Michael Saylor's Strategy (NASDAQ:MSTR) is back in accumulation mode. The company added 6,556 Bitcoin from April 1420, spending $555.8 million at an average price of $84,785. That brings its total stash to 538,200 Bitcoinworth north of $45 billion at current pricesand locks in $36.5 billion in total cost basis. That means Strategy's average purchase price is still sitting at $67,766 per coin, well below where Bitcoin is trading today. And here's the kicker: 91,800 of those coins were bought in 2025 alone.

• Warning! GuruFocus has detected 7 Warning Signs with MSTR.

The entire purchase was funded with newly raised capital through the firm's ATM stock programs. Specifically, it sold 1.755 million Strategy's shares and 91,213 preferred STRK shares, raising $555.5 million. Translation: they didn't need to sell a single satoshi to keep buying more. After briefly pausing in early April, this marks Strategy's second sizable purchase this monthand it's not slowing down. The buying cadence suggests Saylor is still laser-focused on capturing upside during this next leg of the Bitcoin cycle.

Bitcoin (BTC-USD) was trading around $87,400 as of Monday morning, up 3.6%. Strategy shares followed suit, rising 1.7% at 10.19am today. The message to markets? Strategy's conviction hasn't waveredand it's willing to dilute equity to double down. As other institutions watch from the sidelines, Saylor continues to build a Bitcoin-native balance sheet at scale. For investors betting on digital gold, Strategy remains the clearest proxy.