Michael Saylor’s company, Strategy, has reaffirmed its position as Bitcoin’s most aggressive corporate advocate with its latest acquisition. The software intelligence firm added another 397 BTC to its treasury in the last week of October 2025, demonstrating a steadfast commitment to its long-term accumulation strategy despite recent market volatility.
This latest purchase, valued at approximately $45.6 million, was executed at an average price of $114,771 per Bitcoin. It brings the company’s colossal holdings to a total of 641,205 BTC, which were accumulated at a combined cost of about $47.49 billion. The average purchase price for its entire stash stands at $74,057 per coin.
The Engine Behind the Accumulation
Strategy continues to employ a sophisticated financial model to fuel its Bitcoin acquisitions. The company funded this particular purchase not from its operational cash flow, but through proceeds from its active “at-the-market” (ATM) equity programs. During the same October 27 to November 2 period, Strategy raised a total of $69.5 million in net proceeds from the sale of various preferred and common stock shares, a portion of which was directly converted into Bitcoin.
This method of raising capital through equity markets to buy Bitcoin has been a cornerstone of Strategy’s approach. The company still maintains significant available capacity under its various ATM programs, giving it the potential firepower to continue its purchases in the future. This latest acquisition underscores a consistent pattern of converting traditional equity capital into what Saylor has often described as the superior “digital gold”.
A Signal in a Growing Institutional Landscape
Strategy’s unwavering buying activity occurs against a backdrop of accelerating institutional adoption of digital assets. Recent research from State Street indicates that a significant majority of institutional investors plan to increase their digital asset allocations within the next year, with many expecting their exposure to double by 2028. Furthermore, the launch of spot Bitcoin ETFs has created a new, powerful conduit for institutional investment, with products like BlackRock’s IBIT accumulating tens of billions of dollars in assets under management.
While Strategy pioneered the corporate Bitcoin treasury model, it is no longer alone. Data shows that publicly traded companies now collectively hold over $110 billion in Bitcoin. This growing trend validates Strategy’s early strategy and highlights a fundamental shift in how companies are beginning to view Bitcoin as a legitimate treasury reserve asset.
