Strategy Inc. announced that it purchased 8,178 bitcoins between November 10 and November 16, 2025, paying an average price of $102,171 per coin for a total of $835.6 million. The acquisition brings the company’s total Bitcoin holdings to 649,870 coins, a figure that reflects a cumulative cost basis of $48.37 billion and an average purchase price of $74,433 per coin across its entire portfolio.
The purchase was financed through proceeds from a preferred‑stock offering, a financing choice that allows Strategy to raise capital without diluting common shareholders at a depressed market price. The company’s preferred‑equity strategy, which includes euro‑denominated offerings, is part of its broader “42/42” plan to raise $84 billion for Bitcoin acquisitions through 2027. By using preferred stock, Strategy can maintain a higher leverage ratio while preserving the upside potential of its Bitcoin balance sheet.
In its most recent earnings report, Strategy posted a net income of $2.8 billion and earnings per share of $8.42 for Q3 2025, a sharp turnaround from the prior year’s loss. The earnings surge is largely attributable to unrealized gains on the company’s Bitcoin holdings, which have appreciated significantly since the firm began accumulating the asset in 2020. Management highlighted that the strong financial performance provides additional liquidity to fund future Bitcoin purchases.
CEO Michael Saylor reiterated the company’s commitment to Bitcoin, stating, “There is no truth to this rumor. We are buying. We’re buying quite a lot, actually, and we’ll report our next buys on Monday morning. I think people will be pleasantly surprised.” He added, “I believe Bitcoin has more room to run.” These remarks underscore Strategy’s view that Bitcoin remains a core treasury asset and a long‑term value driver.
Market reaction to the purchase has been tempered by broader concerns about the cryptocurrency market’s downturn and the shrinking premium between Strategy’s market capitalization and its Bitcoin holdings (mNAV). Investors are focusing on valuation relative to the company’s balance sheet, rather than the headline purchase amount. The company’s continued accumulation strategy, coupled with its preferred‑equity financing, signals confidence in Bitcoin’s long‑term prospects while managing capital structure risk.
The Bitcoin purchase, while reinforcing Strategy’s “Bitcoin treasury company” identity, also highlights the company’s dual focus: maintaining a robust software business and leveraging Bitcoin as a high‑return investment. The firm’s Q3 earnings demonstrate that the software segment remains profitable, providing a stable cash flow base that supports ongoing Bitcoin acquisitions. The combination of strong earnings, a growing Bitcoin balance sheet, and a disciplined financing approach positions Strategy to navigate market volatility while pursuing its long‑term growth objectives.
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