Strategy Surpasses 700,000 Bitcoin Mark with $2.13 Billion Purchase – Fast-Food Chain Follows Treasury Trend

Strategy Expands Record Position with Billion-Dollar Purchase

Bitcoin treasury company Strategy has continued its aggressive accumulation strategy with another large-scale purchase. The company led by Michael Saylor acquired 22,305 Bitcoin last week for approximately $2.13 billion at an average price of $95,284 per coin ^[1][3][4].

With this transaction, Strategy surpassed the 700,000 Bitcoin mark for the first time and now holds a total of 709,715 BTC ^[2][3][4]. This represents approximately 3.37 percent of the total Bitcoin supply of 21 million coins and 3.55 percent of the 19.98 million Bitcoin currently in circulation ^[3].

The company reports total acquisition costs for its Bitcoin holdings at $53.9 billion, resulting in an average purchase price of approximately $75,979 per Bitcoin ^[1][2][3][4].

Largest Purchase Since February 2025

The latest acquisition marks the company's largest Bitcoin transaction since February 2025, when Strategy purchased 20,356 BTC for around two billion dollars ^[3]. In January, the company initially acquired 13,627 Bitcoin for $1.3 billion, which at the time represented the largest acquisition since July ^[3].

To finance its Bitcoin purchases, Strategy utilizes various capital market instruments. Between January 12 and 19, 2025, the company raised approximately $2.125 billion through its at-the-market programs ^[4]. The majority of funds came from the sale of 10.4 million shares of MSTR Class A stock, which generated about $1.83 billion. An additional $294.3 million was generated through the issuance of approximately 2.95 million STRC preferred shares ^[4].

Analysts Lower Price Target Despite Buy Recommendation

While Bitcoin and the crypto market experienced slight declines in recent days, Strategy's stock stabilized. On a monthly basis, MSTR is trading at approximately $173, up about five percent, but down 55 percent year-over-year ^[2].

Analysts at TD Cowen recently lowered their price target for Strategy. The reason cited is the company's aggressive Bitcoin purchases amid declining prices ^[2].

The company received relief in early January when Morgan Stanley Capital International (MSCI) decided not to exclude digital asset treasury companies from its market index ^[3][4]. The index provider had previously considered reclassifying companies with more than 50 percent digital assets as fund-like entities, thereby excluding them from inclusion ^[4].

Fast-Food Chain Enters with $10 Million

While Strategy expands its dominant position as the largest Bitcoin treasury company – its next largest competitors MARA Holdings and Twenty One Capital hold only 53,250 and 43,514 Bitcoin respectively ^[2] – smaller companies are now following the trend.

US fast-food chain Steak 'n Shake has added $10 million worth of Bitcoin to its corporate reserves ^[1]. "Today we increased our Bitcoin exposure by $10 million on a nominal basis," the burger chain announced ^[1]. With approximately 105 BTC, the company remains far behind Strategy, but follows the same logic that Saylor set in motion starting in 2020 ^[1].

Integrated Strategy with Lightning Network

The fast-food chain is pursuing an integrated approach: Since May 2024, Steak 'n Shake has accepted Bitcoin as a payment method via the Lightning Network ^[1]. The new business strategy follows a self-reinforcing principle, whereby all BTC revenues flow "into our strategic Bitcoin reserve" ^[1].

The strategy is paying off: Same-store sales increased by more than ten percent in the second quarter of 2025, while the company is saving approximately 50 percent of typical payment fees, according to COO Dan Edwards ^[1]. "Our comparable store sales have grown significantly since then," Steak 'n Shake stated ^[1].

The strategy is accompanied by targeted marketing measures. In October, the chain introduced a "Bitcoin Burger" and began donating a small portion of each BTC order to the cryptocurrency's open-source development, particularly to appeal to a young, crypto-savvy customer base ^[1].