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

The purchase increases Strategy’s total Bitcoin holdings to 640,250 BTC, worth around $73 billion at current market prices.

The average acquisition price for the firm’s total holdings stands at $74,000 per Bitcoin, resulting in a total investment of approximately $47.4 billion, including fees and expenses.

The haul represents more than 3% of Bitcoin’s total 21 million supply, implying around $25.6 billion in paper gains at today’s prices.

Strategy temporarily paused its weekly acquisitions last Monday, as it typically does at the end of each quarter, maintaining total holdings at 640,031 BTC.

BTC treasury companies continue momentum

According to Bitcoin Treasuries data, 188 public companies have adopted some form of Bitcoin acquisition strategy.

The top 10 holdings outside Strategy include MARA with 52,850 BTC, Tether-backed Twenty One with 43,514 BTC, Metaplanet with 30,823 BTC, Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company with 30,021 BTC, Bullish with 24,300 BTC, Riot Platforms with 19,287 BTC, Trump Media & Technology Group with 15,000 BTC, CleanSpark with 13,011 BTC, and Coinbase with 11,776 BTC.

For the quarter ended September 30, Strategy reported an unrealised gain of $3.89 billion on its digital assets, along with 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.

Ahead of the latest purchase, Saylor hinted at further acquisitions in a post on Strategy’s bitcoin acquisition tracker, stating, “Don’t Stop ₿elievin’.”

Crypto market rebounds

Bitcoin held onto gains on Monday, trading around $115,000 as the market recovered from last week’s sell-off.

Ethereum climbed back above $4,100, while Ripple traded around $2.60.

The overall crypto market capitalisation rose above the $4 trillion mark from $3.78 trillion, according to CoinGecko.

Total single-day liquidations across all cryptocurrencies reached a record $19 billion last week on Friday, with altcoins experiencing the sharpest losses.

Market volatility was triggered in part by comments from US President Donald Trump regarding additional tariffs on China and other export controls, which briefly spurred a decline in equities and cryptocurrencies.

Bitcoin dipped to approximately $102,000 before rebounding over the weekend.

Despite persistent macroeconomic uncertainty, the rebound in Bitcoin, Ethereum, and Ripple prices has offered relief to traders affected by recent leveraged losses, signalling cautious optimism in the crypto market.

The post Strategy adds 220 BTC as crypto market recovers after Friday’s bloodbath appeared first on CoinJournal.

Strategy adds 220 BTC as crypto market recovers after Friday’s bloodbath

Source: https://coinjournal.net/news/strategy-adds-220-btc-as-crypto-market-recovers-after-fridays-bloodbath/

Michael Saylor’s relentless quest to transform his company, Strategy, into a Bitcoin-acquiring financial juggernaut has reached a new level of ambition.

The firm has launched and then promptly upsized a novel preferred stock offering, raising a staggering $2.8 billion in a deal that further showcases Saylor’s prowess in the capital markets and the insatiable investor appetite for exposure to the booming crypto market.

As crypto prices continue their upward march, Saylor’s Bitcoin holding company, Strategy, has once again demonstrated its unique ability to tap into market enthusiasm.

The company priced a new kind of security on Thursday, which it has dubbed “Stretch.” This offering promises buyers a hefty 9% annual payout with no specified end date, an unusual feature in the often-arcane world of preferred stock.

Initially planned as a $500 million deal, the offering was upsized to $2.8 billion due to overwhelming demand, according to a person familiar with the transaction who asked to remain anonymous.

This move is the latest, and perhaps most audacious, demonstration of Saylor’s Wall Street wizardry in his years-long effort to pivot a middling software firm, formerly known as MicroStrategy, into a corporate entity singularly obsessed with one goal: raising as much money as possible to acquire as many Bitcoin as possible.

At last count, the company’s hoard stood at some 600,000 coins, worth approximately $70 billion.

“This is not the first financial engineering initiative by Strategy,” noted Campbell Harvey, a professor at Duke University. “In any situation where your company is worth far more than fundamental value, you raise money.”

Since Strategy’s first groundbreaking Bitcoin purchase in 2020, Saylor has employed a diverse range of financial instruments, including selling equity, issuing various types of debt, and layering multiple stacks of preferred shares.

In doing so, he has not only amassed a colossal Bitcoin treasury but has also inspired a fleet of imitators, spurring a new industry of public companies dedicated to the so-called “treasury strategy” of buying and holding cryptocurrencies.

The ‘Stretch’ security: a new twist on an old theme

Many of the previous financial instruments that have fueled Strategy’s rise have proven to be more popular than expected, but even against that backdrop, the demand for “Stretch” was notable.

The company’s common shares rose 0.5% on Wednesday and are up an impressive 43% for the year.

