On Wall Street, the company’s stock (MSTR) has been volatile, falling more than 120% from its $450 peak earlier in 2025. Meanwhile, the Nasdaq Composite Index (COMP) has surged 14.66% year-to-date, setting a new record at 22,141 points, as optimism over potential Federal Reserve rate cuts fuels risk-on sentiment.
Bitcoin accumulation continues despite stock volatility
MicroStrategy has made Bitcoin accumulation its core play. In 2024, the company completed 17 BTC buys, pushing its treasury to 446,000 BTC worth $27.2 billion at the time.
Fast-forward to 2025, the company has already executed 28 purchases, increasing its holdings to 638,460 BTC, valued at $46.17 billion. Despite the stock’s lackluster 14% year-to-date performance, MicroStrategy’s Bitcoin strategy is paying off.
With an average cost basis of $72,350 per coin, the company now sits on $27.23 billion in unrealized profit, representing a 59% paper gain. This highlights the long-term conviction behind Michael Saylor’s strategy, even while equities remain cautious.
Equities rally may fuel Q4 Bitcoin buys
As equities surge, many investors wonder if MicroStrategy is preparing for another wave of Bitcoin accumulation in Q4. The Nasdaq has rebounded 32% from its April low, while MSTR itself bounced from $280 in June to $450 by mid-July before settling around $330.
Technically, analysts see potential for MicroStrategy to retest its all-time highs if momentum holds. More importantly, the Federal Open Market Committee (FOMC) is expected to deliver a significant policy shift this week, with markets pricing in a 96% chance of a 400–425 basis point rate cut.
If the Fed follows through, the risk-on environment could encourage MicroStrategy to accelerate its Bitcoin buys. Historically, the firm has averaged three purchases per month in 2025, meaning total transactions could surpass 40 by year’s end.
Strategy for the future
Despite macroeconomic volatility, MicroStrategy remains the largest corporate holder of Bitcoin worldwide. Its approach underscores a belief that Bitcoin is not only a hedge but also a core corporate treasury asset.
As Saylor continues to lead the charge, the question remains whether Q4 will mark the company’s most aggressive Bitcoin buying spree yet, especially with $27 billion in paper gains already on the books.
