Strategy said in an 8-K filing with the U.S. Securities and Exchange Commission that it purchased 334 Bitcoin between Sept. 28 and Oct. 4 at an average price of $85,838.80 per BTC, for a total of about $28.7 million.
The purchase lifted the company’s total Bitcoin holdings to 848,000 BTC, setting a new record for the firm. At the price referenced in the report, those holdings are worth about $73 billion.
Strategy’s total Bitcoin spend has reached about $64 billion
According to the filing details cited in the report, Strategy has spent about $64 billion acquiring Bitcoin so far, including fees and related expenses. Its average purchase price across the full position stands at $75,440.70 per coin.
Based on the current market price used in the article, the company is sitting on roughly $9 billion in unrealized gains.
Latest purchase was funded by stock sales and cash reserves
The report said the latest buy was financed through two channels: proceeds from at-the-market sales of Strategy’s Class A common stock, MSTR, and the company’s U.S. dollar cash reserves.
Strategy sold 92,894 shares of MSTR last week and raised about $15.7 million. The remaining $13 million came from cash reserves. As of Oct. 4, the company still had $18.8 billion of MSTR shares available for issuance under the program.
Its USD Reserve and USD Cash balances stood at $4.88 billion and $833.4 million, respectively. Against that backdrop, the $28.7 million Bitcoin purchase represented only a small portion of the company’s overall liquidity pool.
Buying pace has slowed sharply from prior months
The article compared the latest purchase with Strategy’s activity in recent months and said the scale has changed noticeably. In September last year, the company made a single purchase of 1,665 BTC worth $143 million. The latest 334 BTC buy is about one-fifth of that size.
The report said this was not unexpected. Strategy now holds more than 4% of Bitcoin’s 21 million supply cap. At that scale, any large purchase has a more direct effect on both market pricing and the company’s own cost basis.
Michael Saylor posted the company’s Bitcoin holdings tracker on X on Sunday with the caption 「More orange than ever」. According to the report, similar posts in the past were usually followed by a purchase announcement the next day or within several days, but this time the size of the disclosed buy was more restrained.
MSTR fell 7.1% last week
Strategy shares fell 7.1% last week and closed at $160.01 on Friday. The stock is up 0.5% year to date, but still down 48% over the past year, trailing Bitcoin over the same period.
The original report said this suggests the market is adjusting how it prices MSTR as a leveraged Bitcoin proxy. If the buying pace slows and the balance-sheet leverage effect becomes less pronounced, the premium attached to MSTR relative to Bitcoin may narrow.
196 public companies now use some form of Bitcoin treasury strategy
Data from Bitcoin Treasuries cited in the report showed that 196 publicly listed companies worldwide now use some form of Bitcoin treasury strategy.
Behind Strategy, the largest holders listed in the article were Japan’s Metaplanet with 44,000 BTC, Tether-backed Twenty One with 43,514 BTC, mining company MARA with 35,577 BTC, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.
By that measure, Strategy’s holdings are nearly 20 times those of second-ranked Metaplanet.
Attention now turns to whether large purchases become less frequent
The report concluded that the size of the latest 334 BTC purchase and the way it was funded point to a more cautious phase in Strategy’s Bitcoin accumulation plan. With holdings already at 848,000 BTC and cash reserves also needed for preferred share repurchases and debt interest, the frequency of large concentrated buys may decline.
It added that market expectations for MSTR as a Bitcoin leverage vehicle may need to adjust to that new rhythm.