Strategy’s Monumental Bitcoin Position
Strategy Inc. has solidified its position as the world’s largest corporate holder of Bitcoin. Following its most recent purchase of 168 BTC for approximately $18.8 million, the company’s treasury now contains a total of 640,418 bitcoin.
The scale of this holding is staggering. The total stash is worth around $71.1 billion at current market prices. This reflects a massive unrealized gain, as the company’s average purchase price sits at $74,010 per bitcoin, meaning the total paper profit on the position is approximately $23.7 billion. This hoard represents over 3% of Bitcoin’s total 21 million supply.
Financing a Billion-Dollar Bet
Strategy’s consistent buying is fueled by a sophisticated and large-scale capital-raising strategy. The company utilizes a series of “at-the-market” (ATM) offering programs to sell various classes of perpetual preferred stock.
These include several multi-billion dollar programs:
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A $21 billion program for its 8.00% STRK shares.
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A $4.2 billion program for its variable-rate STRC shares.
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Two separate $4.2 billion programs for its STRF and STRD shares.
This diversified approach to fundraising provides the company with a steady stream of capital specifically earmarked for Bitcoin acquisitions, demonstrating a long-term, institutional-grade strategy.
The Bigger Picture and What to Watch
Strategy’s latest purchase is part of a relentless accumulation pattern. Just the week before, from October 6 to October 12, the company bought 220 BTC for $27.2 million. This ongoing activity has made the company a bellwether for corporate Bitcoin adoption.
The company’s strategy has helped pioneer a new trend, with data showing that 190 public companies have now adopted some form of Bitcoin acquisition model for their treasuries. However, holding such a volatile asset carries risk. The value of many Bitcoin treasury company shares, including Strategy’s, has fallen significantly from summer peaks, with MSTR stock down about 36% during that period, even as Bitcoin itself has posted gains for the year.
For traders and the market, the key signals to watch will be Strategy’s next quarterly earnings report and any new announcements of Bitcoin purchases or share sales, as these continue to shape liquidity and market risk perceptions.
