Strategy Bolsters Bitcoin Holdings with Monumental $835 Million Acquisition Amidst Market Scrutiny

Strategy, a name synonymous with institutional Bitcoin accumulation, has once again made headlines with a substantial digital asset acquisition. While the firm’s consistent Bitcoin purchases are a familiar sight, the sheer scale of its latest investment—hundreds of millions of dollars—marks a significant escalation not seen in quite some time.

According to an 8-K filing submitted to the U.S. Securities and Exchange Commission (SEC) on Monday, Strategy strategically acquired 8,178 Bitcoins between November 10 and 16. This latest move involved an investment of approximately $835.6 million, with an average purchase price of $102,171 per Bitcoin.

An Expanding Digital Treasury: The Numbers Behind Strategy’s Bet

Michael Saylor, co-founder and executive chairman of Strategy, confirmed that the company’s total Bitcoin holdings have now reached an impressive 649,870 BTC. This colossal digital treasury is currently valued at approximately $61.7 billion. Since embarking on its pioneering Bitcoin investment journey in 2020, Strategy has committed a cumulative total of approximately $48.4 billion, bringing its average cost per Bitcoin to $74,433.

At current market prices, Strategy boasts an unrealized profit (paper gain) nearing $13.3 billion. The firm’s substantial holdings now represent over 3% of Bitcoin’s finite total supply of 21 million coins, solidifying its position as a dominant institutional player in the cryptocurrency space.

Innovative Funding Fuels Continued Accumulation

This recent acquisition marks Strategy’s largest single increase in holdings since July of this year. The funding for this monumental purchase was primarily sourced from the proceeds of its perpetual preferred shares, including Strike (STRK), Strife (STRF), and Stretch (STRC). Furthermore, a significant portion of capital was raised through the company’s inaugural issuance of Euro-denominated perpetual preferred shares, STRE, which successfully garnered 620 million Euros (approximately $715 million).

These diverse fundraising instruments are integral to Strategy’s ambitious “42/42” financing initiative. This strategic plan aims to raise an impressive $84 billion by 2027 through a combination of stock issuance and convertible bonds, all earmarked for the continued acquisition of Bitcoin.

Navigating Market Dynamics and Dispelling Misconceptions

The broader landscape of corporate Bitcoin adoption continues to evolve, with Bitcoin Treasuries data indicating that 208 publicly listed companies globally have now integrated Bitcoin into their reserve strategies. However, despite this growing trend, the stock performance of many such companies has faced headwinds, primarily due to a sharp contraction in their “market value relative to net asset value ratio” (mNAV).

Strategy itself has not been immune to these pressures. Its stock price (MSTR) has plummeted 56% from its peak, and more critically, its mNAV has recently dipped to around 0.93. This metric implies that MSTR’s total market capitalization is currently trading at a discount, falling below the aggregate value of its spot Bitcoin holdings.

This situation has unfortunately fueled “over-panic” in the market, with concerns surfacing that a continued decline in Bitcoin prices could force Strategy to liquidate its holdings to service debt. However, analysts at Bernstein have emphatically dismissed these claims as “completely unfounded.” They underscore that Strategy’s management has consistently and unequivocally stated their firm commitment: they “will not, and have no intention of selling any Bitcoin.”

Bernstein’s Bullish Forecast: Why Strategy Will Keep Buying

Bernstein analysts further anticipate that Strategy will continue its Bitcoin accumulation throughout the current market correction. Their rationale is built on several robust points:

• Strategy demonstrated ample fundraising capabilities even during 2022, a period when its mNAV also hovered near 1.
• The company’s preferred stock instruments have successfully raised $7.5 billion, indicating strong investor demand and confidence.
• MSTR’s average daily trading volume has surged from approximately $200 million in 2022 to over $3 billion, signifying significantly enhanced liquidity.
• With $61 billion worth of Bitcoin held against approximately $8 billion in debt, Strategy’s leverage remains remarkably conservative.

Setting the Record Straight: Debunking Rumors of a Bitcoin Sale

Last week, the market was briefly rattled by a rumor suggesting Strategy had sold 47,000 Bitcoins. This speculation originated from Walter Bloomberg’s citation of Arkham’s on-chain monitoring data on X. However, Arkham swiftly clarified that the observed activity was more likely a routine wallet adjustment by a custodian, rather than a large-scale sell-off.

Michael Saylor himself wasted no time in publicly refuting the baseless rumor. He took to X (formerly Twitter) to declare, “There is no truth to this rumor,” and further informed CNBC:

“We have not sold Bitcoin; instead, we are buying it in large quantities. Everyone will be surprised when the acquisition data is announced on Monday.”

There is no truth to this rumor.

— Michael Saylor (@saylor) November 14, 2025

MSTR Stock Performance in Context

Strategy’s stock (MSTR) closed down 4.2% last Friday at $199.75, marking its lowest level in over a year. While it saw a modest rebound of approximately 1.6% before Monday’s open, the stock remains down 33.4% year-to-date. In contrast, Bitcoin itself has registered a slight gain of 2.5% over the same period, highlighting the complex interplay between corporate holdings and stock market sentiment.