Michael Saylor, the executive chairman of Strategy, has once again made headlines with a significant Bitcoin acquisition. It seems the company, formerly known as MicroStrategy, just can’t get enough of the digital gold. This past week saw them add a substantial chunk to their already impressive hoard, a move that certainly got the crypto world talking.
- Strategy, formerly MicroStrategy, has acquired an additional 8,178 Bitcoin for approximately $835.6 million, increasing its total holdings to 649,870 BTC.
- The company funds these acquisitions through various preferred stock sales and a new euro-denominated preferred stock issuance, as part of its ambitious “42/42” program to raise $84 billion by 2027 for Bitcoin purchases.
- Despite market dips and concerns about leverage, Strategy’s management, led by Michael Saylor, remains steadfast in its commitment to acquiring and holding Bitcoin, with analysts dismissing liquidation fears due to conservative debt-to-asset ratios.
Between November 10 and November 16, Strategy picked up another 8,178 Bitcoin. This latest purchase cost them around $835.6 million, at an average price of $102,171 per Bitcoin. We learned this from an 8-K filing with the Securities and Exchange Commission, a document that always makes for interesting reading.
With this new addition, Strategy’s total Bitcoin holdings now stand at a staggering 649,870 BTC. That’s a lot of Bitcoin, worth about $61.7 billion at current market prices. Saylor himself confirmed these numbers, noting their average purchase price sits at $74,433 per Bitcoin, for a total cost of roughly $48.4 billion, including all the associated fees.
To put that into perspective, Strategy now controls more than 3% of Bitcoin’s total supply of 21 million coins. It’s a bold position, and it implies a tidy sum of around $13.3 billion in paper gains for the company at today’s prices. Not a bad return, if you ask me.
Funding the Bitcoin Vision
So, how does a company fund such massive purchases? Strategy has a few clever ways. These latest acquisitions, the biggest since July, came from selling various types of its perpetual preferred stock. Think of these as special shares that offer different benefits to investors.
They used proceeds from at-the-market sales of their perpetual Strike preferred stock (STRK), perpetual Strife preferred stock (STRF), and perpetual Stretch preferred stock (STRC). On top of that, a good portion was funded by a €620 million (about $715 million) issuance of their first euro-denominated preferred stock, STRE.
Strategy has a grand plan, dubbed the “42/42” program. This aims to raise a total of $84 billion through equity offerings and convertible notes by 2027, all earmarked for Bitcoin acquisitions. It’s an ambitious target, upsized from their initial “21/21” plan after the equity side was fully used.
The company’s preferred stock programs are quite active. Last week, for example, Strategy sold 5,513 STRK shares for about $500,000, with plenty more available. They also sold 39,957 STRF shares for $4.4 million and 1,313,641 STRC shares for $131.2 million, still leaving billions available under those programs.
Each type of preferred stock serves a different purpose. STRK is convertible, offering an 8% non-cumulative dividend, which allows for equity upside. STRF is non-convertible with a 10% cumulative dividend, making it a more conservative option for investors. STRC is a variable-rate, cumulative preferred stock, offering monthly dividends with adjustable rates to keep it near par.
Then there’s STRD, which is non-convertible with a 10% non-cumulative dividend, carrying the highest risk-reward profile. And STRE, the euro-denominated note, offers a 0% coupon but provides equity-linked upside. It’s a complex mix, but it shows the lengths Strategy goes to fund its Bitcoin strategy.
Market Whispers and Steadfast Confidence
Michael Saylor himself hinted at the latest acquisitions, sharing an update on Strategy’s Bitcoin tracker with a simple, “₿ig week.” He wasn’t kidding. Just the Monday before, Strategy had announced a purchase of 487 BTC for about $49.9 million. This recent spree just added to that momentum.
Strategy isn’t alone in its Bitcoin embrace. Data from Bitcoin Treasuries shows 194 public companies have adopted some form of Bitcoin acquisition model. Beyond Strategy, you have names like MARA, Tether-backed Twenty One, Metaplanet, and Coinbase, all holding significant amounts of Bitcoin.
While the number of Bitcoin treasury companies grows, the market has seen some shifts. Many of these companies have seen their share values dip from their summer highs. Strategy itself is down 56% from its peak, with its market cap-to-net asset value (mNAV) currently sitting around 0.93.
This dip below an mNAV of 1 sometimes sparks fears. Analysts at Bernstein, however, recently dismissed concerns that Strategy might have to liquidate its Bitcoin holdings if prices continue to fall. They called these “undue fears,” highlighting that Strategy’s management has confirmed they are not selling, nor do they intend to sell, a single Bitcoin.
Bernstein pointed out that Strategy’s leverage remains conservative. They hold $8 billion in debt against $61 billion in Bitcoin. Dividends are “well covered” by its treasury and its ability to tap into further capital through its at-the-market programs. The analysts expect Strategy to keep buying Bitcoin, even through market corrections.
Saylor has always been confident in Strategy’s resilience. He once mentioned that the company’s capital structure is built to withstand a 90% drop in Bitcoin that lasts for four to five years. This is thanks to its blend of equity, convertible debt, and preferred instruments. He did acknowledge, though, that shareholders would still “suffer” in such a scenario.
Saylor recently had to shut down rumors that the firm sold 47,000 BTC. He insisted they were buying aggressively. The claim came from a social media post, which a blockchain analytics platform later clarified was likely routine wallet and custodian rotations, not actual sales.
“There is no truth to this rumor,” Saylor stated. “We are buying. We’re buying quite a lot, actually, and we’ll report our next buys on Monday morning. I think people will be pleasantly surprised,” he told CNBC. Strategy’s stock closed down 4.2% on Friday, hitting its lowest level in over a year, though it saw a small bump in pre-market trading on Monday. It’s been a bumpy ride for MSTR shares this year, down 33.4% year-to-date, while Bitcoin itself has seen a slight 2.5% gain in 2025.
