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On February 23, 2026, MicroStrategy filed the paperwork for its 100th Bitcoin acquisition.
One hundred separate transactions. Five and a half years of relentless execution. They now sit on a staggering 717,722 BTC acquired for $54.56 billion.
When you look at the sheer mass of Michael Saylor’s accumulation, it’s easy to feel absolute despair. It feels like the institutional leviathans have drained the ocean, leaving retail investors to fight over the puddles. But a deep dive into the tape of these 100 purchases reveals something extraordinary: a mechanical loophole created by MicroStrategy’s own size.
Because of the macro events that forced Saylor to buy aggressively at higher prices, his lifetime average cost now sits at $76,020. If you are buying Bitcoin below that line today, you are mathematically stepping in earlier than a 717,000-BTC whale.
Here is the anatomy of how Saylor built this stack, the macro events that forced his hand, and why your agility as a retail investor is your greatest weapon against corporate momentum.

The Four Eras of the Saylor Accumulation
To understand why their average cost is $76,020, you have to look at the macro triggers that forced MicroStrategy into the market at various stages.
Era 1: The Pandemic Pivot (August 2020)
The Macro Event: The COVID-19 pandemic halted the global economy. Central banks panicked, slashing interest rates to zero and printing trillions of dollars. The M2 money supply went vertical.The Force Buy: Realizing that his company’s $500M cash treasury was a "melting ice cube" losing purchasing power by the second, Saylor made his opening move.The Tape: Purchase #1 on August 10, 2020. He swept 21,454 BTC at just $11,652. A month later, another 16,796 BTC at $10,419. He was front-running the inflation narrative before Wall Street even knew how to spell Bitcoin.
Era 2: The Crypto Winter Crucible (2022 - 2023)
The Macro Event: The systemic wipeout. Terra/Luna death spiraled, Celsius froze withdrawals, and FTX collapsed in a historic fraud. Bitcoin plunged below $20,000. Blood was in the streets, and mainstream media declared crypto dead.The Force Buy: This is where the MSTR playbook proved its resilience. While the market panicked, Saylor used whatever operating cash flows he could muster to scrape the absolute bottom.The Tape: Look at Purchase #24 in December 2022: 2,501 BTC at $17,847. Purchase #23 in September 2022: 301 BTC at $19,851. These buys weren't massive in dollar terms, but they cemented the thesis: MSTR is a buyer of first and last resort.
Era 3: The Wall Street FOMO and the Mega-Buys (Late 2024 - Mid 2025)
The Macro Event: Spot ETFs hit their stride, institutional capital flooded the zone, and the Bitcoin supply shock took hold. The market went parabolic, crossing $100,000.The Force Buy: Saylor realized he needed to use capital markets to accelerate accumulation. He began issuing massive Convertible Senior Notes and leaning heavily into At-The-Market (ATM) stock sales. When a billion-dollar note clears, MSTR must buy Bitcoin. They became forced buyers regardless of the spot price.The Tape: This is where the math changed. Look at the staggering November 2024 mega-buys: Purchase #43 and #44 scooped up over 107,000 BTC combined at prices between $88,600 and $97,800. By mid-2025 (Purchases 73-82), they were forcefully sweeping the market between $110,000 and $123,500 just to deploy their newly raised capital.
Era 4: The Current Cooldown (Early 2026)
The Macro Event: The market naturally breathes. Leverage flushes out, and the price consolidates back down into the $60k-$70k range.The Force Buy: Saylor returns to sweeping standard weekly cash flows and ATM sales, but the damage to his average cost is already done. The massive 2024/2025 buys dragged his baseline up significantly.The Tape: Purchases #99 and #100 in February 2026 show them buying small chunks (592 to 2,486 BTC) in the $67,000 range.
The Cheat Code: Agility vs. Momentum
This brings us to the ultimate realization: MicroStrategy operates like a cargo ship, but you are a speedboat.
When Saylor raises $2 billion via convertible notes, he cannot wait for a 20% pullback to deploy it. He has a fiduciary duty to convert that melting fiat into Bitcoin as fast as the market's liquidity will allow. He has to buy the top, just as he buys the bottom.
This mechanical necessity is exactly what dragged MicroStrategy's average cost up to $76,020.
If the current spot price of Bitcoin is sitting below $76,000, and you hit the "buy" button, you are officially securing a better financial entry point than a Fortune 500 company that has spent half a decade and $54 billion trying to corner the market.
You get to bypass the debt structuring, the Wall Street fees, and the stress of managing a multi-billion dollar treasury. You simply let MicroStrategy act as the ultimate price floor, absorbing the volatility, while you slip in under their radar.
The 100th purchase is historic, but it shouldn't intimidate you. It should be your buy signal. You aren't too late to the party; thanks to the heavy lifting of corporate whales, you can mathematically still arrive early.