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Strategy (formerly MicroStrategy) expanded its Bitcoin holdings by purchasing of 196 BTC for $22.1 cardinal astatine an mean terms of $113,048 per coin, according to a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29.
According to the firm’s dashboard, this acquisition marks its third-smallest bargain this year, pursuing its 130 BTC successful March and 154.64 BTC successful August.
These incremental additions person accrued Strategy’s full Bitcoin reserve to 649,031 BTC, representing 3% of the full BTC proviso and making it the largest firm BTC holder.
Meanwhile, the steadfast has spent astir $47.35 cardinal connected its presumption astatine an mean outgo of $73,983 per coin. With Bitcoin trading higher astatine much than $110,000, that stash is present worthy $72.67 billion, translating into an unrealized nett borderline of 53.47%.
The institution disclosed that the purchases were financed done proceeds from at-the-market offerings of its Class A communal banal (MSTR) and 2 perpetual preferred banal instruments, STRF and STRD.
Strategy confirmed it had raised $128 cardinal done these equity sales, providing liquidity for continued accumulation.
MSTR banal falls
While the institution continues to grow its Bitcoin position, its MSTR banal has been nether unit lately.
MSTR has fallen to its lowest level successful six months, according to CryptoQuant expert JA Maartun, who flagged the diminution connected Sept. 29. He noted that the crisp driblet to adjacent $300 reflects some heightened volatility and capitalist concerns.
Strategy MSTR Price Drawdown From ATH (Source: CryptoQuant)Google Finance information shows that MSTR rallied to $455.90 successful mid-July but has since retraced to astir $309.06 by Sept. 26, resulting successful a 32.5% nonaccomplishment implicit the past month. The diminution contrasts with Bitcoin’s performance, which is up 22% year-to-date, compared to MSTR’s 11%.
The weaker banal show has pushed Strategy’s market-adjusted nett plus worth (mNAV) down to 1.39x, the lowest level recorded successful 2025.
Strategy mNAV Since Sept. 2024 Till Date. (Source: Strategy Tracker)Still, Strive Chief Risk Officer Jeff Walton argued that MSTR’s semipermanent returns stay resilient. He pointed retired that adjacent if mNAV fell to parity, MSTR would person outperformed Bitcoin much than 2x since the institution adopted its Bitcoin-focused approach.
The station Strategy expands Bitcoin holdings to grounds 649,031 BTC contempt MSTR banal slump appeared archetypal connected CryptoSlate.
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