‘Don’t stop ₿elievin’: Strategy spends $27 million buying the dip as total bitcoin holdings reach 640,250 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 220 BTC for approximately $27.2 million at an average price of $123,561 per bitcoin between Oct. 6 and Oct. 12, according to a press release on Monday.

Strategy now holds a total of 640,250 BTC — worth around $73 billion — bought at an average price of $74,000 per bitcoin for a total cost of around $47.4 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 $25.6 billion of paper gains at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD. 

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.

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 188 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, CleanSpark, and Coinbase make up the remainder of the top 10, with 52,850 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,287 BTC, 15,000 BTC, 13,011 BTC, and 11,776 BTC, respectively.

Last Monday, Strategy paused its weekly acquisitions as it usually does at the end of each quarter, keeping its total holdings at 640,031 BTC.

Strategy also reported an unrealized gain of $3.89 billion on its digital asset holdings for the quarter ended Sept. 30, accompanied by an associated deferred tax expense of $1.12 billion. As of the same date, the company’s total digital asset carrying value stood at $73.21 billion, with a related deferred tax liability of $7.43 billion. 

‘Don’t stop ₿elievin’, Saylor says following crypto market chaos

Saylor again hinted at the latest purchase ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “Don’t Stop ₿elievin’,” following a chaotic end to a week that saw billions of value wiped from the crypto sector.

Strategy’s bitcoin acquisitions. Image: Strategy.

Strategy’s stock closed down 4.8% on Friday at $304.79, according to The Block’s Strategy price page, as renewed U.S.-China trade war fears saw traders go risk off across markets. MSTR fell 13.1% for the week overall, and bitcoin dropped 7.5%, recovering to trade above $114,000 on Monday morning despite falling below $108,000 on some exchanges late Friday amid the chaos.

However, the broader crypto market witnessed much more severe contagion, driven in part by traders using illiquid altcoins as collateral for over-leveraged perpetual longs. Cascading liquidations saw at least $20 billion of positions wiped out as some cryptocurrencies briefly fell literally to zero — the largest crypto liquidation event in history in U.S. dollar terms.

As liquidation data is imperfect — with Bybit publishing in full, but Binance and OKX still underreporting in incomplete bursts, for example — the true figure is likely far higher.

MSTR is currently up 1.1% in pre-market trading on Monday, per TradingView, and a marginal 1.6% year-to-date compared to bitcoin’s 22.4% gain.

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