Strategy Now Holds Over 640,000 BTC After $22M Fresh Buy

Bitcoin treasury giant Strategy, has once again added to its massive holdings. According to a filing with the U.S. Securities and Exchange Commission (SEC), the company purchased 196 BTC between September 22 and September 28 for about $22.1 million. The acquisition cost about $22.1 million at an average price of $113,048 per Bitcoin.

Strategy Boosts Bitcoin Holdings to 640,031 BTC Worth $71.8B

This latest acquisition brings Strategy’s total coin stash to 640,031 BTC, valued at around $71.8 billion. 

The company’s average purchase price now stands at $73,983 per coin, meaning it holds nearly $24.4 billion in paper gains. As announced, this latest round of buying was fueled by sales of Strategy’s common stock and its wide range of perpetual preferred stock programs. 

The firm is currently running a capital plan known as the “42/42 plan. This plan seeks to raise $84 billion through equity and convertible notes for bitcoin purchases by 2027. 

Despite slowing its purchases in recent weeks, Strategy has remained consistent. Just last week, the company disclosed it had acquired 850 BTC for $99.7 million. This move underscores its steady “Always ₿e Stacking” approach, as co-founder Michael Saylor often says. The U.S.-based firm now controls more than 3% of Bitcoin’s fixed 21 million supply. 

Growing Competition Among Bitcoin Treasuries

Strategy leads this trend by a wide margin, but it is not alone in using Bitcoin as a corporate treasury asset. 

According to Bitcoin Treasuries data, 180 public companies now hold the top coin on their balance sheets. The next largest players include MARA with 52,477 BTC, Tether-backed Twenty One with 43,514 BTC, and Bitcoin Standard Treasury Company with 30,021 BTC. Metaplanet holds 25,555 BTC, with several other companies controlling smaller amounts.

Although the group continues to grow in number, many of these companies have seen their share prices fall since the peak earlier this year. Strategy itself is down 32%, reflecting investor caution around its aggressive financing programs and premium valuation.

Saylor Defends Long-Term Bitcoin Plan Amid Divide Sentiment 

Despite concerns, analysts remain divided. Bernstein analysts said that Strategy’s low debt levels and lack of major repayments until 2028 keep its leverage under control. The firm’s market capitalization of $87.6 billion still trades at a premium to its net asset value, with an mNAV ratio of 1.23.

Michael Saylor remains confident. Earlier this year, he argued that Strategy’s structure could withstand even a 90% decline in Bitcoin prices lasting up to five years. He admitted, however, that shareholders would still feel the pain.

Meanwhile, Strategy’s stock price closed last Friday at $309.06, up 2.8% for the day, even as the flagship crypto itself slipped slightly. Year-to-date, MSTR shares have gained only 3%, compared to Bitcoin’s 20% rally, according to TradingView data.