Recent Bitcoin Acquisitions
Strategy purchased 8,178 $BTC for approximately $835.6 million between Nov. 10 and Nov. 16. This acquisition brings the company's total Bitcoin holdings to 649,870 BTC, valued at roughly $61.7 billion. The company acquired these coins at an average price of $102,171 per Bitcoin, according to an 8-K filing submitted to the Securities and Exchange Commission on Monday.
Executive Chairman Michael Saylor confirmed that the treasury now holds more than 3% of Bitcoin's total 21 million supply. The position was accumulated for a total cost of approximately $48.4 billion, including fees and expenses, at an average purchase price of $74,433 per Bitcoin. Current valuations imply around $13.3 billion in unrealized gains.
The recent acquisitions were funded through at-the-market sales of perpetual preferred stock offerings, specifically STRK, STRF, and STRC. Additional capital came from the company's €620 million ($715 million) issuance of STRE, its first euro-denominated preferred stock. Last week's purchase marked the largest single-week addition of Bitcoin since July.
Details on Preferred Stock Offerings
Strategy sold 5,513 STRK shares for approximately $500,000, leaving $20.34 billion available for issuance under that program. The company sold 39,957 STRF shares for $4.4 million with $1.64 billion remaining, and 1,313,641 STRC shares for $131.2 million with $4.04 billion remaining. No Class A common stock or STRD preferred shares were sold during the reporting period.
The preferred stock programs operate alongside Strategy's 42/42 plan, which targets $84 billion in total capital raises through 2027. STRD offers a 10% non-cumulative dividend with the highest risk-reward profile, while STRK provides 8% dividends with equity upside through conversion features. STRF carries a 10% cumulative dividend as the most conservative option, and STRC offers variable monthly dividends designed to maintain trading near par.
Company Strategy and Market Context
Michael Saylor hinted at the purchase on Sunday by posting "₿ig week" on the social media platform X. The company had previously acquired 487 $BTC for approximately $49.9 million on November 11, at an average price of $102,557 per Bitcoin. Strategy's systematic accumulation strategy continues despite significant volatility in both Bitcoin prices and the company's stock valuation.
According to Bitcoin Treasuries data, 194 public companies have now adopted Bitcoin treasury strategies. MARA holds 53,250 $BTC, Twenty One holds 43,514 $BTC, and Metaplanet holds 30,823 $BTC as the next largest holders. Bitcoin Standard Treasury Company controls 30,021 $BTC, while Bullish, Riot Platforms, Coinbase, Hut 8, and CleanSpark round out the top 10.
Analyst Perspectives and Financial Resilience
Bernstein analysts addressed concerns about Strategy potentially liquidating Bitcoin following the company's market cap falling below net asset value. The firm highlighted that Strategy's management confirmed no intention to sell any Bitcoin, noting the company successfully raised $7.5 billion through preferred instruments with strong institutional demand. Strategy maintains conservative leverage with $8 billion in debt against $61 billion in Bitcoin holdings, with dividends well covered by treasury resources and capital access through at-the-market programs.
Michael Saylor previously stated that Strategy's capital structure can withstand a 90% Bitcoin price decline persisting for four to five years, though shareholders would suffer in such scenarios. The company's stock closed down 4.2% on Friday at $199.75, its lowest level in over a year, but gained 1.6% in pre-market trading on Monday. MSTR fell 10.3% last week overall and is trading down 33.4% year-to-date, while #Bitcoin gained 2.5% in 2025.