Strategy (previously known as MicroStrategy) has increased its Bitcoin investments by acquiring 196 BTC for $22.1 million at an average price of $113,048 per coin, as detailed in a filing with the US Securities and Exchange Commission (SEC) dated September 29.
According to the company’s dashboard, this purchase is its third smallest of the year, following acquisitions of 130 BTC in March and 154.64 BTC in August.
These incremental purchases have raised Strategy’s total Bitcoin holdings to 649,031 BTC, accounting for 3% of the overall BTC supply, securing its position as the largest corporate holder of Bitcoin.
The firm has invested around $47.35 billion in its Bitcoin holdings, with an average cost of $73,983 per coin. With Bitcoin trading above $110,000, this investment is valued at approximately $72.67 billion, reflecting an unrealized profit margin of 53.47%.
The company revealed that these acquisitions were funded through proceeds from at-the-market offerings of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD.
Strategy confirmed it raised $128 million through these equity sales, enabling continued asset accumulation.
MSTR Stock Declines
Despite the ongoing expansion of its Bitcoin holdings, MSTR stock has recently faced downward pressure.
MSTR has dropped to its lowest point in six months, as reported by CryptoQuant analyst JA Maartun, who highlighted the decrease on September 29. He noted that the significant drop to around $300 indicates heightened volatility and investor apprehension.
Google Finance data indicates that MSTR reached $455.90 in mid-July but has since fallen to approximately $309.06 by September 26, marking a 32.5% decline over the past month. This downturn is in contrast to Bitcoin’s performance, which is up 22% year-to-date compared to MSTR’s 11%.
The weaker stock performance has lowered Strategy’s market-adjusted net asset value (mNAV) to 1.39x, the lowest level recorded in 2025.
Nevertheless, Strive Chief Risk Officer Jeff Walton argued that the long-term returns of MSTR remain strong. He noted that even if mNAV were to fall to parity, MSTR would still have outperformed Bitcoin more than two-fold since the company shifted its focus to Bitcoin investments.
