Strategy, the business intelligence firm previously known as MicroStrategy, has solidified its Bitcoin position with another substantial purchase.
According to a filing with the US Securities and Exchange Commission (SEC) on Sept. 2, the company acquired 4,048 BTC for $449.3 million, at an average price of $110,981 per coin.
This acquisition increases Strategy’s total Bitcoin holdings to 636,505 BTC, obtained at a total cost of $46.95 billion, or approximately $73,765 per coin. The current market value of this holding is $69.24 billion.
As per Bitcoin Treasuries data, Strategy now holds just over 3% of Bitcoin’s maximum supply, making it one of the largest corporate holders of the asset.
Following this purchase, Strategy announced an increase in the dividend rate on its STRC preferred stock from 9% to 10%. The security, launched in July, offers variable-rate income and is non-convertible.
‘Reduced leverage’
The recent purchase was funded through a combination of common and preferred stock offerings.
Strategy sold 1.24 million shares of its Class A common stock for $425.3 million. The remaining $46.5 million was raised through various preferred share programs, including STRK, STRF, and STRD.
This funding mix drew criticism from short seller James Chanos, who has taken a public stance against the company.
Chanos expressed concerns that the heavy reliance on common stock indicates investor hesitancy towards the preferred offerings, which cater to income seekers and higher-risk investors.
He stated:
“MSTR continued to REDUCE its leverage this past week. 90% of its securities sold was from the common equity ATM.”
Despite Chanos’s comments, Strategy has successfully raised $5.6 billion in 2025 through the initial public offerings of these securities, accounting for 12% of all US IPOs this year.
Supporters of Strategy argue that there is a significant market demand for these assets, emphasizing the company’s strategic financial decisions.
