Strategy, the world’s largest corporate holder of Bitcoin, expanded its treasury once again last week. According to a new US Securities and Exchange Commission filing, the company purchased 168 BTC for $18.8 million at an average price of $112,051 per coin.
Following the purchase, Strategy now holds 640,418 BTC, acquired at a total cost of roughly $47.40 billion, reflecting an average purchase price of $74,010 per bitcoin.
Over time, Strategy has transitioned from a business intelligence firm into the world’s largest corporate holder of Bitcoin. The CEO Michael Saylor has championed Bitcoin as a superior treasury reserve asset, arguing that it offers a hedge against inflation and currency debasement.
Strategy tones down on Bitcoin purchases
The company has financed acquisitions through equity offerings and convertible debt. Notably, Strategy Inc kept buying Bitcoin even at peak prices. However, investors have noticed that the company has toned down with the purchases.
Still, true to form, Saylor continues to buy the dip. Over the past month, Strategy Inc raised additional cash through an at-the-market stock offering and pumped it into Bitcoin.
Regulatory filings show that between late September and early October, the company issued around $128 million in new equity and debt, then quickly deployed a chunk of that to purchase more BTC.
As reported by Cryptopolitan, just this past weekend, Saylor announced the firm acquired another 219 bitcoins worth $24 million worth, bringing the total holdings to about 640,250 BTC. He emphasized via social media that Strategy remains fully committed to its accumulation strategy, even as the stock price and crypto market gyrate.
Saylor maintains that as long as the company can raise capital at a lower cost than Bitcoin’s expected return, it will continue adding to its treasury. Yesterday in an interview, he said that his company can turn fresh capital into Bitcoin almost instantaneously.
He stated, “Sometimes we’re literally selling 50 million an hour or 100 million an hour and buying the $100 million of Bitcoin the same hour. Like we could do a billion dollars of capital raising in a day and we might have 20 million of exposure at 4 pm, and by 5 pm, 6 pm, we’re fully done.”
Now, its treasury is about 3% of all Bitcoin that will ever exist. At current market prices, that hoard is worth on the order of $70–$80 billion, an eye-popping figure that exceeds the market cap of many S&P 500 companies.
Strategy’s average cost basis for this stockpile is estimated around $47 billion, implying roughly over $25 billion in unrealized gains on the bet so far. The company also reported a 26% Bitcoin yield year-to-date for 2025.
MSTR mirrors the volatility of BTC
The company’s outsized Bitcoin exposure makes MSTR behave like a leveraged Bitcoin ETF in disguise. When Bitcoin’s price jumps, MSTR’s assets swell and the stock often rises even faster. To that end,over the past five years MSTR delivered triple-digit annualized returns during crypto bull runs, even outperforming Bitcoin itself at times .
On the other hand, when Bitcoin falters, MSTR shares tumble hard. The recent whiplash was from mid-$300s to mid-$200s within weeks. It occurred because Bitcoin’s “boom to bust” swing was amplified in MSTR’s stock.
In early October, crypto optimism swept Bitcoin to new highs around $125K–$126K, and MSTR shares surged in tandem. The stock jumped about 6% on Oct. 1 alone after a favorable US tax ruling on crypto, climbing from $338 at September’s end to roughly $355 by Oct. 3.
However, the euphoria was short-lived. Within days, Bitcoin suddenly plunged from $126K to under $110K, triggered by a wave of leveraged-position liquidations and gathering macroeconomic storm clouds.
Escalating US–China trade war fears including reports of steep new tariffs out of Washington and persistent inflation data sent investors fleeing risk assets. Crypto-exposed stocks like MSTR were hit hard.
By Oct. 13, Strategy’s stock had sunk back to the low $300s, and it closed at $283.84 on Oct. 16, losing about one-fifth of its value from the month’s peak. In that mid-October slide, MSTR broke below key technical support. Its 50- and 200-day moving averages were hovering around $343–$350 as sentiment turned cautious.
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