Strategy expands Bitcoin holdings to record 649,031 BTC despite MSTR stock slump
Strategy (formerly MicroStrategy) expanded its Bitcoin holdings by buying of 196 BTC for $22.1 million at a median value of $113,048 per coin, in accordance to a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29.
According to the agency’s dashboard, this acquisition marks its third-smallest purchase this yr, following its 130 BTC in March and 154.64 BTC in August.
These incremental additions have elevated Strategy’s total Bitcoin reserve to 649,031 BTC, representing 3% of the whole BTC provide and making it the biggest company BTC holder.
Meanwhile, the agency has spent roughly $47.35 billion on its place at a median price of $73,983 per coin. With Bitcoin buying and selling increased at greater than $110,000, that stash is now value $72.67 billion, translating into an unrealized revenue margin of 53.47%.
The firm disclosed that the purchases had been financed by means of proceeds from at-the-market choices of its Class A standard stock (MSTR) and two perpetual most well-liked stock devices, STRF and STRD.
Strategy confirmed it had raised $128 million by means of these fairness gross sales, offering liquidity for continued accumulation.
MSTR stock falls
While the corporate continues to increase its Bitcoin place, its MSTR stock has been under pressure lately.
MSTR has fallen to its lowest stage in six months, in accordance to CryptoQuant analyst JA Maartun, who flagged the decline on Sept. 29. He famous that the sharp drop to close to $300 displays each heightened volatility and investor considerations.
Google Finance knowledge exhibits that MSTR rallied to $455.90 in mid-July however has since retraced to roughly $309.06 by Sept. 26, leading to a 32.5% loss over the previous month. The decline contrasts with Bitcoin’s efficiency, which is up 22% year-to-date, in contrast to MSTR’s 11%.
The weaker stock efficiency has pushed Strategy’s market-adjusted web asset worth (mNAV) down to 1.39x, the bottom stage recorded in 2025.
Still, Strive Chief Risk Officer Jeff Walton argued that MSTR’s long-term returns stay resilient. He identified that even when mNAV fell to parity, MSTR would have outperformed Bitcoin greater than 2x for the reason that firm adopted its Bitcoin-focused strategy.
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