Michael Saylor’s Strategy Adds 155 BTC, Nears 3% of Bitcoin’s Supply

Another Bitcoin Buy for Saylor’s Strategy

Bitcoin treasury giant Strategy — the company formerly known as MicroStrategy — has once again increased its crypto holdings. According to a U.S. Securities and Exchange Commission (SEC) filing, the firm purchased 155 BTC between Aug. 4 and Aug. 10 for roughly $18 million, paying an average of $116,401 per coin.

8-K

This latest acquisition brings Strategy’s total stash to 628,946 BTC, worth an estimated $76 billion at current prices. Co-founder and executive chairman Michael Saylor says the firm has spent $46.1 billion on bitcoin since 2020, at an average of $73,288 per BTC. That’s nearly 3% of Bitcoin’s fixed 21 million supply — and about $30 billion in unrealized gains.

Funded Through Preferred Stock Programs

The purchase was funded using proceeds from the sale of Strategy’s perpetual preferred stocks — STRF and STRC. Last week, the company sold over 115,000 STRF shares for $13.6 million, with $1.87 billion still available for issuance. Additional coins were bought using funds from STRC’s $4.2 billion initial public offering.

• STRF: Non-convertible, 10% cumulative dividend — designed as a more conservative instrument.
• STRC: Variable-rate, cumulative preferred stock starting at 9% annually, with rates adjusted to maintain its $100 par value.

These offerings are part of Strategy’s expanded “42/42” capital plan — now targeting $84 billion in total raises through equity and convertible notes for bitcoin purchases by 2027.

Strategic Discipline and Market Context

While Saylor hinted on social media that another bitcoin buy was imminent, the firm did not sell any common stock (MSTR) last week. Strategy has pledged not to issue common equity when its market cap-to-net asset value (mNAV) ratio is below 2.5x, except for debt service and preferred dividends. The current mNAV is around 1.5x.

In Q2, Strategy posted a record $10 billion in net income, driven by a $14 billion unrealized gain after adopting fair value accounting for digital assets. Operating income surged over 7,000% year-over-year. Analysts have praised the firm’s measured issuance strategy, with several raising price targets on MSTR.

Position in the Corporate Bitcoin Race

Strategy remains the undisputed leader in corporate bitcoin holdings. The next largest holders include MARA (50,639 BTC), Tether-backed Twenty One (43,514 BTC), and Adam Back–backed Bitcoin Standard Treasury Company (30,021 BTC). In total, 151 public companies now hold bitcoin as part of their treasury strategies.

Despite concerns from some investors about its premium-to-NAV valuation and growing number of acquisition programs, Strategy’s low debt profile — with no repayments due until 2028 — has reassured others.

Saylor’s Confidence in Bitcoin Resilience

Saylor has repeatedly stressed that Strategy’s capital structure is built to weather extreme downturns, even a 90% drop in bitcoin prices lasting several years. However, he concedes that shareholders would still feel the pain in such a scenario.

At Friday’s close, MSTR was down 1.7% at $395.13, while bitcoin rose 6% on the week. In pre-market trading Monday, MSTR gained 4.8% and is now up 31.7% year-to-date, outpacing bitcoin’s 24.4% rise.