Michael Saylor’s Strategy continues to dominate the corporate Bitcoin space with a fresh purchase of 850 BTC, pushing its total holdings beyond 639,000 coins.
Key Takeaways
- Strategy acquired 850 BTC for $99.7 million between September 15 and 21, averaging $117,344 per coin.
- The firm now holds 639,835 BTC worth approximately $72 billion, bought at an average cost of $73,971.
- Strategy funded the purchase using proceeds from the sale of MSTR stock and various preferred stock offerings.
- Despite a slower pace of acquisitions, Strategy’s Bitcoin yield in 2025 has already reached 26 percent.
What Happened?
Michael Saylor’s Bitcoin-centric firm, Strategy, has added 850 BTC to its treasury in a deal valued just under $100 million. The move coincides with a recent interest rate cut by the US Federal Reserve and comes amid increasing institutional interest and legislative attention around Bitcoin.
Strategy has acquired 850 BTC for ~$99.7 million at ~$117,344 per bitcoin and has achieved BTC Yield of 26.0% YTD 2025. As of 9/21/2025, we hodl 639,835 $BTC acquired for ~$47.33 billion at ~$73,971 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/rG5pvryeYL
— Michael Saylor (@saylor) September 22, 2025
Strategy Keeps Accumulating Bitcoin Despite Slower Pace
According to a filing with the US Securities and Exchange Commission, the 850 BTC purchase was executed during the week ending September 21, at an average price of $117,344 per coin. This brings Strategy’s total Bitcoin holdings to 639,835 BTC, making it the largest corporate Bitcoin holder in the world.
- The total investment now stands at $47.3 billion, with Bitcoin’s current value pushing Strategy’s holdings near $72 billion.
- This represents more than 3 percent of Bitcoin’s total supply.
- Year-to-date in 2025, the company has seen a 26 percent yield on its Bitcoin treasury.
Funding Strategy and Capital Structure Evolution
Unlike some earlier acquisitions, this purchase was funded using proceeds from at-the-market (ATM) sales of Strategy’s Class A common stock (MSTR) and multiple classes of perpetual preferred stock, including STRF.
The company is actively running an expansive capital strategy under its “42/42” plan, targeting $84 billion in equity and convertible notes for Bitcoin acquisitions by 2027. This plan was doubled from the original $42 billion target after the equity component was nearly exhausted.
Here’s a quick breakdown of the four types of preferred stock Strategy is issuing:
- STRK: Convertible, 8% non-cumulative dividend, allows equity upside
- STRF: Non-convertible, 10% cumulative dividend, considered most conservative
- STRC: Variable-rate, cumulative, with monthly dividends
- STRD: Non-convertible, 10% non-cumulative dividend, highest risk-reward profile
Industry Landscape and Institutional Sentiment
While Strategy’s Bitcoin buying has slowed, other players are becoming more aggressive. Japan’s Metaplanet recently added 5,419 BTC, raising its total to 25,555 BTC and re-entering the top five corporate holders.
According to Bitcoin Treasuries data, 178 public companies now hold Bitcoin. Notable names include:
- MARA: 52,477 BTC
- Twenty One (Tether-backed): 43,514 BTC
- Bitcoin Standard Treasury Company: 30,021 BTC
- Bullish: 24,300 BTC
- Coinbase: 11,776 BTC
Despite its dominance, Strategy faced a setback when the S&P 500 index excluded it in favor of AppLovin, Robinhood, and EMCOR Group. Analysts at TD Cowen described the move as a “bias against Bitcoin,” while JPMorgan noted this could signal trouble for other crypto treasury firms seeking index inclusion.
Push for a Bitcoin Reserve Policy
Saylor’s acquisition announcement came just before he attended a US government-hosted roundtable to discuss the BITCOIN Act, introduced by Senator Cynthia Lummis. The proposed bill calls for the US to acquire 200,000 BTC annually over five years, totaling 1 million BTC.
This legislative development could further legitimize Bitcoin as a national strategic asset and aligns with Saylor’s long-standing belief that governments should hold Bitcoin in their reserves.
CoinLaw’s Takeaway
I’ve followed Michael Saylor’s Bitcoin strategy for years, and it’s clear he’s not slowing down. Even though the recent buys are smaller, the scale and consistency of Strategy’s moves still speak volumes. What really struck me is how the company is using creative financing structures to keep buying without relying solely on traditional equity raises.
Also, the fact that Strategy earns a 26 percent yield in just nine months of 2025? That’s proof their high-risk, high-reward play is working, at least for now. While other firms are just starting to test the waters, Strategy is already in deep, shaping both markets and policy. If the BITCOIN Act moves forward, we might be looking at a future where Saylor’s vision becomes federal policy.
