Michael Saylor’s Strategy Now Holds Nearly 3% of All Bitcoin After Latest $18M Purchase

Strategy (formerly MicroStrategy) has purchased an additional 155 Bitcoin (BTC) between August 4 and August 10 for approximately $18 million. The purchase, disclosed in an SEC filing on Monday, was made at an average price of $116,401 per Bitcoin. This latest addition now brings Strategy’s total Bitcoin reserve to 628,946 BTC, which is valued at around $76 billion at current prices. The company now holds nearly 3% of all Bitcoin.

Strategy Purchases $18 Million Worth Bitcoin

The company’s average purchase price across all acquisitions now stands at $73,288 per Bitcoin, for a total investment of about $46.1 billion, including fees and expenses. This means Strategy controls nearly 3% of Bitcoin’s fixed 21 million supply, translating to roughly $30 billion in paper gains.

The fresh BTC was purchased using proceeds from sales of two perpetual preferred stock programs, Strife preferred stock (STRF) and Stretch preferred stock (STRC). Last week, Strategy sold 115,169 STRF shares for $13.6 million, with $1.87 billion in STRF shares still available for issuance. Additional funds came from the $4.2 billion IPO of STRC.

STRF offers a 10% cumulative dividend and is considered the more conservative option, while STRC is a variable-rate cumulative preferred stock starting at 9% annually, paid monthly. These programs are part of Strategy’s expanded “42/42” capital plan, targeting $84 billion in total equity and convertible note funding for Bitcoin purchases through 2027,  doubling its original $42 billion goal.

While Strategy’s co-founder and executive chairman, Michael Saylor, hinted at the latest buy on social media, no Class A common stock (MSTR) sales were made last week. The company still has $17 billion available under its MSTR at-the-market program but has pledged not to issue common equity if its market cap-to-net asset value (mNAV) ratio is below 2.5x. Currently, the ratio sits at about 1.5x.

The firm’s buying pace has slowed recently as it pivots funding from common stock sales to preferred stock offerings.

In Q2, Strategy reported a record $10 billion net income, with operating income up 7,106% year-over-year to $14.03 billion, driven largely by a $14 billion unrealized gain from Bitcoin holdings. This surge followed the adoption of new fair value accounting rules for digital assets.

Wall Street has responded positively, with analysts praising Strategy’s disciplined issuance model and capital structure. Multiple firms have raised price targets for MSTR.

According to Bitcoin Treasuries data, Strategy remains the largest corporate Bitcoin holder, far ahead of competitors like MARA (50,639 BTC), Tether-backed Twenty One (43,514 BTC), and Bitcoin Standard Treasury Company (30,021 BTC). In total, 151 public companies now hold Bitcoin on their balance sheets.

Despite concerns over its premium-to-NAV valuation and multiple acquisition programs, Strategy’s low debt and no major repayments until 2028 offer resilience. Saylor has emphasized that the company’s structure can withstand a prolonged 90% Bitcoin price drop, though shareholders would face significant losses.

As of Friday’s close, MSTR fell 1.7% to $395.13, even as Bitcoin rose 6% for the week. In pre-market trading on Monday, MSTR was up 4.8% and is 31.7% higher year-to-date,  outpacing Bitcoin’s 24.4% gain.