Strategy Expands Bitcoin Holdings with $45.6M Purchase

Strategy has continued its active purchase of Bitcoin (BTC), acquiring an additional 397 BTC for approximately $45.6 million, at an average price of $114,771 per coin. 

This latest acquisition, reported in a recent SEC filing, further strengthens the company’s position as one of the largest corporate holders of Bitcoin.

Strategy Holds Over 3% of Bitcoin, Posting $21.5B Paper Gain

With this purchase, Strategy currently holds a total of 641,205 BTC, valued at about $69 billion at present market prices. This is more than 3% of Bitcoin’s total supply of 21 million coins. As shared in a recent X post, the company has spent around $47.5 billion to acquire these Bitcoins, resulting in an unrealized gain of about $21.5 billion.

Impressively, Strategy’s Bitcoin value is now higher than the market value of major global banks. Reportedly, the latest acquisitions were financed through proceeds from at-the-market sales of various securities. 

This includes Strategy’s Class A common stock (MSTR) and its perpetual preferred stocks STRK, STRF, and STRD. These programs are part of a broader capital-raising strategy known as the 42/42 plan. 

The firm aims to raise a total of $84 billion in equity and convertible notes for Bitcoin purchases through 2027, doubling the initial 21/21 plan.

Strategy’s Bitcoin Buying Slows Amid Wider Adoption

The Nasdaq-listed firm remains a leading figure in the growing cohort of public companies adopting Bitcoin treasury strategies. According to Bitcoin Treasuries data, 192 companies now hold Bitcoin. 

Notable holders include Marathon Digital, Twenty One, Metaplanet, and Adam Back’s Bitcoin Standard Treasury Company. Other firms with significant holdings are Bullish, Riot Platforms, Trump Media & Technology Group, Coinbase, and CleanSpark.

Collectively, these firms hold tens of thousands of Bitcoins, though many have seen their market values decline recently. 

Despite recent purchases, recent research shows Strategy’s Bitcoin accumulation has slowed this year. 

The company added 43,000 BTC in the third quarter, down from 69,000 BTC in the second quarter and over 80,000 BTC in the first.

Strategy Navigates Bitcoin Volatility Amid Weaker Q3 Earnings

Strategy’s market cap-to-net asset value ratio is currently about 1.1. This comes as the company’s leadership has emphasized a capital structure designed to endure extreme Bitcoin price declines. 

The company plans to survive a 90% Bitcoin drop over four to five years using equity, debt, and preferred instruments. However, shareholders would still be affected. Strategy’s stock recently closed up 5.9% at $269.51, following a third-quarter profit of $2.8 billion, down from the previous quarter’s record $10 billion. 

Diluted earnings of $8.42 per share exceeded analyst expectations of $8.15 but represented the company’s weakest quarter since adopting fair-value accounting. So far in 2025, MSTR’s value has fallen by 10.2%, while Bitcoin has risen by 15%, showing that the market remains unstable.