Michael Saylor’s Strategy: $835M Bitcoin Buy at $102K Average

Strategy, the Bitcoin-focused holding company steered by billionaire Michael Saylor, has significantly expanded its already substantial Bitcoin (BTC) reserves with another considerable acquisition. According to a regulatory filing released on November 17, 2025, the firm added 8,178 BTC to its treasury between November 10 and November 16, reflecting its unwavering commitment to the digital asset as a core component of its corporate strategy.

This latest acquisition, valued at approximately $835.6 million, was executed at an average price of $102,171 per Bitcoin, inclusive of fees and expenses. This move underscores Strategy’s consistent accumulation pattern, even as Bitcoin trades at elevated price levels, pushing its total holdings to an impressive 649,870 BTC as of November 16, 2025.

Aggressive Weekly Accumulation Reflects Ongoing Corporate Strategy

The acquisition of 8,178 BTC represents one of Strategy’s more significant weekly purchases in 2025, aligning with the company’s established practice of continuous accumulation. Michael Saylor, the driving force behind Strategy, has consistently articulated his long-term conviction that Bitcoin serves as a superior reserve asset when compared to conventional cash holdings or traditional financial instruments.

Saylor has frequently communicated that Strategy intends to continue acquiring Bitcoin whenever opportunities arise, leveraging various financial mechanisms such as excess cash flows, debt issuance, and equity offerings. The recent filing confirms this approach, indicating that the latest Bitcoin acquisition was financed through the sale of preferred and common stock under the company’s existing at-the-market (ATM) programs.

Equity Sales Generate Capital for Bitcoin Purchases

To fund its ongoing Bitcoin purchasing initiatives, Strategy strategically utilizes its equity offerings. During the specified period between November 10 and November 16, the company engaged in the sale of multiple classes of its preferred stock.

Key transactions included:

• The issuance of 39,957 shares of STRF (10% Series A Perpetual Strife Preferred Stock), which generated $4.4 million in net proceeds from a notional value of $4.0 million.
• The sale of 1.31 million shares of STRC (Variable Rate Series A Perpetual Stretch Preferred Stock), resulting in $131.2 million in net proceeds from a notional value of $131.4 million.
• The issuance of 5,513 shares of STRK (8% Series A Perpetual Strike Preferred Stock), contributing $0.5 million in net proceeds from a notional value of $0.6 million.

In aggregate, these preferred stock sales alone generated $136.1 million in net proceeds for Strategy during this period. While the regulatory filing also noted contributions from common stock (MSTR) sales via its ATM program, no new common shares were issued within this particular weekly window. This methodical approach to capital generation ensures Strategy’s capacity for large-scale Bitcoin accumulation without substantially increasing its debt leverage.

Bitcoin Holdings Reach Nearly $50B in Cost Basis

Following this latest acquisition, Strategy’s total Bitcoin treasury has reached an impressive 649,870 BTC. The aggregate cost basis for these holdings stands at approximately $48.37 billion, with an average purchase price of $74,433 per Bitcoin across all acquisitions. This positions Strategy as one of the largest corporate holders of Bitcoin globally, a testament to its long-term investment philosophy and consistent accumulation across various market cycles.

The average purchase price of $102,171 for this specific tranche demonstrates Strategy’s ongoing confidence in Bitcoin’s value proposition, even at price points closer to recent market highs. The firm has also reported a Bitcoin Yield of 27.8% year-to-date in 2025. With tens of billions of dollars in remaining capacity across its various equity issuance programs, the company’s recent disclosures suggest that Strategy’s strategic Bitcoin buying initiatives are far from concluded. Market observers and analysts will undoubtedly monitor future filings to gauge the continued pace of this significant corporate accumulation.

Strategy’s consistent and substantial Bitcoin acquisitions, even as the digital asset reaches new valuations, highlight a deeply ingrained corporate strategy that views Bitcoin as a foundational long-term asset. The company’s ability to finance these purchases through equity offerings further solidifies its position as a major, persistent force in the Bitcoin ecosystem, underscoring a strategic vision centered on the potential of decentralized digital currency.