Strategy’s bitcoin holdings reach 640,418 BTC after latest $19 million buy

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 168 BTC for approximately $18.8 million at an average price of $112,051 per bitcoin between Oct. 13 and Oct. 19, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 640,418 BTC — worth around $71.1 billion — bought at an average price of $74,010 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 $23.7 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 190 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 53,250 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.

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, with Strategy itself down 36% during that time, for example.

‘The most important orange dot is always the next’

Last Monday, Strategy announced it had purchased another 220 BTC for approximately $27.2 million at an average price of $123,561 per bitcoin — taking its total holdings to 640,250 BTC.

Saylor again hinted at the latest acquisitions ahead of time, sharing an update on Strategy’s bitcoin acquisition tracker on Sunday, stating, “The most important orange dot is always the next.”

Strategy’s bitcoin acquisitions. Image: Strategy.

Strategy’s stock closed up 2.1% on Friday at $289.87 and is currently up 3.6% in pre-market trading on Monday, according to The Block’s Strategy price page. However, MSTR fell 10.3% for the week overall, and is now negative to the tune of 3.4% year-to-date compared to bitcoin’s 14.3% gain for 2025, as markets continue to digest renewed U.S.-China trade tensions.

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.