Why Does MicroStrategy Keep Buying Bitcoin? Strategy, formerly MicroStrategy, has bought Bitcoin almost every week since beginning its Bitcoin treasury strategy. Michael Saylor launched the Bitcoin treasury strategy in August 2020 with a $250 million purchase. When MSTR trades above the Bitcoin net asset value per share, selling stock and buying BTC is accretive to existing shareholders. The July sale generated widespread attention because Strategy had rarely sold Bitcoin since beginning its treasury strategy in 2020.