Strategy Expands BTC Holdings to 649K with $835M Investment in Bitcoin

TLDR

• Strategy purchased 8,178 BTC for $835 million between November 10 and November 16, 2025.
• The company’s total Bitcoin holdings now amount to 649,870 BTC, with a total cost of $48.37 billion.
• Strategy financed the purchase through the sale of preferred stock under its at-the-market program.
• The company raised $136.1 million in net proceeds from the sale of various preferred stock classes.
• Michael Saylor reiterated Strategy’s commitment to Bitcoin as a long-term reserve asset.
• Strategy continues to purchase Bitcoin opportunistically using excess cash flows, debt, and equity offerings.

Strategy, a bitcoin-focused holding company led by billionaire Michael Saylor, has expanded its Bitcoin position with a substantial purchase. The company bought 8,178 BTC for $835.6 million between November 10 and November 16. This acquisition increases Strategy’s total bitcoin holdings to 649,870 BTC, purchased at an aggregate cost of $48.37 billion.

Continued Bitcoin Accumulation Strategy

The latest purchase reflects Strategy’s ongoing commitment to Bitcoin as a long-term reserve asset. The company acquired the 8,178 BTC at an average price of $102,171 per bitcoin. Saylor has emphasized that the company will continue to make opportunistic Bitcoin purchases using a combination of cash flows, debt issuance, and equity offerings.

Strategy financed this purchase by selling preferred and common stock under its at-the-market (ATM) program. In the seven days, the company sold several classes of preferred stock, raising $136.1 million in net proceeds. This funding approach allows Strategy to continue building its bitcoin treasury without significantly increasing its debt.

Preferred Stock Issuances Fuel BTC Purchase

During the week, Strategy issued 39,957 shares of STRF, which are Series A Perpetual Strife Preferred Stock. This sale raised $4.4 million in net proceeds. The company also sold 1.31 million shares of STRC, which are Series A Perpetual Stretch Preferred Stock, for $131.2 million in net proceeds.

Another 5,513 shares of STRK, Series A Perpetual Strike Preferred Stock, were issued. These shares generated $0.5 million in net proceeds. Despite these sales, no new ordinary shares (MSTR) were issued under the ATM program during the week.

With this latest purchase, Strategy’s total bitcoin holdings now amount to 649,870 BTC. The company has maintained a consistent accumulation pattern since it began purchasing Bitcoin. The total cost basis of the company’s bitcoin holdings is $48.37 billion, with an average purchase price of $74,433 per bitcoin.

This large-scale accumulation strategy has positioned Strategy among the largest corporate holders of Bitcoin globally. Despite Bitcoin’s price above $100,000, the company continues its purchases, demonstrating confidence in the asset’s long-term value.

Saylor’s Commitment to Bitcoin

Michael Saylor has made it clear that Strategy will continue to buy Bitcoin as a structural part of its investment strategy. The company has the flexibility to fund future Bitcoin purchases through ongoing equity offerings and debt issuance. This approach allows the company to acquire more Bitcoin without significantly affecting its leverage.

Strategy’s latest filing confirms the company’s confidence in Bitcoin as a superior reserve asset. By issuing preferred stock to fund its acquisitions, Strategy can continue to accumulate Bitcoin without increasing its debt load. The company has set itself up for continued expansion of its bitcoin holdings as part of its long-term strategy.

Investors will likely watch for further filings to track the pace of Strategy’s Bitcoin acquisitions. The company’s ability to generate capital through stock sales and its consistent commitment to Bitcoin suggest that more purchases are imminent. The company’s strategy shows no signs of slowing, as it aims to grow its bitcoin holdings further.

Strategy’s commitment to Bitcoin positions it among the most aggressive institutional buyers in the market. With over $48 billion invested in Bitcoin, the company continues to focus on long-term value, disregarding short-term price fluctuations.

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