Saylor’s Strategy prepares to buy another $2 billion worth of bitcoin

Michael Saylor’s Strategy, the largest corporate bitcoin hodler, announced a $2 billion senior convertible note offering to fund more purchases of bitcoin — a lot of it — and working capital.

The February 18 move is part of the newly rebranded firm’s “21/21” plan, which aims to “raise $21 billion of equity and $21 billion of fixed income instruments, including debt, convertible notes and preferred stock, over the next three years,” according to a January announcement.

To put the size of the issuance into perspective, in 2024, the company spent a total of $22.1 billion to buy 258,320 bitcoin — almost half of its holdings.

“This is expected from Saylor,” said Sid Powell, CEO and cofounder of Maple, an institutional capital marketplace built on the blockchain. “They’re out of the blackout period, having released earnings. BTC is at or below where they were purchasing at the end of 2024. Their playbook is to grow the amount of BTC per share, and by doing this convertible issuance for another $2 billion, they’re able to accomplish that."

On February 5, the company released its fourth-quarter earnings, reporting its largest-ever increase in quarterly bitcoin holdings. Mentioning the 21/21 plan in its earnings call, the company said it was ahead of schedule and had already raised “80% of our $21 billion equity target and 17% of our fixed income target.”

Strategy resumed its bitcoin accumulation following a short breather last week. It added 7,633 bitcoin to its stash, bringing its total to 478,740. As the company wrote in an X post, this represents “~76% of all bitcoin held by public companies.”

In comparison, Mara Holdings, the second-largest corporate bitcoin holder, has 45,659 bitcoin as of February 14.

Yaël Bizouati-Kennedy is a financial journalist who’s written for Dow Jones, The Financial Times Group, and Business Insider.