Strategy continued its aggressive bitcoin accumulation strategy last week, purchasing an additional 2,486 BTC for approximately $168.4 million. The latest acquisition brings the company’s total holdings to 717,131 bitcoin, reinforcing its position as the largest publicly traded corporate holder of the digital asset.
According to a recent regulatory filing, the newly acquired bitcoin was purchased at an average price consistent with prevailing market levels during the week. Strategy has now invested a cumulative $54.52 billion in bitcoin, resulting in an average acquisition cost of $76,027 per coin. With bitcoin currently trading near $68,000, the company’s aggregate holdings are valued below their average purchase price, translating into an unrealized loss relative to cost basis.
At current market levels, the difference between the average acquisition price and spot value equates to roughly $8,000 per bitcoin. Across its entire stack, that gap implies an unrealized shortfall of approximately $5.7 billion. However, the company has historically framed its bitcoin strategy as a long term capital allocation approach rather than a short term trading position.
The most recent purchases were financed through equity related transactions. Strategy raised approximately $90.5 million through common stock sales and an additional $78.4 million from the sale of its STRC preferred stock series. The combined proceeds were directed toward expanding the company’s bitcoin reserves, consistent with its established treasury model.
Market reaction to the announcement was muted. Shares of MSTR were down 3.2% in premarket trading following the disclosure and remain more than 60% lower on a year over year basis. The stock’s performance has been closely tied to bitcoin price movements, with volatility amplified by the company’s leveraged exposure to the asset.
Strategy’s approach has made it a proxy vehicle for institutional bitcoin exposure in public equity markets. By issuing equity and preferred instruments to fund purchases, the company has continued to increase its bitcoin concentration even during periods of market weakness. Supporters argue that the strategy offers long term upside if bitcoin appreciates materially over time, while critics highlight the balance sheet risk associated with accumulating at elevated average prices.
Despite the current drawdown relative to cost basis, Strategy has shown no indication of slowing its acquisition program. The steady cadence of purchases reflects management’s conviction in bitcoin as a primary treasury reserve asset. As macro conditions and crypto market dynamics evolve, the company’s growing bitcoin position remains central to its corporate identity and investor thesis.
