Now zoom in on the real heavyweight: Strategy (Michael Saylor's rebranded beast, ex-MicroStrategy). They're still piling in — just added 2,932 BTC for $264 million at ~ $90,061 average last week (Jan 20–25), pushing total holdings to 712,647 BTC. Average cost basis sits at ~ $76,037–$76,040 per coin, total acquisition cost ~ $54.2 billion. At today's ~ $87,800 levels, the stack is worth around $62.5–$62.6 billion — still a paper gain, but the premium is thinning fast.