Catenaa, Wednesday, August 27, 2025- Strategy disclosed Monday it purchased 3,081 bitcoin for $356.9 million at an average price of $115,829 per coin, according to a filing with the Securities and Exchange Commission. The move lifts its corporate holdings to about 632,457 BTC, worth more than $70 billion at current market prices.
The company’s bitcoin was acquired at an average cost of $73,527 per coin, totaling roughly $46.5 billion including fees. That positions Strategy with an estimated $23.5 billion in unrealized gains.
The filing showed the acquisition was funded through proceeds from multiple at-the-market offerings, including the sale of more than 875,000 shares under its common ATM for $309.9 million. Additional funding came from preferred stock offerings across its STRK, STRF and STRD lines.
Strategy has leaned heavily on preferred stock and equity issuance to expand its bitcoin balance sheet, a model that analysts say capitalizes on its premium market valuation.
With a market cap of roughly $112 billion against $70 billion in BTC, the firm trades at about a 1.6x market-to-NAV multiple.
Executive Chairman Michael Saylor appeared to foreshadow the buy over the weekend, posting “Bitcoin is on sale” with a graphic of the firm’s stash. He has long promoted the company’s “Bitcoin Standard,” noting its stock performance has outpaced major indexes and tech leaders since adopting the strategy.
Even as Strategy shares dipped to their lowest close since April before rebounding, the company remains the dominant corporate bitcoin holder, accounting for nearly 3% of the cryptocurrency’s capped supply.
