Scale, Cost Basis, and Financing
As of mid-September 2025, Strategy Inc. holds 638,985 BTC in its corporate treasury, valued at approximately $73 billion based on a Bitcoin price of $114,562. The company’s average acquisition cost sits at $73,913 per BTC, well below current market levels, reflecting substantial unrealized gains.
This position represents roughly 3% of Bitcoin’s total circulating supply a concentration that introduces both market influence and risk. The accumulation was partly financed through $8.2 billion in debt, including convertible notes, which adds financial leverage and potential pressure to liquidate if Bitcoin’s price experiences significant downturns.
Market and Operational Implications
Strategy’s sizable stake reinforces Bitcoin’s role as a corporate reserve asset but also highlights balance sheet vulnerabilities. The company’s debt obligations could force sales during market declines, potentially amplifying volatility and affecting broader liquidity.
For other treasury managers, this case underscores the importance of risk management and diversification even when adopting Bitcoin as a reserve asset. Traders should monitor Strategy’s quarterly reports and Bitcoin transactions, as these can signal market-moving activity.
Compared to other Bitcoin-heavy firms like Marathon Digital (MARA) or Riot Platforms (RIOT), Strategy’s position is notably larger, drawing increased attention from investors and regulators alike. Its holdings support the narrative of Bitcoin as a store of value, but also exemplify the risks associated with highly concentrated, debt-fueled accumulation.
Moving forward, market participants should track Strategy’s debt management and purchasing activity, as these factors will remain key influencers of Bitcoin’s supply dynamics and price stability.
