Strategy Inc. (formerly known as MicroStrategy) has further invested in
Bitcoin, acquiring 196 BTC at an average of $113,048 each, totaling $22.1 million.
This information was disclosed in a
report
filed with the U.S. Securities and Exchange Commission (SEC) on September 29th.
According to data from the company’s
tracking tool, this purchase is the third-smallest Bitcoin acquisition made by Strategy this year. Previous buys include 130 BTC in March and 154.64 BTC in August.
These consistent investments have pushed
Strategy’s total Bitcoin holdings
to 649,031 BTC. This represents approximately 3% of the entire Bitcoin supply, solidifying the company’s position as the largest corporate holder of Bitcoin.
The firm’s total investment in Bitcoin amounts to around $47.35 billion, with an average purchase price of $73,983 per Bitcoin. With Bitcoin’s price currently above $110,000, the value of Strategy’s holdings is approximately $72.67 billion, resulting in a paper profit of 53.47%.
The company stated that this recent Bitcoin purchase was funded using capital raised through at-the-market offerings of its Class A common stock (MSTR), along with two perpetual preferred stock instruments, STRF and STRD.
Strategy verified that it generated $128 million via these equity sales, providing capital to support ongoing Bitcoin accumulation.
MSTR Stock Experiences Downward Trend
While the firm has been growing its Bitcoin position, its
MSTR stock has faced headwinds recently.
CryptoQuant analyst JA Maartun
highlighted
on September 29th that MSTR shares have decreased to their lowest point in the last six months. He suggests this steep decline to near $300 reflects increased market volatility and concerns amongst investors.
According to Google Finance data, MSTR reached a peak of $455.90 in mid-July but has since fallen to around $309.06 by September 26th, marking a loss of 32.5% over the past month.
This contrasts with Bitcoin’s year-to-date performance, which shows a 22% increase, while MSTR has seen an 11% rise.
The underperformance of the stock has reduced Strategy’s market-adjusted net asset value (mNAV) to 1.39x, the lowest level seen in 2025.
However, Jeff Walton, Chief Risk Officer at
Strive,
contends
that MSTR’s long-term returns remain robust. He emphasized that even if the mNAV were to reach parity, MSTR would still have outperformed Bitcoin by more than double since the company adopted its Bitcoin-centric strategy.