Étienne Girard
Strategy has revealed yet another major bitcoin acquisition, filing with the U.S. Securities and Exchange Commission on Monday. The company purchased 3,081 BTC for $356.9 million, paying an average of $115,829 per coin. This latest addition boosts its total treasury to 632,457 BTC, firmly securing its lead as the largest corporate bitcoin holder worldwide.
At current market prices, Strategy’s BTC stash is valued at nearly $70 billion, with an average purchase cost of $73,527 per coin. This translates to an estimated $23.5 billion in unrealized gains, reflecting one of the most successful corporate bitcoin treasury strategies to date.
The recent purchase was financed through proceeds from at-the-market (ATM) equity offerings and preferred-stock programs. Between August 18 and 24, the firm raised over $357 million by selling a combination of MSTR shares and perpetual preferred stock:
-
875,301 MSTR shares under its Common ATM for $309.9M net.
-
210,100 STRK shares (8% coupon) for $20.4M.
-
237,336 STRF shares (10% coupon) for $26.6M.
-
944 STRD shares (10% coupon) for $0.1M.
As of August 24, Strategy still had tens of billions in unused issuance capacity, giving it flexibility for future BTC buys.
Market Premium Supports Strategy’s Playbook
Analysts highlight that Strategy’s approach works because its stock often trades at a premium to the value of its bitcoin holdings (mNAV). With a market cap of around $112 billion versus $70 billion in BTC, the company currently trades at a 1.6x multiple, or roughly a 60% premium. This premium effectively allows the firm to raise lower-cost capital and continue expanding its bitcoin position.
Wall Street and Investor Reactions
Investment bank TD Cowen recently reaffirmed a $680 price target, pointing to the accretive nature of Strategy’s issuance model and its relatively modest debt levels. Executive Chairman Michael Saylor further fueled bullish sentiment, hinting “Bitcoin is on sale” before the latest buy. He also highlighted that Strategy’s BTC-focused performance has outpaced the Magnificent 7 tech giants and other major asset classes.
The Bigger Picture in Bitcoin Treasuries
While other public companies—such as Marathon Digital (MARA), Riot Platforms, Galaxy Digital, Trump Media, Metaplanet, and the Bitcoin Standard Treasury Company—have built meaningful BTC reserves, Strategy remains the undisputed leader. Its holdings now represent just under 3% of bitcoin’s fixed 21 million supply, making it the benchmark for corporate bitcoin accumulation.
