Strategy Just Bought More Bitcoin — $43 Million Added to Its $74 Billion Treasury

Strategy, formerly known as MicroStrategy, has strengthened its position as the world’s largest Bitcoin treasury company after acquiring an additional 390 BTC between Oct. 20 and Oct. 26. 

According to a filing with the U.S. Securities and Exchange Commission, the purchase was made for approximately $43.4 million at an average price of $111,117 per Bitcoin, representing a 1.53% increase in its total holdings.

This latest acquisition brings Strategy’s total Bitcoin reserves to an astonishing 640,808 BTC — worth around $74 billion at current prices near $115,379. The company’s average purchase price now stands at $74,032 per Bitcoin, bringing its total investment, including fees and expenses, to roughly $47.4 billion. 

The scale of its holdings represents more than 3% of Bitcoin’s fixed 21 million supply and equates to approximately $26.6 billion in unrealized gains.

Strategy Purchase Funded by Perpetual Preferred Stock Programs

The latest purchase was funded through proceeds from Strategy’s ongoing at-the-market (ATM) sales of its various perpetual preferred stock offerings. These include the STRK, STRF, and STRD programs — each designed to raise capital specifically for Bitcoin acquisitions.

The firm’s STRK, STRC, STRF, and STRD shares come with distinct dividend and conversion profiles. 

STRK is a convertible preferred stock with an 8% non-cumulative dividend, allowing for equity upside. STRF is non-convertible but carries a 10% cumulative dividend, appealing to conservative investors. STRD, on the other hand, is non-convertible with a 10% non-cumulative dividend and offers the highest risk-reward potential. Meanwhile, STRC is a variable-rate cumulative preferred stock designed to maintain parity through monthly adjustable dividends.

During the past week, Strategy sold 191,404 STRK shares for approximately $17 million, leaving $20.35 billion worth of STRK shares still available for issuance. It also sold 175,634 STRF shares for $19.4 million, with $1.67 billion remaining under that program, and 87,462 STRD shares for $7 million, with $4.14 billion left to sell. 

No new STRC or MSTR (Class A common stock) shares were issued during the week, leaving $4.2 billion and $15.91 billion, respectively, still available under those ATM programs.

The “42/42” Capital Raise Plan

This wave of preferred stock sales is part of Strategy’s ambitious “42/42” plan — a capital-raising blueprint designed to fund massive Bitcoin purchases through 2027. 

The plan aims to generate $84 billion in equity offerings and convertible notes for Bitcoin accumulation, effectively doubling the company’s initial “21/21” plan after the equity portion was depleted earlier this year.

A Growing Movement Among Corporate Bitcoin Holders

According to Bitcoin Treasuries data, a growing number of public companies are following Strategy’s lead by integrating Bitcoin into their balance sheets. 

There are now 207 public firms globally that have adopted some form of Bitcoin acquisition strategy. The remaining top five include Marathon Digital Holdings (MARA) with 53,250 BTC, Tether-backed Twenty One with 43,514 BTC, Metaplanet with 30,823 BTC, and the Bitcoin Standard Treasury Company — backed by Adam Back and Cantor Fitzgerald — with 30,021 BTC.

Corporate BTC holdings statistics (Source: Bitcoin Treasuries)

Together, those companies reflect a broader shift in corporate treasury management, where Bitcoin is increasingly viewed as a strategic reserve asset rather than a speculative investment. Yet none match Strategy’s scale or its intricate capital-market approach to financing continuous Bitcoin accumulation.

A Strategy Defined by Conviction

Strategy’s relentless expansion of its Bitcoin holdings highlights a rare level of conviction in the digital asset’s long-term value. 

By deploying complex funding structures and maintaining an aggressive acquisition pace, the company has positioned itself as the institutional face of Bitcoin adoption.

Its growing reserves, combined with its multi-billion-dollar capital programs, reveal a clear intent: to accumulate as much Bitcoin as possible while leveraging market instruments to sustain growth. For now, Strategy’s bold approach has paid off handsomely — but its future remains tied to Bitcoin’s performance and the evolving regulatory landscape that governs digital assets.