Strategy’s Bitcoin Stash Hits Record $76 Billion
Five years after making its first Bitcoin purchase, Strategy is still going all in. The company, formerly known as MicroStrategy, has just added another 155 BTC for $18 million, taking its total stash to 628,946 BTC worth around $76 billion. With nearly 3% of all Bitcoin under its control, Strategy’s aggressive buying spree has turned it into the undisputed leader in corporate Bitcoin holdings — and Michael Saylor shows no signs of stopping.
Strategy Buys More Bitcoin, Takes Treasury Holdings to $76 Billion
Strategy, the bitcoin treasury giant formerly known as MicroStrategy, has added another 155 BTC to its already massive stash. The purchase, made between August 4 and August 10, cost about $18 million at an average price of $116,401 per bitcoin. This brings the company’s total holdings to a staggering 628,946 BTC, worth roughly $76 billion at current prices.
Exactly five years after its first bitcoin buy in 2020, Strategy’s total average purchase price now sits at $73,288 per bitcoin, translating to about $46.1 billion in total acquisition costs. On paper, that’s around $30 billion in gains, representing nearly 3% of bitcoin’s entire 21 million supply.
How the Latest Purchase Was Funded?
According to reports, the acquisition was financed using proceeds from the sale of Strategy’s perpetual preferred stock programs. Specifically, it tapped its Strife preferred stock (STRF) and Stretch preferred stock (STRC) offerings. Last week, the company sold 115,169 STRF shares for about $13.6 million, with $1.87 billion worth still available for issuance. Additional funds came from the earlier $4.2 billion IPO for STRC.
STRF is non-convertible and carries a 10% cumulative dividend, making it the more conservative option. STRC, in contrast, starts at 9% annually with monthly payouts and a variable rate designed to keep its trading price near $100. These programs are part of Strategy’s expanded “42/42” plan — now aiming to raise $84 billion in equity and convertible notes for bitcoin purchases through 2027, double the initial $42 billion target.
A Disciplined But Aggressive Approach
Michael Saylor, Strategy’s co-founder and executive chairman, hinted at the move days earlier on social media, reiterating his belief that relentless bitcoin buying translates into long-term profit. Despite the aggressive acquisition pace, Strategy did not sell any Class A common stock last week, leaving $17 billion available under its ATM program. The company maintains a self-imposed rule not to issue common stock unless its market cap to net asset value ratio exceeds 2.5x — it currently sits at 1.5x.
Q2 financials reflect just how much this bitcoin-centric strategy has paid off in the short term. The firm reported a record $10 billion net income, driven by a $14 billion unrealized gain following new accounting rules allowing fair value reporting of digital assets. Operating income surged over 7,100% year-on-year.
The Corporate Bitcoin Arms Race
Strategy remains far ahead of other corporate bitcoin holders. According to Bitcoin Treasuries data, its nearest competitors — MARA, Tether-backed Twenty One, Bitcoin Standard Treasury Company, Riot Platforms, Trump Media & Technology Group, Metaplanet, Galaxy Digital, CleanSpark, and Coinbase — collectively hold far fewer coins. The runner-up, Marathon Digital (MARA), has just over 50,000 BTC.
While some investors question Strategy’s premium-to-NAV valuation and its ever-expanding acquisition vehicles, analysts largely view its leverage as sustainable. With no major debt payments due until 2028, the firm’s mix of equity, convertible debt, and preferred shares provides a cushion even in severe market downturns.
Saylor insists the model is built to endure extreme volatility, even a prolonged 90% bitcoin price crash. Still, he concedes that such a scenario would be painful for shareholders.
Bottom Line
Five years into its bitcoin experiment, Strategy shows no signs of slowing down. With nearly 3% of all bitcoin in existence under its control, the company continues to push the boundaries of corporate treasury strategy. For investors betting on bitcoin’s long-term dominance, Saylor’s approach is as bold as it is unwavering — and it’s setting a precedent that competitors are still struggling to match.
