Journalist
Posted:
While there is a lot of air around Bitcoin [BTC] As he dips below $65,000, Michael Saylor is still focused on buying more.
On February 22, he shared his latest ‘Orange Century’ chart on X, showing how his company continues to add Bitcoin to its holdings.
Source: Michael Saylor/X
The chart, rather than just showing off, tells the story of how Strategy has rebuilt its entire business around Bitcoin since 2020.
But the latest figures show a risky situation. Strategy now owns approximately 717,131 BTC, which is almost two-thirds of all Bitcoin held by companies.
The community responds to Saylor’s post
In response to this news, there is an X account called Satoshi Stacker noted,
“Tomorrow, Strategy will announce their 100th purchase of $BTC since establishing their bitcoin treasury strategy.”
Source: Satoshi Stacker/X
This followed Strategy’s recent addition of 1,142 BTC for over $90 million.
Over time, these repeated purchases, a total of 99 purchases, have helped the company build a massive reserve of 717,131 BTC, which is now worth approximately $48.7 billion.
But the problem is the price.
Strategy’s average purchase price is $76,027 per Bitcoin. Since the current market price is lower, the company faces a paper loss of about 10.7%, about $5.8 billion.
Current market dynamics
This coincided with Strategy shares MSTR to rise around 1.24% to $131.05 at the time of writing and Bitcoin fell 2.36% to all around $66,451 in the last 24 hours.
Additionally, Bitcoin ETFs saw $88.1 million inflows on February 20 inflowthus ending three days of losses. This shows that major institutions are still interested.
But there is also bad news.
Since August 2025, the number of active users on the Bitcoin network has been slowly decreasing. It has not returned to the 800,000 to 900,000 daily user levels seen in previous bull markets.
Simply put, fewer people use Bitcoin regularly.
Source: Glassnode
This is worrying because previous bull runs were driven by strong retail participation, with regular users buying, trading and using Bitcoin. Currently that engine seems weak.
Whether Saylor’s strategy proves successful or dangerously risky depends largely on Bitcoin’s future price direction.
Final summary
- Michael Saylor remains committed to buying Bitcoin even as prices fall and losses mount.
- With an average purchase price above current market levels, the company is facing billions in unrealized losses.