- Michael Saylor’s Strategy (formerly MicroStrategy) bought 487 more BTC last week for approximately $102,557 per coin, costing nearly $50 million.
- Strategy now holds 641,692 BTC valued at over $68 billion, representing an unrealised gain of around $20.5 billion since August 2020.
- While the company continues buying and is filing for a Euro IPO to fund more purchases, its stock (MSTR) has fallen over 20% in the past month, leading to tighter capital raising.
Michael Saylor’s Strategy, formerly MicroStrategy, bought another 487 BTC last week as Bitcoin fell, paying about US$102,557 (AU$158,963) per coin.
The new purchase cost roughly US$49.95 million (AU$77.42 million). Strategy says its BTC Yield is 26.1% year to date in 2025. The company now holds 641,692 BTC acquired for a little over US$47.5 billion (AU$73.62 billion) since it began buying in August 2020.
At current prices, the stash is valued at more than US$68 billion (AU$105.40 billion), leaving an unrealised gain of nearly US$20.5 billion (AU$31.77 billion).
The purchase comes after two smaller buys: 397 BTC for about US$45 million (AU$69.75 million) last Monday, and 390 BTC toward the end of October. Strategy has kept up a steady buying cadence, often announcing additions on Mondays.
The company recently filed for a Euro IPO to fund more BTC purchases, listing 3.5 million shares of its Series A Perpetual Stream Preferred Stock (STRE), with an initial liquidation value of €100 per share.
Read more: Saylor’s Strategy Inc. Posts $2.8B Q3 Profit as Bitcoin Holdings Top 640K BTC
But Strategy’s stock, MSTR, has fallen over 20% in the past month, now over 50% below its peak. Most crypto treasuries are bleeding thanks to the crypto market downturn back in October, and Ethereum-focused firms are under the most pressure.
Capital Raising Tightens
Recent buys have been smaller as capital-raising has tightened, in part due to the steep slide in Strategy’s common stock and the evaporation of what had been a sizable premium to its underlying Bitcoin value.
Short seller Jim Chanos, who months ago publicly shorted MSTR against a long BTC on that premium view, said over the weekend he has closed the trade, according to a report from MarketWatch.
Sentiment may be turning at the margins. A weekend Wall Street Journal piece highlighted the months-long drawdown in digital-asset treasury names and quoted traders questioning the old premiums, which have now largely compressed. One of them, quoted, said:
“The whole concept makes no sense to me. You are just paying $2 for a one-dollar bill … Eventually those premiums will compress.”
Related: Ripple Shuns IPO Rush, Raises $500M at $40B Valuation
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