Strategy disclosed another bitcoin purchase on Monday, adding 3,081 BTC for $356.9 million at an average price of $$115,829 per coin, according to a Form 8-K filed with the U.S. Securities and Exchange Commission. The haul lifts the company’s treasury to about 632,457 BTC, cementing its lead among public corporate holders.
The bitcoin treasury company now sits on about $70 billion worth of BTC at current prices, acquired at an average of $$73,527 per bitcoin for a total cost of roughly $46.50 billion, including fees. That implies about $23.5 billion in unrealized gains.
Strategy’s latest purchases were funded with proceeds from its at-the-market offering programs. Between Aug. 18 and Aug. 24, the company sold 875,301 MSTR shares under its Common ATM for approximately $309.9 million in net proceeds, 210,100 shares of its 8.00% Series A Perpetual Strike preferred (STRK) for 20.4 million, 237,336 shares of its 10.00% Series A Perpetual Strife preferred (STRF) for $26.6 million net, and 944 shares of its 10.00% Series A Perpetual Stride preferred (STRD) for $0.1 million.
STRK pays an 8.00% coupon while STRF and STRD each pay 10.00% as perpetual preferreds. STRC is a variable-rate, cumulative preferred designed to trade near $100 par via a floating rate. There were no sales under the variable-rate Series A Perpetual Stretch preferred (STRC). As of Aug. 24, remaining capacity stood at $16.73 billion from its Common ATM offering, $20.41 billion of STRK, $1.82 billion of STRF, $4.17 billion of STRD, and $4.20 billion of STRC.
Funding and capital-markets playbook
Recent BTC acquisitions have been funded from the firm’s preferred-stock programs. Strategy has leaned on perpetual preferreds, convertibles, and at-the-market equity to finance BTC buys, a model Wall Street analysts say lets the company issue when its market value trades at a premium to the bitcoin per share implied by its balance sheet.
At a roughly $112 billion market capitalization against about $70 billion in bitcoin holdings, Strategy’s equity is trading near a 1.6x market-to-NAV multiple or about a 60% premium to the value of its BTC stash, based on The Block’s bitcoin treasury and company stock dashboards.
TD Cowen this month reiterated a $680 price target after Strategy bought another $51.4 million in bitcoin, citing the accretive nature of its issuance cadence and relatively modest debt profile.
Also, Strategy updated its MSTR Equity ATM Guidance, mapping issuance intensity to mNAV bands to give management more flexibility. In brief, the higher the mNAV multiple, the more actively Strategy expects to issue shares to acquire additional bitcoin. At lower mNAV levels, it prioritizes obligations and may consider repurchases.
The latest buy followed a weekend hint from Executive Chairman Michael Saylor, who posted “Bitcoin is on sale” alongside a SaylorTracker graphic of the firm’s holdings. A week earlier, he touted Strategy’s “Bitcoin Standard” scorecard, noting the stock’s annualized performance since adopting BTC has outpaced the “Magnificent 7” and major asset classes, according to the company’s tracker. According to The Block’s price page, BTC traded 10% down from its all-time high as whales migrate to Ethereum.
Strategy’s bitcoin acquisitions. Image: Strategy.
Still, MSTR fell to its lowest close since April last week before rebounding, as investors continued to debate the stock’s premium to its underlying bitcoin net asset value. Supporters argue the premium is a feature, not a bug, and provides lower-cost capital to acquire more BTC when mNAV is elevated.
Beyond Strategy, a growing roster of public companies has embraced bitcoin treasury strategies. The Block’s data dashboard shows miners MARA and Riot, financial firms like Galaxy Digital, and other firms, including Bitcoin Standard Treasury Company, Trump Media, and Metaplanet, among notable holders. Still, Strategy remains the pace-setter. After today’s disclosure, its stash is just under/around 3% of bitcoin’s 21 million-coin cap.
© 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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