Purchase Details and Macro Context
In a move that aligns with a shifting macroeconomic landscape, Strategy Inc., led by Michael Saylor, acquired an additional 850 Bitcoin for approximately $100 million in mid-September 2025. This purchase occurred shortly after the U.S. Federal Reserve’s decision to lower interest rates for the first time in 2025, cutting its benchmark rate by a quarter of a percentage point. The Fed’s action, aimed at addressing a softening labor market despite elevated inflation, created a supportive backdrop for asset accumulation by potentially lowering the cost of capital and encouraging risk-taking.
This latest acquisition reinforces Strategy’s unwavering commitment to its Bitcoin-focused strategy. The company paid an average price of $117,344 per bitcoin, bringing its total holdings to 639,835 BTC. The total book value of these holdings is approximately $47.3 billion, with an average cost of $73,971 per bitcoin. It is worth noting, however, that the pace of Strategy’s accumulation has shown signs of slowing in recent months.
Financing Approach, Transparency, and Market Effects
Strategy’s acquisition strategy is notably supported by sophisticated financial engineering. The company frequently utilizes capital market instruments, such as at-the-market (ATM) equity programs, to raise funds specifically for Bitcoin purchases. For this particular transaction, Strategy sold shares from its STRF and MSTR programs, raising a total of $100 million that was directly funneled into buying Bitcoin. This model of converting equity issuance into digital asset holdings has been a cornerstone of its growth.
The profound impact of this strategy extends far beyond Strategy’s own balance sheet. The company has become a bellwether for institutional adoption, influencing other corporate treasuries to consider Bitcoin as a legitimate reserve asset. Its large, recurring purchases contribute to tightening spot market liquidity and can influence short-term price dynamics. However, this concentrated exposure does not come without risks. Shareholders face elevated risk due to the high correlation between Strategy’s stock price and the value of Bitcoin; a sustained decline in Bitcoin’s price could lead to significant losses and challenge the company’s ability to raise capital for future purchases. In fact, data shows that Strategy’s premium the value the market places on the company above its Bitcoin holdings has recently decreased, which could limit its capacity for aggressive future acquisitions.
Looking Ahead
The $100 million purchase solidifies Strategy’s position as a dominant force in the corporate Bitcoin landscape and continues to shape behavior among institutional investors and corporate treasuries. For stakeholders, the key metric to watch will be Strategy’s future moves in the capital markets. Any new issuance of equity or debt intended to fund further Bitcoin acquisitions will be the clearest indicator of the company’s ability and intention to sustain its accumulation strategy in the evolving macroeconomic environment. This will provide crucial insights into the longevity and leverage of its approach, guiding others assessing their own exposure.
