Strategy Inc. (formerly known as MicroStrategy) has announced a fresh acquisition of 168 bitcoins, marking approximately $18.8 million in expenditures. This latest move lifts the company’s total bitcoin holdings to 640,418 BTC, with an average cost of about $74,010 per coin.
Key Takeaways
- Strategy bought 168 BTC between October 13 and 19 at an average price near $112,051 per coin.
- Total holdings now stand at 640,418 BTC, valued at roughly $71 billion based on current market pricing.
- Acquisition was funded through at-the-market sales of its perpetual preferred stocks (STRK, STRF, STRD).
- Strategy continues to act as a prominent corporate treasury for bitcoin, accumulating holdings despite market volatility.
What Happened?
Between October 13 and 19, Strategy executed a purchase of 168 bitcoins at an average cost of approximately $112,051 each. The company disclosed the transaction in an 8-K filing with the U.S. Securities and Exchange Commission (SEC). With this move, Strategy’s bitcoin inventory rises to 640,418 BTC, bringing the aggregate cost of its holdings to about $47.4 billion.
Strategy has acquired 168 BTC for ~$18.8 million at ~$112,051 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 10/19/2025, we hodl 640,418 $BTC acquired for ~$47.40 billion at ~$74,010 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/UILBHXkA6a
— Michael Saylor (@saylor) October 20, 2025
The funding for this purchase came via the company’s at-the-market (ATM) offerings of perpetual preferred shares, specifically STRK, STRF, and STRD highlighting its ongoing strategy of using capital markets activity to finance crypto acquisitions.
At a time when bitcoin (BTC) has recovered to trade above $110,000, Strategy’s action aligns with a broader market rebound. Its stock (MSTR) also ticked up 2 to 3 percent in recent trading as confidence among crypto-related equities showed signs of returning.
Strategy’s Long-Term Context
Strategy is the largest corporate holder of bitcoin globally, owning more than 2.9 percent of the total circulating supply of bitcoin.
Its business model has shifted significantly away from solely enterprise software and toward becoming a bitcoin treasury vehicle, under the leadership of executive chairman Michael Saylor.
The company’s funding approach for its bitcoin purchases is built around issuing a mix of equity and preferred instruments. For example, it operates under a “42/42” plan, aiming to raise approximately $84 billion in capital through 2027, primarily for bitcoin acquisitions.
This capital-raising mechanism allows Strategy to generate funds via its ATM preferred stock offerings, which are then converted into direct crypto purchases. This gives the firm a leveraged exposure to bitcoin’s performance, something few public companies have attempted on this scale.
Why It Matters?
Massive corporate crypto exposure: With over 640,000 BTC on the books, Strategy’s balance sheet is highly sensitive to bitcoin price movements.
Corporate treasury innovation: The firm’s model shows how non-traditional financial instruments can fund a crypto-first balance sheet.
Investor risk-reward shift: Strategy stock has become a proxy for bitcoin, offering both upside and significant downside potential.
Market influence: As the most aggressive corporate accumulator of bitcoin, Strategy’s actions are closely watched across both financial and crypto markets.
CoinLaw’s Takeaway
In my experience, companies that make bold moves into volatile assets often get a lot of attention, but few commit like Strategy has. Buying 168 BTC at over $112,000 each shows they are more than just bullish, they are all-in on bitcoin’s long-term value.
I found it striking how Strategy funds these purchases with preferred stock sales, which adds financial complexity and increases the stakes. If bitcoin drops, shareholders will feel it hard. But if it rises, they could see outsized returns.
To me, this isn’t just a company investing in bitcoin. It’s a company transforming itself into a bitcoin-native institution, and that’s both fascinating and risky.
