James Richardson
In a bold return to the crypto market, Strategy has acquired 4,225 BTC worth $472.5 million, pushing its total Bitcoin holdings past 601,550 BTC. The purchase, made between July 7 and July 13, came at an average price of $111,827 per coin, according to a new Form 8-K filing with the SEC.
But this wasn’t funded by profits or crypto gains — it was financed through stock sales, reinforcing a now-familiar pattern: Strategy sells equity, buys Bitcoin, and repeats. The big question now is: how long can this aggressive model continue?
Strategy’s Financial Engine: Equity Sales Fuel the Bitcoin Machine
Rather than using revenue or reserves, Strategy raised $472.5 million by selling 797,008 shares of MSTR and a mix of preferred stocks (STRK, STRF, STRD). These preferred shares come with high-yield dividends ranging from 8% to 10%, offering investors a generous return — and giving Strategy access to fresh capital without immediately diluting shareholder value.
The firm’s funding model is designed like a self-refueling engine. With $17.78 billion worth of MSTR shares still authorized for sale, plus $26.5 billion available through preferred stock programs, Strategy appears far from reaching its limit.
Just last week, it launched a new $4.2 billion STRD offering, signaling it has no intention of slowing down, even with Bitcoin trading near its all-time highs at $123,000.
2025 So Far: $10.9 Billion in Bitcoin Added and a 20.2% Return
Strategy’s aggressive stance has paid off — at least for now. In 2025 alone, it has added 88,062 BTC valued at $10.9 billion, generating a 20.2% return on its Bitcoin holdings — a figure that dwarfs traditional corporate treasury yields.
Yet this growth comes with significant risk. The firm is deeply dependent on both Bitcoin’s long-term performance and the market’s continued appetite for its stock offerings. The dividend obligations from preferred shares add pressure: if BTC prices flatten or fall, Strategy’s ability to meet those payouts could be challenged.
The “42/42” Plan Expands: But Is $84 Billion Sustainable?
Initially dubbed the “42/42” plan, Strategy’s roadmap for raising $42 billion through stock offerings is now targeting $84 billion. This aggressive scale-up assumes there will always be buyers for Strategy’s equity — a bet that becomes increasingly risky in a volatile macroeconomic climate.
With interest rate shifts, inflationary concerns, and regulatory changes, there’s no guarantee that market enthusiasm will remain high for future equity raises.
What’s Next: Growth or a Tipping Point?
As of now, Strategy holds over 2.8% of Bitcoin’s total 21 million supply, and shows no signs of stopping. The firm’s belief in Bitcoin’s long-term scarcity continues to override short-term price concerns. But the ultimate question isn’t just whether Strategy wants to keep buying — it’s whether the market will continue to enable it.
Each round of funding further intertwines Strategy’s financial stability with Bitcoin’s price performance. Should investor sentiment shift or Bitcoin enter a prolonged correction, the feedback loop could reverse — fast.
Conclusion: Strategy’s Bitcoin Gambit Enters High-Stakes Territory
With over 600,000 BTC on its balance sheet, Strategy has made itself a central player in Bitcoin’s future — but also a company whose fate is increasingly tied to the world’s most volatile asset. Whether this turns into a historic masterstroke or a cautionary tale will likely depend on two unpredictable forces: the crypto market and the capital markets.
