Strategy, a prominent Bitcoin treasury company, has further expanded its substantial Bitcoin reserves, now holding a total of 640,418 BTC. This latest accumulation follows an acquisition of an additional 168 BTC, purchased for approximately $18.8 million between October 13 and October 19. The average price for this recent buy was $112,051 per Bitcoin.
The company's total Bitcoin assets are valued at around $71.1 billion at current market prices. This massive holding represents more than 3% of Bitcoin's total 21 million supply, underscoring Strategy's significant position in the cryptocurrency market.
Key Takeaways
- Strategy now holds 640,418 BTC, valued at approximately $71.1 billion.
- The latest acquisition involved 168 BTC for $18.8 million at an average price of $112,051.
- The company's total Bitcoin holdings were acquired at an average price of $74,010 per BTC.
- Strategy's Bitcoin represents over 3% of the total 21 million Bitcoin supply.
- The firm uses a diverse capital structure, including preferred stock sales, for its acquisitions.
Strategy's Growing Bitcoin Portfolio
Strategy's commitment to Bitcoin has been a defining characteristic of its corporate strategy. The company's co-founder and executive chairman, Michael Saylor, stated that the total cost for their Bitcoin acquisitions, including fees and expenses, stands at approximately $47.4 billion. This implies a substantial paper gain of around $23.7 billion at current market valuations.
The firm has consistently used various financial instruments to fund its Bitcoin purchases. The latest acquisitions were financed through at-the-market (ATM) sales of its perpetual preferred stock. This includes offerings like STRK, STRF, and STRD, which are part of a broader capital raise strategy.
Bitcoin Holdings at a Glance
- Total BTC: 640,418
- Current Value: ~$71.1 billion
- Average Purchase Price: $74,010 per BTC
- Total Cost: ~$47.4 billion
- Implied Paper Gains: ~$23.7 billion
Funding Mechanisms and Capital Strategy
Strategy employs a sophisticated capital structure to facilitate its Bitcoin acquisition program. The company's ATM programs for its preferred stock, including STRK, STRC, STRF, and STRD, collectively represent significant capital-raising capabilities. These programs are designed to provide ongoing funding for Bitcoin purchases.
The firm's '42/42' plan, an expanded version of its initial '21/21' plan, targets a total capital raise of $84 billion through equity offerings and convertible notes by 2027. This ambitious plan highlights Strategy's long-term vision for Bitcoin as a primary treasury asset.
Understanding Strategy's Preferred Stock
Strategy's preferred stock offerings come with varying characteristics:
- STRD: Non-convertible with a 10% non-cumulative dividend. This instrument has the highest risk-reward profile.
- STRK: Convertible with an 8% non-cumulative dividend, allowing for potential equity upside.
- STRF: Non-convertible with a 10% cumulative dividend, making it the most conservative option.
- STRC: A variable-rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep its value near par.
Michael Saylor has previously indicated that Strategy's capital structure is built to withstand a significant 90% drop in Bitcoin's value over four to five years, thanks to its diverse mix of equity, convertible debt, and preferred instruments.
Broader Corporate Adoption of Bitcoin
Strategy is not alone in its embrace of Bitcoin. Data from Bitcoin Treasuries shows that 190 public companies have adopted some form of Bitcoin acquisition model. This growing trend reflects increasing institutional interest in digital assets.
Other major public companies with significant Bitcoin holdings include:
- MARA: 53,250 BTC
- Tether-backed Twenty One: 43,514 BTC
- Metaplanet: 30,823 BTC
- Bitcoin Standard Treasury Company (backed by Adam Back and Cantor Fitzgerald): 30,021 BTC
- Bullish: 24,300 BTC
- Riot Platforms: 19,287 BTC
- Trump Media & Technology Group: 15,000 BTC
- CleanSpark: 13,011 BTC
- Coinbase: 11,776 BTC
While the number of companies holding Bitcoin continues to rise, the market has seen some volatility. Strategy's own shares have experienced fluctuations, for example, falling 36% from their summer peaks at one point. This highlights the inherent risks associated with significant exposure to volatile assets.
Market Performance and Outlook
Strategy's stock closed up 2.1% at $289.87 on a recent Friday, with further gains in pre-market trading. However, the stock experienced a 10.3% decline for the week overall and is currently down 3.4% year-to-date. This contrasts with Bitcoin's 14.3% gain for the year 2025, suggesting that market factors beyond Bitcoin's direct performance, such as renewed U.S.-China trade tensions, can influence the company's stock.
The 'Next Orange Dot' Philosophy
Michael Saylor often refers to Strategy's continuous Bitcoin acquisitions with the phrase, "The most important orange dot is always the next." This statement reflects the company's ongoing strategy of accumulating Bitcoin over the long term, viewing each new purchase as a significant step in its overall investment thesis.
The firm had previously announced another acquisition of 220 BTC for approximately $27.2 million at an average price of $123,561 per Bitcoin. This brought their total holdings to 640,250 BTC before the most recent reported purchase. Saylor has a history of hinting at these acquisitions, often sharing updates on Strategy's Bitcoin acquisition tracker before official filings.
Strategy's strategy remains clear: to leverage its capital-raising capabilities to become a dominant holder of Bitcoin, positioning the company at the forefront of corporate digital asset adoption. The firm's long-term outlook appears to prioritize Bitcoin accumulation, even amidst market fluctuations and broader economic headwinds.
