Bitcoin treasury giant Strategy disclosed another purchase of 430 BTC for $51.4 million, bringing its stash to about 629,376 BTC as of Monday.
The company said it paid an average of $119,666 per bitcoin in its latest round of purchases, continuing a capital-markets-funded accumulation campaign that has made it the world’s largest publicly traded holder of the asset.
Five years after its first bitcoin purchase in 2020, Strategy now holds about $72.4 billion in BTC at current prices, acquired at an average $73,320 per coin for a total outlay of roughly $46.2 billion, including fees, co-founder and executive chairman Michael Saylor shared on Aug. 18. The stash leaves the company sitting on about $26.2 billion in paper gains.
‘Insufficient orange’
Monday’s move followed a weekend teaser from Saylor, who posted “Insufficient orange” on X alongside a SaylorTracker image showing Strategy at 628,946 BTC, valued at about $74.5 billion before today’s market slide. Traders often interpret the phrase as a buy signal indicating more purchases are on the way.
Strategy’s bitcoin acquisitions. Image: Strategy.
Strategy’s balance-sheet firepower has also swelled alongside its BTC buying. In the second quarter, the company reported record net income of $10 billion and about $14.03 billion in operating income, a 7,106% year-over-year jump, driven largely by unrealized gains on its bitcoin holdings.
Additionally, the figures reflect the new U.S. accounting standard that lets companies carry digital assets at fair value, recording mark-to-market gains and losses each quarter rather than only impairments.
A stronger earnings backdrop has fed directly into Strategy’s financing machine. Wall Street analysts have lauded the firm’s market cap to net asset value-focused (mNAV) issuance model, known as capital precision, for its ability to tap preferreds, convertibles, and ATM programs when the company’s market value exceeds the implied bitcoin per share.
Bitcoin treasury trend
The Block’s data dashboard shows multiple public companies controlling a multi-billion-BTC stack, with U.S. firms like miners MARA, Riot, Galaxy Digital, and newcomers such as Bitcoin Standard Treasury Company and Trump Media among the largest recent contributors. A few Asian-based firms also feature in the mix. Japan’s Metaplanet, for example, lifted its balance to 18,888 BTC after a fresh 775-BTC buy for $93 million.
While the broader corporate cohort keeps expanding, Strategy remains the clear pace-setter among corporate bitcoin holders. After last week’s disclosed add, the company’s BTC balance sheet sits even closer to 3% of bitcoin’s 21 million supply cap.
Investors continue to debate Strategy’s premium to its underlying bitcoin net asset value. The stock still trades at a sizable mNAV premium, a feature some see as a funding advantage given the firm’s ability to issue equity and preferreds against that premium to acquire more BTC. TD Cowen has argued that Strategy’s preferred-stock program is highly accretive, helping explain why the market has been willing to sustain a premium.
© 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.
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