Strategy Boosts Bitcoin Treasury to 848,000 Coins with $28.7 Million Purchase

Strategy, the largest publicly traded corporate holder of Bitcoin, announced it acquired 334 BTC for $28.7 million between October 1 and October 4, boosting its total holdings to approximately 848,000 coins. The purchase, disclosed in a filing with the U.S. Securities and Exchange Commission, marks a resumption of its incremental accumulation after a period of stabilized Bitcoin prices. The average cost per coin for this tranche was roughly $85,929, though the exact execution price was not confirmed.

At current market levels, Strategy's Bitcoin holdings are valued at approximately $73 billion. The company also reported $21 billion in unrealized gains on its digital asset position during the third quarter, driven by a 43% surge in Bitcoin's price over that period.

The latest Bitcoin purchase coincided with a $176 million buyback of the company's STRK preferred shares during the same four-day window. Strategy has been repurchasing these securities to support their price, which has traded below the $100 par value since May. Michael Saylor, the company's co-founder and executive chairman, has repositioned preferred equity as the primary vehicle for financing Bitcoin acquisitions after the premium on common stock evaporated during the crypto market downturn.

To stimulate demand for the preferred securities, Strategy plans to shift its dividend payment schedule from twice monthly to daily distributions. Saylor stated that this change could reduce volatility in the preferred shares and improve their liquidity. The company has issued four classes of U.S.-listed preferred stock, raising billions of dollars without diluting common shareholders, though these instruments carry substantial dividend obligations.

In June, Strategy introduced a new capital management framework that authorizes the company to repurchase both common and preferred shares and even sell a portion of its Bitcoin holdings if needed to improve balance-sheet liquidity or reduce leverage. The company's common stock has fallen more than 50% over the past year, while Bitcoin itself declined roughly 30% over the same period. The preferred shares, however, have held near their $100 par value despite the broader crypto slump.

Strategy's 848,000 BTC position represents a substantial share of the roughly 19.8 million Bitcoin mined to date. On-chain analysts note that sustained accumulation by large holders reduces the liquid supply available for price discovery. Other corporate treasuries, like Japanese firm Remixpoint, have pursued similar strategies at smaller scales.