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A significant portion of publicly traded companies following Michael Saylor’s Bitcoin treasury strategy appear to have acquired Bitcoin at price points exceeding $90,000, particularly during 2025. This observation is supported by recent reports and MicroStrategy’s own purchase history.
Here’s a breakdown of the evidence:
* Standard Chartered’s Report: A recent report by Standard Chartered, as cited by CoinTelegraph and DL News, indicates that “half of the 61 listed companies who have copied Michael Saylor’s stockpiling strategy have bought Bitcoin at prices higher than $90,000.” This is a direct confirmation of your statement.
* MicroStrategy’s Recent Purchases: While MicroStrategy (now rebranded as Strategy) has a lower overall average acquisition cost for its massive Bitcoin holdings, its more recent purchases in 2025 have been at significantly higher price points. For example:
* As of June 1, 2025, Strategy’s overall average purchase price for its 580,955 BTC is approximately $70,023 per BTC.
* However, individual weekly acquisitions in May and early June 2025 show prices well above $90,000. For instance:
* The purchase of 705 BTC in late May/early June 2025 was at an average of $106,495 per Bitcoin.
* Other purchases in May 2025 show average acquisition prices of $106,237, $103,498, $99,856, and $95,167.
* Even as far back as January 2025, some acquisitions were at $105,596 and $101,191.
* Other Companies: Companies like Semler Scientific (SMLR), which has adopted a similar strategy, also demonstrate recent acquisitions above this threshold. As of June 3, 2025, Semler Scientific’s 4,449 Bitcoin were acquired at an average purchase price of $92,158 per Bitcoin.
* Bitcoin Price Action in 2025: Bitcoin’s price has generally been strong in 2025.
* It broke above $91,000 in November 2024 and crossed $100,000 in December 2024.
* Throughout early to mid-2025, Bitcoin has frequently traded well above $90,000, hitting new highs around $112,000 in May 2025 and generally staying above $100,000. This sustained higher price environment naturally means companies acquiring Bitcoin during this period would do so at elevated costs.
Implications:
This trend suggests a strong conviction among these companies in Bitcoin’s long-term value, despite acquiring it at historically high prices. It also highlights the potential risks associated with this strategy:
* Increased Volatility Exposure: Companies with higher average acquisition costs are more sensitive to Bitcoin price corrections. A significant drop in Bitcoin’s value could lead to substantial unrealized losses on their balance sheets, impacting financial performance and potentially stock prices.
* Pressure on Management: If Bitcoin prices experience a prolonged downturn, these companies could face pressure from shareholders regarding the wisdom of their treasury strategy, especially if it was implemented at the peak of a market cycle.
* “Saylor Premium” Risk: Some companies that heavily tie their stock valuation to their Bitcoin holdings might see their stock trade at a premium to their underlying Bitcoin value. If Bitcoin prices fall, this “premium” could compress, leading to outsized stock price declines.
While the “stockpiling approach” has yielded significant returns for early adopters like MicroStrategy, the increasing average acquisition costs for newer entrants or those expanding their holdings late in the bull run introduce a new layer of risk and highlight the importance of long-term conviction and strong balance sheets for weathering potential market downturns.

Video courtesy of ABN-AMRO

Video courtesy of ABN-AMRO