Strategy Inc, formerly MicroStrategy, has purchased an additional 397 bitcoins for $45.6 million, boosting its total holdings to over 641,000 BTC.
Key Takeaways:
- Strategy bought 397 BTC for approximately $45.6 million, paying an average of $114,771 per bitcoin.
- This brings the firm’s total holdings to 641,205 BTC, bought for around $47.49 billion at an average cost of $74,057 per BTC.
- The purchase was funded through the sale of ATM offerings including MSTR shares and multiple classes of preferred stock.
- Strategy now holds more than 3% of all existing bitcoin, reinforcing its dominant position as the largest public BTC holder.
What Happened?
Strategy Inc continued its aggressive bitcoin accumulation strategy by acquiring 397 more BTC between October 27 and November 2. The purchase cost the company $45.6 million, funded through proceeds from recent at-the-market (ATM) sales of its common and preferred shares. As of November 2, the company holds 641,205 BTC, worth nearly $69 billion at current market prices.
Strategy has acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/2/2025, we hodl 641,205 $BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/gEuzDaloRb
— Michael Saylor (@saylor) November 3, 2025
Strategy’s Bitcoin Bet Deepens
Strategy Inc, led by Executive Chairman Michael Saylor, has once again signaled its unwavering commitment to bitcoin. According to a filing with the Securities and Exchange Commission, the firm acquired 397 BTC at an average price of about $114,771, including fees and expenses. The purchase was made possible through the firm’s ongoing ATM equity programs.
- The company sold 183,501 MSTR shares for net proceeds of $54.4 million during the same period.
- It also sold various classes of its perpetual preferred stock, including:
- 49,374 STRK shares for $4.4 million
- 76,017 STRF shares for $8.4 million
- 29,065 STRD shares for $2.3 million
No sales were reported for the STRC series in the latest update.
These funds were directly channeled into bitcoin purchases. As of November 2, Strategy had spent approximately $47.49 billion accumulating its 641,205 BTC, placing its average acquisition cost at $74,057 per coin.
Inside Strategy’s Capital Strategy
The company has structured a sophisticated mix of equity and preferred stock offerings to fuel its bitcoin accumulation. Its expanded “42/42” capital raise plan, which aims to raise $84 billion through equity and convertible notes by 2027, replaced the original “21/21” plan after the first round was fully deployed.
Each preferred share class serves a different investor profile:
- STRK: Convertible with an 8% non-cumulative dividend.
- STRF: Non-convertible with a 10% cumulative dividend.
- STRD: Non-convertible with a 10% non-cumulative dividend and the highest risk-reward profile.
- STRC: Variable-rate with monthly dividends and adjustable rates.
The firm’s diversified capital strategy, according to Saylor, is designed to survive even a prolonged 90% drop in bitcoin’s price. However, he admitted that shareholders would still “suffer” under such conditions.
Bitcoin Holdings Tower Over Corporate Peers
Strategy remains the largest public holder of bitcoin, controlling over 3% of the total supply. According to Bitcoin Treasuries data, no other company comes close to matching its stash. The closest competitors include:
- MARA with 53,250 BTC
- Tether-backed Twenty One: 43,514 BTC
- Metaplanet: 30,823 BTC
- Bitcoin Standard Treasury Co.: 30,021 BTC
- Bullish, Riot Platforms, Trump Media, Coinbase, CleanSpark: All hold between 13,000 and 24,000 BTC
Despite expanding its holdings, Strategy’s stock has fallen 41% from summer highs and remains down 10.2% year-to-date, while bitcoin has gained 15% in 2025.
CoinLaw’s Takeaway
I’ve been following Michael Saylor and Strategy’s bitcoin moves for years, and this latest buy just proves how committed they are. In my experience, no other public company has shown this level of dedication or long-term vision when it comes to crypto. Holding over 641,000 BTC is not just a financial decision, it’s a declaration of belief in bitcoin’s future. While their capital structure is complex, it’s been carefully engineered to weather even massive downturns. If you’re looking for a corporate model on how to bet big on bitcoin, Strategy’s blueprint is the one to study.
