Michael Saylor’s Strategy buys another 155 BTC for $18 million to near 3% of bitcoin’s total supply

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 155 BTC for approximately $18 million at an average price of $116,401 per bitcoin between Aug 4 and Aug 10, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Exactly five years on from its first bitcoin purchase in 2020, Strategy now holds a total of 628,946 BTC — worth around $76 billion — bought at an average price of $73,288 per bitcoin for a total cost of around $46.1 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. That’s the equivalent of nearly 3% of bitcoin’s total 21 million supply and implies around $30 billion of paper gains.

The latest acquisitions were made using proceeds from at-the-market sales of its perpetual Strife preferred stock, STRF, and perpetual Stretch preferred stock, STRC. 

Last week, Strategy sold 115,169  STRF shares for approximately $13,6 million. As of Aug 10, $1.87 billion worth of STRF shares remain available for issuance and sale under that program, the firm said. The remaining bitcoin were acquired using the previously announced and completed initial public offering for STRC. 

STRF is non-convertible with a 10% cumulative dividend, making it the most conservative. STRC is a new variable-rate, cumulative preferred stock starting at 9% annually, paid monthly, with adjustable rates to keep it trading near its $100 par.

Strategy’s STRK and STRF, and STRD perpetual preferred stock’s respective $21 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. Last month, Strategy also announced its $4.2 billion ATM offering for STRC.

Change of strategy

Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “If you don’t stop buying Bitcoin, you won’t stop making Money.”

Strategy bitcoin acquisitions. Image: Strategy.

However, no shares of its Class A common stock, MSTR, were sold last week, with $17 billion remaining under that ATM program. In its Q2 financial results, Strategy committed not to issue common equity if its market cap to net asset value (mNAV) ratio is below 2.5x, except for specific purposes such as paying interest on debt obligations and funding preferred equity dividends. Strategy’s mNAV currently sits at around 1.5x.

Strategy reported a record net income of $10 billion in Q2. Operating income was approximately $14.03 billion, up 7,106% year-over-year, largely driven by a $14 billion unrealized gain on its bitcoin holdings. The gain follows a new accounting rule that lets the firm apply fair value accounting to its digital assets.

Wall Street analysts praised Strategy’s mNAV-driven issuance model and capital precision, with multiple firms raising price targets and reiterating their bullish ratings on MSTR.

Corporate bitcoin accumulation race

Strategy reported no weekly bitcoin purchase last Monday, keeping its total holdings at 628,791 BTC. The pace of Strategy’s bitcoin buys has generally been slowing in recent weeks as it switched focus from its common stock ATM program to its perpetual preferred stocks for funding bitcoin acquisitions.

According to Bitcoin Treasuries data, there are now 151 public companies that have adopted some form of bitcoin acquisition model. MARA, Tether-backed Twenty One, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Riot Platforms, Trump Media & Technology Group, Metaplanet, Galaxy Digital, CleanSpark, and Coinbase make up the remainder of the top 10, with 50,639 BTC, 43,514 BTC, 30,021 BTC, 19,239 BTC, 18,430 BTC, 17,595 BTC, 17,102 BTC, 12,703 BTC, and 11,776 BTC, respectively.

Strategy’s $112 billion market cap continues to trade at a significant premium to its bitcoin net asset value, with some investors concerned about the firm’s premium to NAV valuation and its increasingly numerous bitcoin acquisition programs in general. However, some analysts argue that with Strategy’s relatively low debt levels and no payments due until 2028, the firm’s leverage remains manageable.

Saylor also remains confident in Strategy’s resilience. In an interview with the Financial Times earlier this year, he 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. 

MSTR closed down 1.7% on Friday at $395.13, according to The Block’s Strategy price page, in a week that saw bitcoin gain 6% to reapproach its all-time highs. MSTR is currently up 4.8% in pre-market trading on Monday, per TradingView, and 31.7% year-to-date compared to bitcoin’s 24.4%.

© 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.