The new “Stretch” shares occupy a specific place in Strategy’s complex and unusual capital structure.

They sit above the company’s common stock and its other preferred shares—which carry creative names like “Strike” and “Stride”—but remain subordinate to its convertible bonds and another preferred stock known as “Strife.”

A key feature that distinguishes “Stretch” from earlier offerings is its flexible dividend. Unlike a fixed payout, this security allows Strategy to tweak the dividend rate.

Each month, the firm will set a new payout rate with the aim of keeping the share price near the $100 mark, raising or lowering the dividend as needed to maintain this target. It’s a unique combination of a dynamic pricing model and a trust exercise, and a clear reminder that in the world of financial engineering, Strategy often creates its own rules.

Diminishing returns? A discount to win over investors

While this flexibility may appeal to Saylor’s large and dedicated fan base of retail investors, it also introduces a new layer of uncertainty into an already complex capital structure.

There are some signs that Saylor’s tactics may be facing somewhat diminishing returns, as the value of the company, relative to the Bitcoin it owns, has reportedly gone down.

In a move to win over investors for its latest offering, Strategy offered the “Stretch” shares at a discount. The shares, which are set to carry an initial dividend of 9%, were sold for $90 each.

This was at the bottom of the marketed range and represents a discount to their face value of $100, according to the person familiar with the deal.

Despite the discount, the outsized demand for the deal provides the latest and most powerful sign of both Saylor’s avid following and the continued speculative fervor that is running through the financial markets.

According to a previous Bloomberg report, major financial institutions including Morgan Stanley, Barclays Plc, Moelis & Co., and TD Securities worked on this landmark deal.

The post Michael Saylor’s Strategy upsizes ‘stretch’ preferred stock sale to $2.8 billion appeared first on CoinJournal.

Michael Saylor’s Strategy upsizes ‘stretch’ preferred stock sale to $2.8 billion

Source: https://coinjournal.net/news/michael-saylors-strategy-upsizes-stretch-preferred-stock-sale-to-2-8-billion/

Strategy has added another 6,220 Bitcoin to its corporate balance sheet, spending $739.8 million during the week ending July 20, 2025.

The purchase was funded through the company’s ongoing at-the-market (ATM) equity offerings.

With this latest acquisition, the firm now owns 607,770 BTC—worth over $43 billion at current prices—making it the largest institutional holder of Bitcoin worldwide.

The firm, chaired by billionaire Michael Saylor, paid an average of $118,940 per Bitcoin in its latest purchase, as disclosed in a filing published on Monday.

This represents a significant premium over its historical average acquisition cost of $71,756 per BTC.

Strategy issues 1.6M MSTR shares in latest equity round

Between July 14 and July 20, Strategy raised approximately $740.3 million across four different security classes.

The majority of funds—$736.4 million—were generated from the sale of 1,636,373 MSTR common shares.

The company also issued 5,441 STRK preferred shares with an 8.00% strike, raising $700,000. Another 2,000 STRF shares were sold at a 10.00% strike, bringing in $200,000. Additionally, 31,282 STRD preferred shares, also with a 10.00% stride, were issued for $3.0 million in proceeds.

All four instruments fall under large multi-billion-dollar issuance programmes. Both the MSTR and STRK share classes are authorised for up to $21 billion each.

These programmes demonstrate Strategy’s continued ability to convert equity into Bitcoin reserves at scale without relying on traditional financing channels.

BTC acquisition cost shows 20.8% YTD return for Strategy

Bitcoin prices remain significantly higher than Strategy’s average cost basis of $71,756, giving the firm a year-to-date return of 20.8% on its BTC holdings.

At current market prices—just above $118,000—Strategy’s crypto treasury continues to outperform many traditional corporate investments.

This yield figure is particularly notable as Bitcoin has consolidated after hitting an all-time high of $123,000 last week.

Although prices have since pulled back slightly, the bullish market structure remains intact.

Analysts have observed a pennant formation following BTC’s strong rally in July, typically a continuation pattern that suggests potential for further upside.

Despite short-term market volatility, Strategy’s long-term accumulation approach has proven resilient.

The latest purchase reinforces its strategy of treating Bitcoin as a primary treasury asset and a long-term store of value.

Market reacts as Saylor signals continued BTC accumulation

Michael Saylor has maintained a consistent narrative around Bitcoin being a superior store of value.

On Saturday, just days after the most recent BTC buy, he posted on X (formerly Twitter): “Stay humble, stack sats.” The phrase has been interpreted as a signal that Strategy’s accumulation is far from over.

The company’s approach, combining equity capital markets with ongoing BTC purchases, serves as a blueprint for institutional crypto exposure.

As regulatory clarity and institutional infrastructure improve, Strategy’s model could influence how other publicly listed firms handle treasury allocation.

