Michael Saylor is not done yet. The billionaire founder of Strategy (formerly MicroStrategy), which he transformed into the world’s largest Bitcoin treasury, just posted an update showing a $65.45 billion portfolio with the single caption: "Best continue."
As of Nov. 9, 2025, Strategy holds 641,205 BTC at an average cost basis of $74,064, representing an unrealized gain of 38% — $18 billion in profit right now. The chart Saylor shared shows 85 purchase events, with the latest occurring this week when 397 more BTC were added, according to BitcoinTreasuries data.
Each orange circle in the visualization reflects the continuous inflows of the cryptocurrency that were made even during multi-month corrections in 2022. This created a running cost basis line that now sits far below Bitcoin’s current trading range of about $102,000.
Thanks to Bitcoin's 700% growth since the FTX crash in November 2022, Strategy's market cap has risen to $69 billion basic and $77 billion diluted, while its enterprise value stands at $84 billion — indicating a premium of up to 1.28x mNAV.
How much Bitcoin did Saylor and Strategy buy this week?
As intended, Saylor’s post hints at another round of Bitcoin accumulation that happened last week. If one would try to guess based on recent activity from Strategy, then a buy in the 300-500 BTC range is pretty possible.
Interestingly, despite concerns about over-leveraging, the firm’s debt ratios remain stable after refinancing its 2028 notes, suggesting the Bitcoin strategy remains in play — buy more, borrow later and wait for BTC to do the dirty work.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team