- Strategy (formerly MicroStrategy) added 196 BTC worth $22.1M, bringing its total stash to 640,031 BTC valued at $71.8B.
- The firm funds its Bitcoin buys through equity offerings and multiple preferred stock programs, part of its expanded “42/42” capital plan.
- Despite a 32% stock decline since summer, Strategy trades at a premium to its Bitcoin holdings, with Michael Saylor confident in its long-term resilience.
The Bitcoin treasury game just got louder again. Strategy, formerly known as MicroStrategy, has scooped up another 196 BTC, dropping roughly $22.1 million at an average cost of $113,048 per coin. That nudges the company’s total stash to a massive 640,031 BTC, worth nearly $72 billion at today’s prices. Michael Saylor, of course, couldn’t resist reminding everyone with his famous “Always ₿e Stacking” line.
Big Picture Numbers
To put that in perspective, the haul represents more than 3% of Bitcoin’s fixed 21 million supply. That translates into about $24 billion in unrealized gains since they started buying, giving Strategy the kind of balance sheet bragging rights few others can match. The kicker? This latest buy wasn’t some random dip chase—it was fueled by sales of common stock and those wild perpetual preferreds (STRK, STRC, STRF, STRD) that Strategy has been leaning on to bankroll more BTC acquisitions.
The 42/42 Plan
Saylor’s ambitious “42/42” plan is still rolling, targeting $84 billion in equity and convertible note raises by 2027. Each flavor of stock has its quirks—convertibles with upside, cumulative dividends for the conservative crowd, and risk-heavy non-converts that play more like high-stakes chips. Critics say the capital structure looks stretched, but with no debt due until 2028, analysts at Bernstein argue the leverage is “manageable.”
Market Reaction and Risks
Still, it’s not all smooth sailing. Strategy shares have fallen more than 30% from their summer highs, though the firm’s market cap continues to trade at a premium to its Bitcoin net asset value. For die-hard bulls, that premium is a vote of confidence. For skeptics, it’s a warning flare. Either way, Saylor’s message hasn’t changed: Bitcoin is the reserve asset of the future, and Strategy’s balance sheet is designed to survive even a brutal, multi-year 90% drawdown. Whether shareholders would be so patient—that’s another story.
