Michael Saylor isn’t finished with his Bitcoin buying spree. The founder of Strategy, formerly MicroStrategy, signaled his firm’s ongoing accumulation with a simple social media post captioned “Best continue,” accompanied by an image of the company’s $65.45 billion portfolio.

A Closer Look at the Bitcoin Treasury

As of November 9, 2025, Strategy has amassed 641,205 BTC at an average cost of $74,064 per coin. This position represents a substantial unrealized gain of 38%, equating to an $18 billion profit at current market values. The company’s commitment is underscored by 85 separate purchase events, the most recent being the addition of 397 BTC this week.

Strategy’s consistent buying, which persisted even through the extended market corrections of 2022, has established a running cost basis far below Bitcoin’s current trading range of approximately $102,000. This long-term approach has proven effective, with Bitcoin’s price growing 700% since the FTX collapse in November 2022.

Company Valuation and Ongoing Strategy

This surge in Bitcoin’s value has propelled Strategy’s diluted market cap to $77 billion and its enterprise value to $84 billion, indicating that the company trades at a significant premium. Saylor’s latest post hints at another round of accumulation that occurred last week, with analysts speculating the purchase was likely in the 300 to 500 BTC range based on recent activity.

Despite some market concerns about over-leveraging, the company’s debt ratios remain stable following a recent refinancing of its 2028 notes. This financial maneuver suggests that Strategy’s core mission remains unchanged: continue acquiring Bitcoin and leveraging its potential for future appreciation.