Michael Saylor’s Strategy Adds 487 Bitcoin for $50 Million, Pushing Holdings Past 641,000 BTC

Strategy, the bitcoin-focused treasury company formerly known as MicroStrategy, has expanded its holdings once again — acquiring 487 additional bitcoin for approximately $49.9 million between November 3 and November 9, according to a new filing with the U.S. Securities and Exchange Commission.

The purchase, averaging $102,557 per bitcoin, brings the company’s total holdings to 641,692 BTC, worth about $68 billion at current market prices. On average, the company has acquired its bitcoin at $74,079 per coin, for a total cost of $47.5 billion, including fees and expenses, co-founder and executive chairman Michael Saylor confirmed.

That position represents roughly 3% of Bitcoin’s total 21 million supply, giving Strategy one of the largest single institutional exposures to the asset. At current prices, the company’s unrealized gains stand at around $20.5 billion.

Building the Bitcoin Balance Sheet

The latest purchase marks Strategy’s largest acquisition in six weeks and follows last week’s purchase of 397 BTC for $45.6 million. The company’s rapid accumulation continues under its long-term “₿est continue” strategy — a phrase Saylor used in a recent post signaling the buy.

The acquisition was funded through proceeds from at-the-market (ATM) sales of the company’s perpetual preferred stock programs: STRK, STRF, STRC, and STRD. These fundraising programs, collectively worth tens of billions of dollars, are part of Strategy’s broader “42/42 Plan,” which targets up to $84 billion in capital raises via equity offerings and convertible notes through 2027.

Last week alone, Strategy sold over 490,000 preferred shares across its different classes, raising tens of millions of dollars while leaving billions still available for future issuance.

Diversified Capital Model

Each class of Strategy’s preferred stock offers a distinct risk profile.

• STRK is convertible with an 8% non-cumulative dividend, providing potential equity upside.
• STRF carries a 10% cumulative dividend, designed for conservative investors.
• STRC offers variable-rate, cumulative monthly dividends.
• STRD, the most aggressive, is non-convertible with a 10% non-cumulative dividend.

Saylor has repeatedly emphasized that this diversified capital structure is meant to safeguard the firm’s balance sheet through market cycles. In a previous interview, he said Strategy is structured to endure even a 90% decline in bitcoin’s price lasting several years, though he acknowledged such a scenario would “still cause shareholder pain.”

Positioning Among Bitcoin Treasuries

According to Bitcoin Treasuries data, 193 public companies now hold bitcoin as part of their corporate strategy. Strategy remains the clear leader with over 641,000 BTC, followed by Marathon Digital (53,250 BTC), Tether-backed Twenty One (43,514 BTC), Metaplanet (30,823 BTC), and Bitcoin Standard Treasury Company (30,021 BTC), among others.

Despite its dominance, Strategy’s stock has reflected broader market caution. Shares have fallen 47% from summer highs, and its market cap-to-net asset value ratio currently sits around 1.02. Still, Strategy’s shares (ticker: MSTR) closed up 2% on Friday at $241.93 and gained another 2.8% in pre-market trading Monday, according to data.

A Relentless Bitcoin Commitment

Strategy’s aggressive bitcoin accumulation shows no sign of slowing. With a growing arsenal of financing instruments and a long-term belief in bitcoin’s monetary dominance, Saylor’s firm continues to double down on its conviction — even amid market fluctuations.

As Saylor put it succinctly in his latest update: “₿est continue.”