- Strategy (MSTR) added 168 BTC at $112K each, totaling 640,418 BTC worth $71B.
- The firm funded the buy by raising $18.8M via preferred and common shares.
- MSTR stock rose 3%, though it still lags Bitcoin’s 19% yearly gain.
Strategy (MSTR), the company led by executive chairman Michael Saylor, just added another 168 BTC to its already massive treasury. According to Monday’s filing, the firm paid an average price of $112,051 per coin, bringing its total Bitcoin stash to a staggering 640,418 BTC — worth roughly $71 billion at current prices. This makes Strategy not just the largest publicly traded Bitcoin holder, but a consistent buyer no matter the market mood.
Funded Through Fresh Capital
To finance the purchase, Strategy raised $18.8 million through a mix of perpetual preferred shares and common stock. It’s a familiar playbook for Saylor’s firm, which has repeatedly used equity raises to accumulate more Bitcoin since 2020. The company’s average acquisition price now sits at about $74,010 per BTC, showing how aggressively it’s averaged up over time. While many firms trimmed exposure during the October correction, Strategy doubled down again — reinforcing Saylor’s long-held conviction that Bitcoin remains the best long-term store of value.
Market Reaction and Metrics
Bitcoin’s rebound to around $111,000 helped MSTR shares climb 3% in pre-market trading, hovering just under $300 per share. Still, the stock remains down year-to-date, trailing Bitcoin’s 19% gain. The MSTR-to-BlackRock iShares Bitcoin Trust (IBIT) ratio has slipped to 4.74 — its lowest since October 2024 — signaling that ETFs like IBIT have outperformed MSTR over the past year. That ratio once peaked at 8.0 last November, showing how competition in institutional Bitcoin exposure has tightened dramatically.
A Relentless Accumulation Strategy
Despite market volatility, Strategy’s approach hasn’t changed: keep buying Bitcoin through both bull and bear cycles. With over 640,000 BTC now in reserve — around 3% of the total supply — Saylor’s firm continues to solidify its reputation as the corporate face of Bitcoin conviction. Whether this strategy pays off depends on where BTC heads next, but one thing’s clear: Strategy isn’t slowing down anytime soon.
