Strategy (formerly MicroStrategy) expanded Bitcoin Holdings by purchasing 196 BTC for $22.1 million at an average price of $113,048 per coin. Filing with the US Securities and Exchange Commission (SEC) dated September 29th.
According to the company’s dashboard, the acquisition marks the third closest purchase this year, following 130 BTC in March and 154.64 BTC in August.
These increments have increased the strategy’s total Bitcoin reserve to 649,031 BTC, accounting for 3% of the total BTC supply, making it the largest corporate BTC holder.
Meanwhile, the company spent about $473.5 billion on its position, with an average cost of $73,983 per coin. Bitcoin trading is over $110,000, but that stash is currently worth $72.677 billion, with an unrealized profit margin of 53.47%.
The company revealed that the purchase was funded through revenue from the market offerings of Class A Common Stock (MSTR) and two permanent preferred stock instruments STRF and STRD.
The strategy confirmed it raised $128 million through these stock sales, providing continued accumulation liquidity.
MSTR Stock Falls
The company continues to expand its Bitcoin position, but MSTR stocks have been under pressure recently.
According to CryptoQuant analyst Ja Maartun, MST fell to its lowest level in six months. JaMaartun flagged the decline on September 29th. He said the sharp drop of nearly $300 reflects both volatility and investor concerns.
Google Finance data shows MSTR rose to $455.90 in mid-July, but by September 26th it had risen to around $309.06, resulting in a 32.5% loss over the past month. The decrease contrasts with Bitcoin’s performance compared to 11% of MSTR. This has been an increase of 22% since the start of the year.
Low inventory performance has led to the strategy’s market-adjusted net asset value (MNAV) of 1.39 times the lowest recorded level in 2025.
Still, striving for the effort, Jeff Walton, argued that MSTR’s long-term returns are resilient. He pointed out that even if MNAV fell to parity, MSTR would have outperformed more than twice as many Bitcoin since it adopted a Bitcoin-centric approach.
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