Bitcoin’s latest rally, paired with corporate participation at this scale, continues to shift market sentiment toward long-term adoption.

While the token’s price has slipped slightly from its recent peak, its resilience above the $115,000 level is being closely watched by traders and institutional investors alike.

The post Strategy buys 6,220 Bitcoin for $739.8M, takes total holdings past $43B appeared first on CoinJournal.

Strategy buys 6,220 Bitcoin for $739.8M, takes total holdings past $43B

Source: https://coinjournal.net/news/strategy-buys-6220-bitcoin-for-739-8m-takes-total-holdings-past-43b/

Michael Saylor’s Bitcoin-focused company, Strategy (formerly MicroStrategy Inc.), has further expanded its already massive cryptocurrency holdings with a recent purchase of 4,225 Bitcoin tokens.

According to a regulatory filing with the U.S. Securities and Exchange Commission (SEC) on Monday, the company spent $472 million during the seven days ending July 13, acquiring the tokens at an average price of $111,827 each.

This purchase comes as Bitcoin trades near all-time highs, recently hitting $123,000 before slightly retreating to $120,483 as of writing this.

With this latest acquisition, Strategy now holds Bitcoin valued at approximately $73 billion, representing about 2.8% of the total 21 million Bitcoin that will ever exist.

The company remains the largest corporate holder of Bitcoin globally.

The purchase was funded through proceeds from the sale of preferred shares via Strategy’s at-the-market (ATM) program.

The firm raised the full $472 million last week through three offerings of these stock-like products, which are tradable indefinitely and offer dividend payouts.

The use of preferred equity instead of common stock marks a strategic shift in how Strategy finances its growing Bitcoin portfolio.

Strategy eyes profit amid accounting changes and crypto surge

Strategy is poised to report a multi-billion-dollar profit in its upcoming earnings release, benefiting from both the strong rebound in Bitcoin prices and changes to accounting standards that now more accurately reflect the value of its digital asset holdings.

The company has spent $7.24 billion on Bitcoin in the current quarter across 13 separate transactions, according to Bloomberg.

This aggressive accumulation aligns with the Strategy’s long-standing approach of using Bitcoin as a hedge against inflation, a strategy first initiated in mid-2020.

Since then, the company’s stock has surged over 3,300%, significantly outperforming traditional equity benchmarks.

During the same period, Bitcoin has risen by more than 1,000%, while the S&P 500 has gained approximately 115%.

The potential for substantial quarterly earnings also reflects the increasing institutional acceptance of Bitcoin as a store of value.

For Strategy, this bolsters its positioning as both a technology company and a de facto Bitcoin investment vehicle.

Market cap climbs as Bitcoin strategy evolves

Strategy’s market capitalization now exceeds $121 billion, a figure largely driven by investor enthusiasm over its bold Bitcoin-centric approach.

The company’s commitment to consistently increasing its exposure to the cryptocurrency market has transformed its profile on Wall Street and among digital asset advocates.

The firm’s decision to rely more heavily on preferred share offerings suggests a deliberate shift to reduce dilution for common shareholders while continuing to pursue large-scale Bitcoin acquisitions.

The nature of these instruments—tradable forever and dividend-paying—may also appeal to a broader base of investors looking for exposure to crypto-linked equities with income potential.

With Bitcoin prices hovering near record highs and regulatory scrutiny of digital assets ongoing, Strategy’s actions will continue to be closely watched by both crypto investors and traditional market participants.

As the company prepares to release its quarterly results next month, all eyes will be on whether its aggressive bet continues to pay off.

The post Strategy boosts Bitcoin holdings to $73B amid record-high prices appeared first on CoinJournal.

Strategy boosts Bitcoin holdings to $73B amid record-high prices

Source: https://coinjournal.net/news/strategy-boosts-bitcoin-holdings-to-73b-amid-record-high-prices/

Strategy, the digital-asset treasury firm formerly known as MicroStrategy Inc., purchased $26 million worth of Bitcoin over the past seven days.

This marks the second-smallest weekly acquisition by the company since it ramped up cryptocurrency buying more than six months ago under the leadership of Executive Chairman Michael Saylor.

Latest acquisition

Between June 16 and June 22, Strategy acquired 245 Bitcoins at an average price of $105,856 each, according to a filing with the U.S. Securities and Exchange Commission on Monday.

While the firm has occasionally skipped weekly purchases, this week’s buy was the lowest since it acquired 130 Bitcoins during the week ending March 17.

Strategy, based in Tysons Corner, Virginia, now holds Bitcoin valued at approximately $60 billion.

Strategy’s executive Chairman, Michael Saylor, in a tweet, confirmed the purchase.

According to Saylor, the company now holds 592,345 bitcoins, acquired for $41.87 billion at $70,681 per bitcoin. 

