Michael Saylor's Strategy has set its sights on accumulating 1 million Bitcoin — roughly 4.76% of the total supply — as it continues to raise capital and buy the asset at a breakneck pace. The company announced this week it will repurchase $1.50 billion principal amount of its 2029 convertible notes for $1.38 billion, a move aimed at reducing potential share dilution and preserving Bitcoin per share value.
The 1M Bitcoin target
That million-coin ambition would represent a major chunk of Bitcoin's fixed 21 million supply. Right now, Strategy holds 843,738 Bitcoin, acquired at an average cost of $75,700 per coin. That's 4.02% of all Bitcoin that will ever exist. The company has been clear: it wants more.
Fast accumulation, big numbers
Strategy's buying has accelerated. Between May 3 and May 20, holdings jumped from 818,334 BTC to 843,738 BTC — a gain of about 25,404 coins in just over two weeks. The most recent purchase, announced less than 24 hours ago, added 24,869 Bitcoin for $2.014 billion. Year-to-date, the haul is up 22%, with $11.68 billion raised to fund purchases.
The company also reported a year-to-date Bitcoin yield of 12.6%. That metric measures how much value per share Strategy is adding through its capital strategy. It's a sign the approach is working, at least on paper.
Why the buyback matters
The convertible note repurchase isn't just a financial tweak. By buying back $1.50 billion in notes for $1.38 billion — a discount of $120 million — Strategy reduces the number of shares that would be issued if those notes converted. That protects existing shareholders from dilution. For a company that measures its success partly in Bitcoin per share, that's key.
The timing also matters. Strategy is borrowing and issuing at a pace that would make most corporate treasurers queasy. This move signals it's paying attention to the other side of the ledger.
What's next? The company's next quarterly filing will show whether it can sustain this acquisition rate without tanking its stock or triggering margin calls. No one's predicting a slowdown yet.
