Strategy Inc. Expands Bitcoin Holdings

According to a recent regulatory filing, Strategy Inc.—the Bitcoin-centric holding company under billionaire Michael Saylor—made significant purchases of Bitcoin during the week of November 10th to November 16th.

The company acquired 8,178 BTC for approximately $835.6 million, which breaks down to an average price of about $102,171 per Bitcoin, factoring in fees and expenses. As of November 16, 2025, Strategy’s total Bitcoin holdings reached 649,870 BTC, amassed at an average price of $74,433 per Bitcoin, equating to a total value of around $48.37 billion.

During that week, Strategy made one of its largest acquisitions for 2025. This consistent accumulation seems to align with Bitcoin trading above the $100,000 mark. The hefty $835.6 million investment reaffirms the company’s belief that Bitcoin is a more reliable long-term reserve asset compared to traditional cash and financial instruments.

Saylor indicated that Strategy will continue to purchase Bitcoin using excess cash flow, bond issuances, and equity issuances. This approach was reiterated in the recent filing, where the acquisition of BTC was funded through the sale of both preferred and common stock under the company’s at-the-market program.

To support its latest acquisition, Strategy sold various classes of preferred stock and common stock. From November 10th to November 16th, the following transactions occurred:

• The company issued 39,957 shares of STRF (10% Series A Perpetual Strife Preferred Stock), with a notional amount of $4.0 million and expected net proceeds of $4.4 million.
• 1.31 million shares of STRC (variable rate series A perpetual stretch preferred stock) were issued, valued at $131.4 million, expected to net $131.2 million.
• 5,513 shares of STRK stock (8% Series A Perpetual Strike Preferred Stock) were sold, with a nominal value of $600,000 and expected net income of $500,000.

Overall, Strategy generated total net income of $136.1 million from its preferred stock sales during this period. There were additional proceeds from common stock sales under the ATM program, but no new common stock was issued at this time.

This influx of capital will facilitate the company’s ability to continue accumulating Bitcoin without significantly increasing its debt levels.

With the latest acquisition, Strategy now holds 649,870 BTC, positioning itself among the largest corporate Bitcoin holders globally. The long-term average purchase price of around $48.37 billion remains notably below current market levels, reflecting a steady accumulation strategy through various market cycles.

This filing strengthens Strategy’s standing as a persistent buyer of Bitcoin, regardless of short-term price shifts. The average purchase price for this week’s acquisitions was $102,171, showcasing the company’s ongoing confidence in Bitcoin amid recent market highs.

Looking ahead, the latest disclosures suggest that Strategy’s Bitcoin buying spree is far from over. The company still holds tens of billions of dollars available through its equity issuance program, and investors are likely to keep an eye on forthcoming filings to assess the future pace of acquisitions.