$BTC, $Bitcoin, $MicroStrategy, $Strategy
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Strategy’s Bitcoin Stash Hits Record $76 Billion
Five years after making its first Bitcoin purchase, Strategy is still going all in. The company, formerly known as MicroStrategy, has just added another 155 BTC for $18 million, taking its total stash to 628,946 BTC worth around $76 billion. With nearly 3% of all Bitcoin under its control, Strategy’s aggressive buying spree has turned it into the undisputed leader in corporate Bitcoin holdings — and Michael Saylor shows no signs of stopping.
Strategy Buys More Bitcoin, Takes Treasury Holdings to $76 Billion
Strategy, the bitcoin treasury giant formerly known as MicroStrategy, has added another 155 BTC to its already massive stash. The purchase, made between August 4 and August 10, cost about $18 million at an average price of $116,401 per bitcoin. This brings the company’s total holdings to a staggering 628,946 BTC, worth roughly $76 billion at current prices.
Exactly five years after its first bitcoin buy in 2020, Strategy’s total average purchase price now sits at $73,288 per bitcoin, translating to about $46.1 billion in total acquisition costs. On paper, that’s around $30 billion in gains, representing nearly 3% of bitcoin’s entire 21 million supply.
How the Latest Purchase Was Funded?
According to reports, the acquisition was financed using proceeds from the sale of Strategy’s perpetual preferred stock programs. Specifically, it tapped its Strife preferred stock (STRF) and Stretch preferred stock (STRC) offerings. Last week, the company sold 115,169 STRF shares for about $13.6 million, with $1.87 billion worth still available for issuance. Additional funds came from the earlier $4.2 billion IPO for STRC.
STRF is non-convertible and carries a 10% cumulative dividend, making it the more conservative option. STRC, in contrast, starts at 9% annually with monthly payouts and a variable rate designed to keep its trading price near $100. These programs are part of Strategy’s expanded “42/42” plan — now aiming to raise $84 billion in equity and convertible notes for bitcoin purchases through 2027, double the initial $42 billion target.
A Disciplined But Aggressive Approach
Michael Saylor, Strategy’s co-founder and executive chairman, hinted at the move days earlier on social media, reiterating his belief that relentless bitcoin buying translates into long-term profit. Despite the aggressive acquisition pace, Strategy did not sell any Class A common stock last week, leaving $17 billion available under its ATM program. The company maintains a self-imposed rule not to issue common stock unless its market cap to net asset value ratio exceeds 2.5x — it currently sits at 1.5x.
Q2 financials reflect just how much this bitcoin-centric strategy has paid off in the short term. The firm reported a record $10 billion net income, driven by a $14 billion unrealized gain following new accounting rules allowing fair value reporting of digital assets. Operating income surged over 7,100% year-on-year.
The Corporate Bitcoin Arms Race
Strategy remains far ahead of other corporate bitcoin holders. According to Bitcoin Treasuries data, its nearest competitors — MARA, Tether-backed Twenty One, Bitcoin Standard Treasury Company, Riot Platforms, Trump Media & Technology Group, Metaplanet, Galaxy Digital, CleanSpark, and Coinbase — collectively hold far fewer coins. The runner-up, Marathon Digital (MARA), has just over 50,000 BTC.
While some investors question Strategy’s premium-to-NAV valuation and its ever-expanding acquisition vehicles, analysts largely view its leverage as sustainable. With no major debt payments due until 2028, the firm’s mix of equity, convertible debt, and preferred shares provides a cushion even in severe market downturns.
Saylor insists the model is built to endure extreme volatility, even a prolonged 90% bitcoin price crash. Still, he concedes that such a scenario would be painful for shareholders.
Bottom Line
Five years into its bitcoin experiment, Strategy shows no signs of slowing down. With nearly 3% of all bitcoin in existence under its control, the company continues to push the boundaries of corporate treasury strategy. For investors betting on bitcoin’s long-term dominance, Saylor’s approach is as bold as it is unwavering — and it’s setting a precedent that competitors are still struggling to match.
$BTC, $Bitcoin, $MicroStrategy, $Strategy
Read More
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