The company has used periodic filings to confirm dates, amounts, and average prices, allowing investors to compare each tranche with the market level at the time.
Michael Saylor, the company’s co-founder and executive chairman, has often previewed updates with short posts tied to an internal acquisition tracker. Ahead of the filing, he posted “The Orange Century,” aligning the phrase with the 100th purchase announcement.
Today, Bitcoin fell below $65,000, falling toward $64,400 after a sharp drop that triggered heavy selling across major crypto markets. Over $360 million in leveraged positions was liquidated as the decline accelerated, adding pressure to broader risk sentiment.
Equity Issuance Funded the Latest Acquisition
The filing states that the Bitcoin purchase was funded through proceeds from at-the-market sales of its Class A common stock. In the week referenced, Strategy sold 297,940 shares for approximately $39.7 million and directed the proceeds to the Bitcoin buy.
After those sales, Strategy reported that roughly $7.8 billion of shares remained available for issuance and sale under the same program. At-the-market issuance allows sales into normal trading, rather than a single block placement.
Strategy has used the same mechanism for prior purchases. One week earlier, the company reported buying 2,486 Bitcoin for about $168 million at an average price of $67,710, bringing holdings then to 717,131 coins.
BTC Holdings, Cost Basis, and Unrealized Position
With the new purchase included, Strategy reported total Bitcoin holdings of 717,722 coins acquired for about $54.56 billion. The company’s stated average purchase price across its full position is $76,020 per Bitcoin, inclusive of fees and expenses.
At Bitcoin prices near $66,000 around the time of the filing, the position sat below the company’s average cost. That gap implies an unrealized loss of roughly $10,000 per coin, or about $7 billion on the total holding, using the company’s reported averages and the spot level.
Strategy also framed the current market phase in recent public comments by Saylor. He said the market is in a crypto winter, called it milder than prior cycles, and said it may be shorter than earlier downturns.
Broader Context for Corporate Bitcoin Treasuries
Strategy’s holdings equal more than 3.4% of Bitcoin’s fixed 21 million supply cap. That concentration keeps the company at the center of the corporate Bitcoin treasury segment, where investors track funding methods, liquidity, and timing.
Industry datasets list 193 public companies holding some amount of Bitcoin. The group includes miners, exchanges, and firms with treasury programs, and their equity prices often move with Bitcoin and with access to capital markets.
Market trading around the disclosure showed MSTR shares lower in pre-market and down more than 50% year over year. Bitcoin was also lower, after slipping below $65,000 before recovering.
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