‘Best continue’: Michael Saylor’s Strategy buys another 487 bitcoin for $50 million as total holdings reach 641,692 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 487 BTC for approximately $49.9 million at an average price of $102,557 per bitcoin between Nov. 3 and Nov. 9, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 641,692 BTC — worth around $68 billion — bought at an average price of $74,079 per bitcoin for a total cost of around $47.5 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. To put that in perspective, the haul represents more than 3% of Bitcoin’s total 21 million supply and implies around $20.5 billion of paper gains at current prices.

The latest acquisitions — the largest in six weeks — were made using proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, perpetual Stride preferred stock, STRD, and perpetual Stretch preferred stock, STRC. 

Strategy’s STRK, STRC, STRF, and STRD perpetual preferred stock’s respective $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, “21/21” plan after the equity side was depleted. Strategy also recently announced it plans to raise $715 million via an initial offering of its new euro-denominated perpetual Stream preferred stock, STRE.

Last week, Strategy sold 50.881 STRK shares for approximately $4.5 million, with $20.34 billion worth of STRK shares remaining available for issuance and sale under that program, the firm said. It sold 165,614 STRF shares for $18.3 million, with $1.64 billion remaining, 262,311 STRC shares for $26.2 million, with $4.17 billion remaining, and sold 12,800 STRD shares for $1 million, with $4.17 billion remaining. No shares of its Class A common stock, MSTR, were sold last week, with $15.85 billion remaining under that ATM program.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

According to Bitcoin Treasuries data, there are now 193 public companies that have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Metaplanet, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Riot Platforms, Trump Media & Technology Group, Coinbase, and Hut 8 make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,324 BTC, 15,000 BTC, 14,548 BTC, and 13,696 BTC, respectively.

While the number of bitcoin treasury companies continues to increase, the value of many of the cohort’s shares is down significantly from their summer peaks as their market cap-to-net asset value ratios sharply contract, with Strategy itself down 47%, for example. Strategy’s mNAV currently sits at around 1.02.

In an interview earlier this year, Saylor said Strategy’s capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still “suffer” in such a scenario.

‘₿est continue’

Last Monday, Strategy announced it had purchased another 397 BTC for approximately $45.6 million at an average price of $114,771 per bitcoin — taking its total holdings to 641,205 BTC. 

Saylor again hinted at the latest acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “₿est Continue.”

Strategy’s bitcoin acquisitions. Image: Strategy.

Strategy’s stock closed up 2% on Friday at $241.93 and is currently up 2.8% in pre-market trading on Monday, according to The Block’s Strategy price page. MSTR fell 5.2% last week overall, and remains negative to the tune of 19.4% year-to-date compared to bitcoin’s 13.8% gain for 2025.

© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.