Strategy, formerly known as MicroStrategy, purchased an additional 487 bitcoins for nearly $50 million, according to an SEC filing released Monday. The acquisition raises the company’s total bitcoin holdings to 641,692 BTC, valued at about $68 billion.
Michael Saylor, Strategy’s co-founder and executive chairman, confirmed the purchases were made between November 3 and 9 at an average price of $102,557 per bitcoin. The cumulative average cost of the entire bitcoin portfolio stands at $74,079 per coin.
Details of Recent Bitcoin Purchases
The recent purchase is the largest in six weeks and was funded through proceeds from at-the-market (ATM) sales of Strategy’s perpetual preferred stocks: STRK, STRF, STRD, and STRC. These preferred stock programs support the company’s ongoing bitcoin acquisition strategy.
Strategy’s ATM programs include:
- STRK: $21 billion
- STRC: $4.2 billion
- STRF: $2.1 billion
- STRD: $4.2 billion
These programs supplement Strategy’s “42/42” capital raise plan aiming to generate $84 billion through equity offerings and convertible notes by 2027, an increase from the original $42 billion target.
Preferred Stock Sales and Capital Structure
Last week, Strategy sold shares across its preferred stock lines, including 50,881 STRK shares for approximately $4.5 million and 165,614 STRF shares for $18.3 million. The company still has billions of dollars available under these ATM programs.
Each preferred stock carries different terms:
- STRD: Non-convertible, 10% non-cumulative dividend, highest risk-reward profile
- STRK: Convertible, 8% non-cumulative dividend, offers equity upside
- STRF: Non-convertible, 10% cumulative dividend, most conservative
- STRC: Variable-rate, cumulative dividends with adjustable rates
Bitcoin Treasury Landscape and Market Performance
Data from Bitcoin Treasuries shows 193 public companies have adopted bitcoin acquisition strategies. Among the top holders are Marathon Digital Holdings (53,250 BTC), Twenty One (43,514 BTC), and Bitcoin Standard Treasury Company (30,021 BTC).
Despite growing adoption, many bitcoin treasury companies have seen their stock values decline from summer peaks. Strategy’s stock price dropped 47% and currently trades near its market cap-to-net asset value ratio of 1.02.
Saylor Comments on Capital Resilience
Michael Saylor previously noted that Strategy’s capital structure, consisting of equity, convertible debt, and preferred stock, is designed to endure a 90% bitcoin price drop sustained over several years. However, he acknowledged shareholders would face losses in such a scenario.
Recent Market Activity and Stock Performance
On the Monday before the latest filing, Strategy announced purchasing 397 bitcoins for $45.6 million at an average price of $114,771, bringing total holdings to 641,205 BTC prior to the latest acquisition.
Saylor hinted at continued bitcoin purchases with the phrase “₿est Continue” shared on Strategy’s bitcoin acquisition tracker.
Strategy’s stock closed up 2% at $241.93 on Friday and gained another 2.8% in pre-market trading Monday. Meanwhile, the MSTR stock fell 5.2% last week and remains down 19.4% year-to-date, compared to bitcoin’s 13.8% gain in 2025.
