TheBlock
Strategy acquired 250 BTC for approximately $21.5 million between Oct. 5 and Oct. 11, paying an average of $86,194 per bitcoin. The purchase lifts the company's holdings to 848,250 BTC, valued at about $70.6 billion, with a total cost of roughly $64 billion including fees and expenses.
Why it matters
Strategy's treasury now represents more than 4% of Bitcoin's 21 million supply cap. The company funded the latest purchase through at-the-market sales of MSTR and its USD Cash reserve, underscoring how its bitcoin accumulation depends on continued access to capital markets.
Last week, Strategy sold 125,183 MSTR shares for about $21 million, leaving $18.8 billion available for issuance under the program. The company also repurchased 1,932,145 STRC preferred shares for around $192.4 million. Its USD Reserve and USD Cash balances stood at $4.88 billion and $640.5 million, respectively, as of Oct. 11.
Market impact
Michael Saylor framed the strategy with the message, “There’s always room for more orange,” after posting an acquisition tracker that preceded the announcement. Strategy remains the dominant public-company bitcoin holder, while Metaplanet, Twenty One, MARA and Bitcoin Standard Treasury Company rank among the next-largest corporate holders.
The accumulation is bullish for Bitcoin treasury demand, but the equity case is more complicated. TD Cowen raised its bitcoin forecasts while keeping a $260 target for MSTR, citing dilution and financial obligations as limits on shareholder upside. MSTR fell 7% last week to $154.34, was flat year to date and remained 53% below its level a year earlier, while Bitcoin dropped 4.5% over the same period.
Frequently asked questions
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How much Bitcoin does Strategy hold after its latest purchase?
Strategy holds 848,250 BTC after buying another 250 BTC between Oct. 5 and Oct. 11.
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How did Strategy finance the latest Bitcoin purchase?
Strategy used proceeds from at-the-market MSTR share sales and its USD Cash reserve to fund the purchase.
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What share of Bitcoin's supply does Strategy control?
Strategy's holdings represent more than 4% of Bitcoin's 21 million supply cap.
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Why is the purchase not automatically bullish for MSTR shareholders?
TD Cowen cited dilution and Strategy's financial obligations as factors that could limit upside for MSTR shareholders.
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How did MSTR perform during the period covered?
MSTR fell 7% last week to $154.34, was flat year to date and remained 53% below its level a year earlier.
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