Strategy, formerly known as MicroStrategy, has recently added to its Bitcoin holdings by purchasing 196 BTC for $22.1 million at an average price of $113,048 per coin. This information was disclosed in a filing with the US Securities and Exchange Commission (SEC) dated Sept. 29.
According to the company’s dashboard, this recent acquisition is the third-smallest purchase made by Strategy this year, following the acquisition of 130 BTC in March and 154.64 BTC in August.
With these additional purchases, Strategy now holds a total of 649,031 BTC, which represents 3% of the total Bitcoin supply, making it the largest corporate holder of BTC.
The firm has spent approximately $47.35 billion on its Bitcoin position at an average cost of $73,983 per coin. With Bitcoin’s current price exceeding $110,000, Strategy’s Bitcoin holdings are now valued at $72.67 billion, resulting in an unrealized profit margin of 53.47%.
Strategy revealed that the funds for these purchases were obtained through proceeds from at-the-market offerings of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD.
The company confirmed that it raised $128 million through these equity sales, providing liquidity for future accumulation.
MSTR stock decline
While Strategy continues to increase its Bitcoin holdings, its MSTR stock has experienced a recent decline.
According to CryptoQuant analyst JA Maartun, MSTR has dropped to its lowest level in six months, reaching near $300 on Sept. 29. Maartun highlighted that this decline reflects increased volatility and investor concerns.
Data from Google Finance shows that MSTR reached $455.90 in mid-July but has since fallen to around $309.06 by Sept. 26, marking a 32.5% loss over the past month. This decline contrasts with Bitcoin’s performance, which has seen a 22% increase year-to-date, compared to MSTR’s 11%.
The decrease in stock performance has brought Strategy’s market-adjusted net asset value (mNAV) down to 1.39x, the lowest level recorded in 2025.
Despite this, Strive Chief Risk Officer Jeff Walton emphasized that MSTR’s long-term returns remain strong. He mentioned that even if mNAV dropped to parity, MSTR would have outperformed Bitcoin by more than 2x since the company shifted its focus to Bitcoin.
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