Michael Saylor’s Bitcoin Strategy: Strategy Adds 397 BTC to Treasury
Strategy, formerly known as MicroStrategy, acquired 397 Bitcoin between October 27 and November 2, 2025. Executive Chairman Michael Saylor announced this latest accumulation through an SEC filing on November 3. The purchase totaled approximately $45.6 million, with an average acquisition price of $114,771 per Bitcoin. This move reinforces the company’s unwavering commitment to its Bitcoin treasury strategy.
The acquisition brings Strategy’s total Bitcoin holdings to an impressive milestone. The company now controls 641,205 BTC, representing over 3% of Bitcoin’s fixed 21 million supply. This concentration makes Strategy the largest corporate Bitcoin holder by a significant margin. Marathon Digital Holdings, the second-largest corporate holder, possesses only 53,250 BTC.
Strategy Funds Bitcoin Purchase Through Stock Sales
Strategy financed this latest Bitcoin purchase primarily through proceeds from common stock sales. The company also issued small amounts of various preferred shares. Total proceeds from at-the-market equity programs generated $69.5 million. This funding strategy enables Strategy to acquire Bitcoin without reducing its cash reserves or incurring additional debt.
The company’s financial performance reflects this strategy’s success. Strategy reported net income of $2.8 billion in the third quarter, driven by mark-to-market gains on existing Bitcoin holdings. The appreciation in Bitcoin’s price directly translates to substantial unrealized gains on the company’s balance sheet.
Michael Saylor’s Bitcoin Purchase Pattern Shows Consistent Accumulation
Michael Saylor has maintained a disciplined approach to Bitcoin accumulation since 2020. The company has acquired its 641,205 BTC stash for approximately $47.49 billion, achieving an average purchase price of $74,057 per coin. This dollar-cost averaging strategy has proven effective across multiple market cycles.
Saylor announced that Strategy achieved a Bitcoin yield of 26.1% year-to-date for 2025. This metric demonstrates how the company’s Bitcoin holdings have outpaced its dilution from stock issuances. The positive yield validates Strategy’s approach of using equity financing to build its Bitcoin treasury.
Bitcoin Accumulation Slows Amid Market Conditions
Recent data reveals a notable slowdown in Strategy’s purchasing pace. October’s total purchases reached only 778 BTC, significantly lower than September’s 3,526 BTC, which represented a 78% increase. This reduced activity suggests a more cautious stance given current market dynamics.
Market analysts point to broader institutional buying patterns affecting Bitcoin’s price trajectory. Declining institutional demand from ETFs and corporations like Strategy could hinder Bitcoin’s recovery toward previous highs.The cryptocurrency has been volatile, with prices swinging between support around $105,000 and resistance near $111,000.
Strategy Stock Performance Trails Bitcoin Gains
Strategy’s stock has faced pressure despite the company’s substantial unrealized gains. The company’s premium to net asset value has declined to barely more than 1x. This compression in valuation metrics may limit the company’s ability to issue shares at attractive prices for future Bitcoin purchases.
The stock has a market capitalization of approximately $82 billion. MSTR shares dipped slightly in premarket trading following the latest purchase announcement. Analysts note that the stock’s performance increasingly correlates with Bitcoin’s price movements rather than trading at historical premium multiples.
Conclusion
Saylor’s approach has influenced other corporations considering Bitcoin treasury strategies. His public advocacy positions Bitcoin as a digital property rather than a speculative investment. This framework emphasizes Bitcoin’s role as an inflation hedge and long-term store of value.
The transparency in Strategy’s reporting has established a benchmark for corporate Bitcoin adoption. Regular SEC filings and social media updates inform stakeholders about acquisition timing and pricing. This openness contrasts with more opaque corporate treasury management practices.
