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Strategy continues to underperform Bitcoin, despite doubling down on BTC purchases
- Saylor announced the purchase of an additional 850 BTC for $99.7 million
- Strategy’s Bitcoin reserves reached 639,835 BTC, worth $73.92 billion
- Despite this accumulation, MSTR stock fell 5% over one month, while Bitcoin fell 1.45%
Michael Saylor’s Strategy is doubling down on Bitcoin purchases, despite a dip in its stock price. On Sunday, September 21, the company announced an 850 Bitcoin (BTC) purchase that cost $99.7 million. Even so, the move did not inspire much confidence among investors, as its stock continues to underperform Bitcoin. Notably, over the past month, MSTR stock lost approximately 5% of its value, while Bitcoin lost just 1.45%.
The Orange Dots go up and to the right. pic.twitter.com/CrTo7DQ9qw
— Michael Saylor (@saylor) September 21, 2025
Strategy disclosed the purchase and its current holdings in a September 22 SEC Form 8-K filing. The latest acquisition pushed the company’s holdings to 639,835 BTC, worth approximately $73.92 billion. Still, the firm funded its acquisition largely through stock sales under an at-the-market program, revealing a weakness in its acquisition strategy.
Notably, equity sales enable Strategy to accumulate reserves without taking on more debt. However, the practice also dilutes existing shareholders, which is not a popular move among investors. Moreover, pure equity sales do not benefit from the leverage factor that enabled Strategy to outperform Bitcoin in the past.
Is Saylor’s Strategy set for a correction?
A move away from debt financing reveals lukewarm demand for Strategy’s convertible bonds, as investors increasingly look at the company’s lofty valuation. Currently, Strategy’s market cap is $97.43 billion, while its Bitcoin holdings are worth $73.92 billion.
This multi-billion-dollar discrepancy is causing some traders to question whether the company should be worth more than its Bitcoin holdings. So far, Strategy could justify its valuation by pointing to its ability to buy Bitcoin with debt. However, if sources of financing dry up, the company could face a significant correction, potentially hurting its cash flow.
One fact pointing to the possibly dire situation is that Saylor himself is calling out his critics. He blamed bots for posting negative information about his company in an effort to artificially change market sentiment around the stock.