- Strategy (formerly MicroStrategy) bought 4,048 more BTC worth $449.3M, bringing its total holdings to 636,505 BTC (over 3% of total supply).
- The purchases were funded through stock and preferred equity programs under its expanded “42/42” plan to raise $84B for bitcoin buys.
- Despite concerns over dilution and valuation premiums, Saylor insists bitcoin is “still on sale” as Strategy cements its lead in corporate BTC accumulation.
Strategy, the bitcoin treasury giant formerly known as MicroStrategy, is once again making headlines after scooping up another 4,048 BTC between Aug. 26 and Sept. 1. The purchase, worth about $449.3 million, was made at an average price of $110,981 per coin, according to filings with the SEC.
That pushes the company’s total stash to a staggering 636,505 BTC—valued near $70 billion. With an average cost of $73,765 per bitcoin, Strategy is sitting on roughly $23 billion in unrealized gains. To put it in perspective, that’s over 3% of the entire bitcoin supply locked up in one corporate balance sheet.
A Treasury Machine Backed by Creative Funding
The latest haul wasn’t pulled from cash reserves but rather funded through an arsenal of financing tools. Strategy raised capital via at-the-market sales of its common stock (MSTR) and three perpetual preferred stock classes: STRK, STRF, and STRD. Each comes with its own flavor of risk and reward—from STRD’s aggressive 10% dividend to STRK’s equity-convertible structure.
This is all part of what Saylor calls the “42/42 plan,” a program designed to raise $84 billion through equity offerings and convertible notes for bitcoin purchases by 2027. Originally, the plan targeted $42 billion, but the company doubled down after exhausting its first tranche. Clearly, they’re not easing up anytime soon.
Saylor, never shy about broadcasting his intentions, even hinted at more buying on the horizon with a weekend post declaring that “Bitcoin is still on sale.”
Mixed Reactions From Investors
Not everyone’s clapping. Some shareholders remain uneasy with Strategy’s willingness to issue new stock even below its self-imposed valuation thresholds, worried about dilution and the hefty premium the firm’s stock trades at compared to its actual bitcoin holdings. The company’s mNAV ratio has dropped to about 1.37x, raising eyebrows.
Still, analysts say Strategy’s debt profile is solid—no major payments are due until 2028. That gives the firm breathing room, even in a brutal bear market. Saylor himself has gone as far as to claim that Strategy could survive a 90% bitcoin drawdown lasting several years, though he admits shareholders would “suffer” through it.
The Bigger Picture: Corporate Bitcoin Arms Race
Strategy may be the loudest player in the bitcoin treasury game, but it isn’t alone. According to Bitcoin Treasuries data, 163 public companies now hold BTC. Heavyweights like MARA, Tether’s Twenty One, Bitcoin Standard Treasury, Riot, and even Trump Media have all piled in. While no one is close to Strategy’s 636,000+ BTC, the collective momentum is undeniable.
As for the markets, BTC slipped around 2% last week, closing at roughly $108,000, while MSTR dropped 1.3% to $334.41. Even so, both remain solid on the year—bitcoin up 17.4% YTD, and MSTR up 11.4%.
