Strategy, formerly recognized as MicroStrategy, has significantly increased its investment in Bitcoin with a recent substantial purchase.
A document filed on Sept. 2 with the U.S. Securities and Exchange Commission (SEC) reveals the company’s acquisition of 4,048 BTC. The total investment amounted to $449.3 million, with each coin costing an average of $110,981.
This latest acquisition brings Strategy’s total Bitcoin holdings to a staggering 636,505 BTC. The overall investment cost is approximately $46.95 billion, translating to an average price of roughly $73,765 per Bitcoin. Based on current market values, this substantial holding is worth approximately $69.24 billion.
Data from Bitcoin Treasuries indicates that Strategy’s Bitcoin holdings now represent slightly over 3% of the total maximum Bitcoin supply. This position solidifies Strategy’s place as one of the corporations with the largest stake in the cryptocurrency.
In tandem with the Bitcoin purchase, Strategy announced an adjustment to the dividend rate on its STRC preferred stock. The annual payout has been increased from 9% to 10%. This security, launched in July, is a non-convertible asset designed to generate variable-rate income.
‘Reduced Leverage’
Funding for this recent Bitcoin acquisition was sourced through a combination of common and preferred stock offerings.
The SEC filing details that Strategy sold 1.24 million shares of its Class A common stock, raising $425.3 million. The remaining $46.5 million was procured via preferred share programs, specifically STRK, STRF, and STRD.
This funding structure has prompted criticism from James Chanos, a short seller who has publicly expressed a negative outlook on the company.
Chanos suggests that the significant reliance on common stock offerings indicates investor hesitation towards the preferred stock options. He argues these are structured for income-focused investors and those with a higher risk tolerance.
He commented:
“MSTR continued to REDUCE its leverage this past week. 90% of its securities sold was from the common equity ATM.”
Contrary to Chanos’s perspective, Strategy has successfully raised $5.6 billion through initial public offerings (IPOs) of these securities throughout 2025. Notably, these IPOs represent a substantial 12% of all U.S. IPO activity this year.
Given this success, supporters of Strategy maintain that significant market demand exists for these particular assets.