Strategy's Increasing Bitcoin Investments Amid MSTR Stock Volatility
By: Eliza Bennet
Strategy, formerly known as MicroStrategy, has made headlines again with its recent acquisition of 196 Bitcoin (BTC) valued at $22.1 million. This new purchase at an average price of $113,048 per coin brings the company's total Bitcoin holdings to a record 649,031 BTC. This stash is now worth approximately $72.67 billion, reflecting an unrealized profit margin of 53.47% since Bitcoin is currently trading at over $110,000. Strategy remains the largest corporate holder of Bitcoin, representing 3% of the total BTC supply.
The company has methodically grown its Bitcoin reserves, marking this as the third smallest purchase of the year following acquisitions of 130 BTC in March and 154.64 BTC in August. Interestingly, Strategy financed these purchases through proceeds from at-the-market offerings of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD, raising liquidity of $128 million for further acquisitions. This strategy demonstrates a strong commitment to accumulating Bitcoin despite the recent fluctuations in the MSTR stock price.
While Strategy continues to invest heavily in Bitcoin, its stock, MSTR, has faced a downturn, dropping to its lowest level in six months. According to market analysts, MSTR stock prices reflected a 32.5% decline over a month, from mid-July to September, contrasting with Bitcoin's performance, which boasts a year-to-date growth of 22%. As a result, Strategy's market-adjusted net asset value (mNAV) fell to 1.39x, the lowest recorded in 2025.
Despite these challenges, some experts argue that MSTR's long-term returns are resilient. Jeff Walton, Strategy's Chief Risk Officer, suggests that even if mNAV reaches parity, MSTR has outperformed Bitcoin by more than two times since the company's strategic focus on Bitcoin. This resilience highlights the company's steadfast approach to leveraging Bitcoin as a cornerstone of its financial strategy even amid stock market volatility.