The company has 19.2% year to date in BTC holdings, Saylor added.

Consistent buying, no equity Sales

For the fourth consecutive week, Strategy funded its Bitcoin purchases without selling any common stock.

Critics of the company’s approach, including short-seller Jim Chanos, have expressed concern over the high premium at which Strategy’s shares trade relative to the value of its Bitcoin holdings.

The company used net proceeds from the sale of its Strike preferred stock (STRK) and Strife preferred stock (STRF) to finance the latest Bitcoin acquisition. Saylor, a co-founder of Strategy, continues to lead the company’s aggressive cryptocurrency investment strategy.

Since the company first began acquiring Bitcoin in mid-2020, its shares have surged over 3,000%, far outpacing Bitcoin’s own rise of about 1,000% during the same timeframe.

Strategy had added aggressive positions in BTC in the previous weeks.

On June 16, the company bought 10,100 BTC at an average price of $104,080.

The company added positions when the market dipped due to the Israel-Iran conflict.

Since initiating its Bitcoin purchasing program in mid-2020, Strategy’s shares have soared over 3,000%.

By comparison, Bitcoin has gained around 1,000% in the same period. On Monday, Strategy’s stock fell 2.48% to $360.52.

From software to digital assets

MicroStrategy, historically known as an enterprise software company, shifted its corporate focus toward Bitcoin under Saylor’s leadership in 2020.

The firm now functions more like a Bitcoin treasury vehicle, drawing attention from both crypto advocates and traditional financial analysts.

While the strategy has delivered substantial returns, it remains controversial due to the volatility of cryptocurrency markets and the company’s aggressive capital deployment into digital assets.

The post Strategy makes modest Bitcoin purchase amid ongoing accumulation appeared first on CoinJournal.

Strategy makes modest Bitcoin purchase amid ongoing accumulation

Source: https://coinjournal.net/news/strategy-makes-modest-bitcoin-purchase-amid-ongoing-accumulation/

MicroStrategy, now rebranded as Strategy, is once again making waves across financial markets.

The company, known for holding the largest corporate stash of Bitcoin, is facing a class action lawsuit alleging misleading accounting practices.

Despite this, it has continued buying more Bitcoin, bringing its total to 576,230 BTC, worth approximately $59 billion.

$764.9M BTC purchase follows lawsuit filing

On 19 May 2025, Strategy disclosed it had acquired an additional 7,390 BTC for $764.9 million.

The average price paid was $103,498 per coin.

The acquisition was financed via an at-the-market (ATM) equity offering and the issuance of Series A STRK preferred stock.

This brings its total holdings to 576,230 BTC at a new average cost of $69,726.

The announcement came just after the firm was hit with a lawsuit filed in the Eastern District of Virginia.

The legal action, initiated by Pomerantz LLP, names both the company and top executives, accusing them of failing to alert investors about the risks posed by updated Bitcoin accounting rules under ASU 2023-08.

The new standard requires firms to reflect the fair market value of Bitcoin on their balance sheets.

According to the lawsuit, Strategy downplayed the impact this would have on its financial statements, allegedly resulting in a $5.91 billion fair-value loss that wasn’t adequately communicated to shareholders.

Use of non-GAAP metrics under scrutiny

The complaint also highlights Strategy’s use of proprietary, non-GAAP metrics such as “BTC Yield” and “BTC $ Gain”.

The plaintiffs argue these terms were not standard financial indicators and may have presented an inflated view of the company’s profitability.

This approach appeared to unravel on 7 April, when the $5.9 billion impairment loss became public.

MSTR shares fell 8.67 percent that day. By 1 May, earnings reports confirmed the blow to the company’s books, and investors responded negatively.

While the firm’s defenders point to long-term Bitcoin appreciation and innovation in digital asset strategy, the lawsuit raises questions about regulatory compliance and transparency.

Accounting experts have noted that non-GAAP metrics must be used carefully, especially when they contradict or obscure established accounting principles.

No strategic shift despite legal risks

Despite the financial hit and legal threats, Strategy has shown no sign of changing course.

Its May filing suggests the firm remains committed to accumulating more Bitcoin, with its latest purchase representing one of the largest single-month acquisitions this year.

Michael Saylor, the company’s chairman, has consistently positioned Bitcoin as “digital gold” and a long-term asset class.

His earlier comment — “My formula for success is rise early, work late, and buy Bitcoin” — continues to define the company’s public stance.

However, the legal case could reshape how other corporations approach digital asset reporting.

The post Strategy hit with lawsuit as Bitcoin holding tops $59B appeared first on CoinJournal.

Strategy hit with lawsuit as Bitcoin holding tops $59B

Source: https://coinjournal.net/news/strategy-hit-with-lawsuit-as-bitcoin-holding-tops-59b/