Bitcoin treasury giant Strategy (formerly MicroStrategy) has scooped up another 22,048 BTC for $1.92 billion, averaging $86,969 per BTC between March 24-30, according to an SEC filing.

This latest buy pushes Strategy’s total holdings to 528,185 BTC—over $43 billion at today’s prices. Their average cost? $67,458 per BTC—securing 2.5% of Bitcoin’s total supply.

How They’re Funding It

The buys were fueled by selling MSTR and STRK shares, raising $1.2B and $18.52M, respectively. With $2.37B in MSTR shares and $20.97B in STRK shares still available for sale, the Bitcoin buying spree is far from over.

More Firms Jumping on the Saylor Playbook

Even GameStop is now following suit, launching a $1.3B convertible note offering to start stacking Bitcoin.

Bullish or Overextended?

Some traders are concerned about MSTR’s premium valuation, but Bernstein analysts see Strategy’s debt levels as manageable and predict their BTC stash could surpass 1M BTC as Bitcoin heads toward $1M by 2033.

For now, MSTR is down 10.8% amid hot inflation data and Trump’s tariff pressures, cooling off after a 568% rally in 2024. But with Strategy doubling down, the question remains—who’s next to join the Bitcoin treasury game?