While there is a lot of air around Bitcoin [BTC] falling below $65,000, Michael Saylor is still focused on buying more.
On the 22nd of February, he shared his latest “Orange Century” chart on X, showing how his company keeps adding Bitcoin to its holdings.
The chart, instead of just showing off, tells the story of how, since 2020, Strategy has rebuilt its entire business around Bitcoin.
But the latest numbers show a risky situation. Strategy now holds about 717,131 BTC, which is nearly two-thirds of all Bitcoin owned by companies.
Responding to this news, an X account named Satoshi Stacker noted,
“Tomorrow, Strategy will announce their 100th $BTC purchase since they established their bitcoin treasury strategy.”
This followed Strategy’s recent addition of 1,142 BTC for more than $90 million.
Over time, these repeated buys, totaling 99 purchases, have helped the company build a massive reserve of 717,131 BTC, now worth about $48.7 billion.
But the problem is the price.
Strategy’s average buying price is $76,027 per Bitcoin. Since the current market price is lower, the company is sitting on a paper loss of around 10.7%, approximately $5.8 billion.
This coincided with Strategy’s stock MSTR rising about 1.24% to $131.05 at press time and Bitcoin falling by 2.36% to around $66,451 in the past 24 hours.
Additionally, on the 20th of February, Bitcoin ETFs saw $88.1 million in inflows, ending three days of losses. This shows that big 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 falling. It has not returned to the 800,000-900,000 daily user levels seen in past bull markets.
In simple terms, fewer people are using Bitcoin regularly.
This is worrying because past bull runs were driven by strong retail participation, everyday users buying, trading, and using Bitcoin. Presently, that engine seems weak.
Now, whether Saylor’s strategy proves successful or dangerously risky depends largely on Bitcoin’s future price direction.
