Strategy, led by Michael Saylor, has added another 8,178 bitcoin to its treasury in just one week, continuing its aggressive accumulation.
Key Takeaways
- Strategy purchased 8,178 BTC between November 10 and 16 for $835.6 million, averaging $102,171 per bitcoin.
- The firm now holds 649,870 BTC, acquired at a total cost of $48.37 billion, now worth nearly $62 billion.
- The purchase was funded through the sale of preferred shares, not common stock, as Strategy avoids dilution while stock prices remain low.
- Despite market rumors of BTC sales, Saylor confirmed the firm continues to buy and remains committed to bitcoin as its core asset.
What Happened?
Strategy, formerly known as MicroStrategy, disclosed in a regulatory filing that it had acquired 8,178 BTC between November 10 and 16. This significant investment cost the company approximately $835.6 million, pushing its total bitcoin holdings to 649,870 BTC. The average price paid per coin was $102,171.
Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRD $STRE $STRF $STRK https://t.co/HI1TeYOvQ9
— Michael Saylor (@saylor) November 17, 2025
Strategy’s Capital Plan Powers Latest Buy
The purchase marks one of the company’s largest weekly acquisitions of 2025. Funding came through a mix of its at-the-market (ATM) preferred share sales, part of its ambitious “42/42” capital plan, aimed at raising $84 billion for bitcoin acquisitions by 2027.
Rather than issuing more common stock at currently depressed prices, Strategy tapped into its preferred share program. According to the SEC filing:
- 1.31 million STRC (Stretch) shares raised $131.4 million.
- 39,957 STRF (Strife) shares brought in $4.4 million.
- 5,513 STRK (Strike) shares added another $0.5 million.
These preferred offerings, including the euro-denominated STRE, gave Strategy access to both U.S. and European capital while limiting shareholder dilution. In total, the company secured around $136.1 million in net proceeds through preferred shares, with the remaining capital likely coming from earlier raises and treasury cash.
No common shares were issued during this particular week, a notable move given the 56% drop in Strategy’s stock price over the past four months. At $199 per share, the company’s enterprise value now closely tracks the value of its bitcoin holdings, making further common stock issuance less attractive.
Market Rumors and Public Reassurance
Ahead of the Monday filing, rumors swirled on social media suggesting Strategy had sold 47,000 BTC. Michael Saylor swiftly dismissed the speculation, saying:
Analysts at Bernstein also supported the company’s position, calling its leverage “conservative,” noting that $8 billion in debt is minor compared to $61 billion in bitcoin. They further emphasized that fears of forced bitcoin sales were “far from the truth,” citing Strategy’s strong capital structure designed to endure even a 90% BTC drawdown over several years.
Strategy Sticks to Its Bitcoin Thesis
Strategy’s latest move reaffirms its long-standing thesis: bitcoin is a superior reserve asset to cash or traditional financial instruments. The company’s total cost basis remains $48.37 billion, or about $74,433 per BTC, keeping it well below current market value.
While other institutional players may hesitate at six-figure bitcoin prices, Strategy continues to accumulate steadily. This strategy has weathered bull markets, bear cycles, and shifting investor sentiment, making Strategy one of the most committed and largest corporate bitcoin holders globally.
CoinLaw’s Takeaway
I’ve seen Strategy’s conviction in bitcoin tested many times, yet they stay the course. This latest purchase is not just another line in a spreadsheet. It’s a loud and clear signal that Saylor’s team is doubling down, even at all-time highs. What stands out to me is their tactical funding approach. Using preferred shares instead of diluting common stockholders while the price is down shows financial discipline. In my experience watching corporate moves in the crypto space, this kind of long-term thinking is rare. Strategy isn’t just buying bitcoin. They’re betting the company on it, and they’re doing it with more precision than most realize.
