Strategy Inc Expands Bitcoin Holdings Despite Financial Challenges
Strategy Inc. (MSTR) has continued to expand its Bitcoin holdings in 2026, with its treasury growing to 848,000 BTC as of October 4. The company acquired these Bitcoins for a total of $63.97 billion, at an average price of $75,440.70 per coin. The latest purchase, disclosed on October 5, added 334 BTC for $28.7 million at an average price of $85,838.80 per Bitcoin.
The scale of Strategy's treasury has significantly increased this year. The company ended 2025 with 672,500 BTC, meaning its holdings have grown by over 175,000 BTC, or about 26%, through October 4. Earlier in the year, Strategy reported a 25% year-to-date increase in Bitcoin holdings by July 26.
Funding remains a central part of Strategy's model. By July 26, the company had raised $17.06 billion through at-the-market programs in 2026, while STRC issuances raised $7.53 billion. As of October 4, Strategy’s USD Reserve stood at $4.88 billion, down from $5.02 billion on September 27 after using reserve funds for preferred-stock dividends and interest payments.
The larger treasury has not guaranteed gains on a per-share basis. As of October 4, Strategy reported a year-to-date Bitcoin Yield of negative 3.7%, a Bitcoin Gain of negative 24,963, and a dollar Gain of approximately negative $2.10 billion. These metrics indicate that Bitcoin per assumed share has declined, highlighting the importance of dilution and financing costs in Strategy’s treasury model.
Bitcoin prices also significantly affect reported earnings. In the second quarter, Strategy recorded an $8.32 billion unrealized loss on digital assets and an $8.22 billion net loss, even as revenues rose 6.9% year over year to $122.4 million. This mix keeps the company closely tied to Bitcoin’s market value.