– Strategy bought 397 Bitcoin worth $45.6 million, bringing its total holdings to 641,205 BTC valued at about $69 billion
– The firm funded the purchase through multiple stock offerings that raised $69.5 million in fresh capital
– Strategy’s share price dropped 23% in a month even as it remains the largest corporate Bitcoin holder globally
Bitcoin treasury firm Strategy Inc. (NASDAQ: $MSTR) has expanded its already dominant cryptocurrency position with another purchase of 397 BTC valued at about $45.6 million. The acquisition, disclosed in a U.S. Securities and Exchange Commission filing on November 3, lifted its total holdings to 641,205 BTC, worth roughly $69 billion at current market prices.
https://twitter.com/Strategy/status/1985331547432464542
The company paid an average of $114,771 per Bitcoin for the latest tranche, bringing its overall average cost to $74,057 per coin, including fees and expenses. Bitcoin (CRYPTO: $BTC) has traded between $108,000 and $111,000 in recent days, with volatility persisting after a brief correction last week. Strategy’s continued accumulation underscores its role as the largest corporate holder of Bitcoin, controlling more than 3% of the token’s total supply.
Share Sales Fund Latest Bitcoin Purchase
The firm financed its latest acquisition through multiple At-The-Market share programs, raising a combined $69.5 million between October 27 and November 2. It sold 183,501 shares of its Class A common stock, MSTR, for $54.4 million, along with several preferred share issuances. These included 76,017 STRF shares for $8.4 million, 49,374 STRK shares for $4.4 million, and 29,065 STRD shares for $2.3 million.
As of November 2, Strategy still had large capacity remaining under its programs, including $15.85 billion in available MSTR shares and $20.34 billion in STRK shares. STRF and STRD programs retain $1.66 billion and $4.13 billion, respectively.
Each preferred share type offers different dividend and conversion terms. STRK carries an 8% non-cumulative dividend and is convertible, STRD pays a 10% non-cumulative dividend but is non-convertible. STRF offers a 10% cumulative dividend, while STRC features a variable monthly rate designed to stay near par.
Slower Accumulation but Strong Profits
While Strategy’s holdings continue to expand, the pace of accumulation has slowed. The 397 BTC purchase follows another 390 BTC acquired a week earlier. In the third quarter, the company added about 43,000 BTC, down from 69,000 BTC in the second quarter and 80,000 BTC in the first.
The firm reported $2.8 billion in net income and $3.9 billion in operating income last week, largely driven by the appreciation of its Bitcoin portfolio. Despite those gains, Strategy’s shares have fallen about 23% over the past month to $270, amid broader weakness in crypto-related equities.
According to Bitcoin Treasuries data, 192 public companies now hold Bitcoin on their balance sheets. Mara Holdings (NASDAQ: $MARA) tops the list of other major holders with 53,250 BTC, followed by Tether-backed Twenty One with 43,514 BTC and Japan’s Metaplanet with 30,823 BTC.
Saylor hinted at the latest purchase on X with his usual cryptic post, writing “Orange is the color of November.” The company has used similar messages ahead of prior acquisition disclosures.
