Strategy Inc. has added another $22 million in Bitcoin to its holdings, reinforcing its commitment to holding Bitcoin as a primary treasury asset. This consistent buying strategy continues to tighten the available supply on the market, a dynamic closely watched by corporate treasuries, institutional traders, and risk managers.
Context and Impact
Formerly known as MicroStrategy, Strategy Inc. now holds over 640,000 BTC as of late September 2025. The company’s average purchase price stands at approximately $73,880 per bitcoin, amassing a total stash with a market value nearing $70 billion.
The firm has strategically funded most of these purchases by issuing new shares through at-the-market (ATM) programs, a method that involves gradually dripping shares into the market. This approach is generally seen as less harmful to the share price than conducting a single, large placement and has allowed the company to avoid taking on significant additional debt.
Despite this strategy, the MSTR stock ticker remains strongly correlated to the Bitcoin price. The stock recently slid to its lowest level since April, mirroring a downturn in Bitcoin’s price during September. This highlights a key market structure point reported by Jina: with individuals owning a large portion of all Bitcoin and a single company locking away a significant amount, the circulating supply for trading is reduced. In such a market, any sudden shift in supply or demand can lead to faster and more pronounced price movements.
Implications
This activity has several broader implications for the market:
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Institutional Adoption: Strategy’s continued accumulation supports the narrative that Bitcoin is a suitable asset for corporate reserves, potentially paving the way for other firms to follow a similar plan.
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Correlation Risk: MSTR’s value is likely to keep moving in tandem with Bitcoin. This means the company’s balance sheet and its stock price will continue to experience significant swings together.
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Concentration and Liquidity: When a small group of holders accumulates a large portion of the total coin supply, it can lead to a concentration of ownership. In the event of a market-wide sell-off, fewer coins may be actively traded, which can potentially sharpen and accelerate price drops.
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Source of Financing: The use of share sales and ATM programs has so far provided a repeatable route for funding further purchases. However, the long-term success of this model still depends on having a steady stream of willing buyers and relatively calm market conditions.
While the recent $22 million purchase is a small addition to Strategy Inc.’s massive pile, it solidifies the firm’s position as one of the largest corporate holders of Bitcoin. The continuation of this ambitious plan ultimately depends on a favorable combination of Bitcoin’s price trend, MSTR’s share performance, and the future regulatory landscape.
