James Richardson
Strategy, formerly known as MicroStrategy, has boosted its Bitcoin holdings by 487 BTC, spending roughly $49.9 million between Nov. 3 and Nov. 9, according to a filing with the U.S. Securities and Exchange Commission (SEC). The company paid an average of $102,557 per Bitcoin, marking its largest purchase in six weeks.
With this acquisition, Strategy now holds 641,692 BTC, worth approximately $68 billion at current prices. The firmโs average purchase price stands at $74,079 per Bitcoin, for a total investment of about $47.5 billion, including fees and expenses. This represents more than 3% of Bitcoinโs total supply, giving Strategy an estimated unrealized profit of $20.5 billion, according to Executive Chairman Michael Saylor.
The latest Bitcoin purchases were financed through proceeds from at-the-market (ATM) sales of several of Strategyโs perpetual preferred stock series, including STRK, STRF, STRD, and STRC.
The companyโs funding structure is part of its ambitious โ42/42 Plan,โ recently expanded to an โ84 Billion Capital Strategy,โ targeting up to $84 billion in total equity and convertible note issuances for Bitcoin accumulation through 2027.
In addition, Strategy announced plans to raise โฌ715 million (about $765 million) via the launch of a euro-denominated perpetual Stream preferred stock (STRE).
Last week alone, the company reported the following stock sales:
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50,881 STRK shares for $4.5 million (with $20.34 billion still available under the program)
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165,614 STRF shares for $18.3 million
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262,311 STRC shares for $26.2 million
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12,800 STRD shares for $1 million
No MSTR common stock was sold during the week, leaving $15.85 billion available under that ATM program.
Each preferred share offers different characteristics:
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STRD: Non-convertible, 10% non-cumulative dividend โ highest risk/reward.
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STRK: Convertible, 8% non-cumulative dividend โ allows equity upside.
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STRF: Non-convertible, 10% cumulative dividend โ most conservative.
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STRC: Variable-rate, cumulative dividend โ adjusts monthly to maintain par value.
Growing Bitcoin Treasury Competition
According to Bitcoin Treasuries data, 193 public companies now hold Bitcoin as part of their corporate strategies. Other top holders include:
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Marathon Digital (MARA): 53,250 BTC
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Tether-backed Twenty One: 43,514 BTC
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Metaplanet: 30,823 BTC
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Bitcoin Standard Treasury Company (Cantor Fitzgerald-backed): 30,021 BTC
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Bullish: 24,300 BTC
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Riot Platforms: 19,324 BTC
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Trump Media & Technology Group: 15,000 BTC
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Coinbase: 14,548 BTC
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Hut 8: 13,696 BTC
Despite the rise in Bitcoin adoption, the market valuations of many Bitcoin-holding firms have fallen sharply since summer, as their market cap-to-net asset value (mNAV) ratios have tightened. Strategyโs own stock is down 47%, though its mNAV currently stands at 1.02.
Saylor Confident in Long-Term Strategy
Earlier this year, Michael Saylor stated that Strategyโs financial structure was designed to endure a 90% Bitcoin drop lasting up to five years, thanks to its blend of equity, convertible debt, and preferred instruments. However, he acknowledged that such a downturn would still cause significant pain for shareholders.
โโฟest Continueโ: Strategyโs Bitcoin Mission Rolls On
Just a week prior, Strategy purchased 397 BTC for $45.6 million at an average price of $114,771, bringing its total holdings to 641,205 BTC at that time.
Saylor hinted at the firmโs continued accumulation in a post on Sunday, writing simply: โโฟest Continue.โ
As of Friday, Strategyโs stock (MSTR) closed up 2% at $241.93 and rose another 2.8% in pre-market trading Monday, according to PRIMEโs Strategy price data. However, MSTR remains down 19.4% year-to-date, while Bitcoin is up 13.8% in 2025, underscoring the volatility โ and conviction โ behind Strategyโs ongoing Bitcoin accumulation campaign.
