating fresh capital into Bitcoin regardless. The approach reflects a long-term outlook that treats short-term price dips as secondary concerns.

Strategy’s 717,131 BTC represents 3.4% of Bitcoin’s fixed supply of 21 million coins. No other publicly traded company holds anywhere near this level of Bitcoin concentration.

This makes Saylor’s firm the single largest known corporate holder of the asset today. The scale of the position alone separates this strategy from any comparable corporate treasury approach.

The DCA method Saylor has employed removes the pressure of timing the market at any point. Buying consistently over six years has spread the company’s cost basis across multiple market cycles.

This approach has allowed Strategy to accumulate during both bull markets and extended downturns. The result is a position built on sustained discipline rather than short-term price speculation.

Saylor’s model has attracted growing attention from institutional and retail participants around the world. With Bitcoin trading below Strategy’s realized price, the current market moment is being closely watched.

The company holds its position firmly, with no sales recorded since entering the market in 2020. Saylor’s six-year DCA now stands as the largest of its kind ever documented in Bitcoin’s history.

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