Strategy Inc. Sets New Benchmark by Adopting Bitcoin for Corporate Treasury

Michael Saylor’s

Inc. revealed on September 21, 2025 that it had purchased an additional 850 (BTC) at an average price of $117,344 per coin, totaling about $99.7 million. This latest buy, financed through its at-the-market equity offerings, increases the firm’s overall assets to 639,835, with a cumulative investment of $47.33 billion—averaging $73,971 per BTC. The move reinforces Strategy’s dedication to using Bitcoin as a core treasury reserve, solidifying its role as a major institutional Bitcoin holder. As of September 21, the company reported a year-to-date (YTD) return of 26.0% on its BTC, reflecting the increase in value since acquisition.

This most recent purchase was funded by selling 173,834 STRF shares for $19.4 million and 227,401 MSTR shares for $80.6 million, between September 15 and September 21, 2025. Strategy’s financial approach centers on turning equity capital raised in the market into Bitcoin holdings, making use of a range of ticker offerings to maximize capital. The company still has $100 million in liquidity available through its ATM programs, allowing for further BTC accumulation. This strategy reflects its belief in Bitcoin as both a safeguard against economic uncertainty and a better store of value compared to conventional assets.

Currently, Strategy’s BTC holdings account for 4.30% of the total market value of Bitcoin, with an estimated value of $96.58 billion. The company’s ongoing accumulation is part of a larger trend of institutional adoption, as more corporations begin to diversify their reserves with BTC. For example, Japan’s Metaplanet added 5,419 BTC ($630 million) during the same week, and other firms such as Capital B and ANAP also grew their Bitcoin reserves. In total, public companies (excluding miners) purchased $850 million in BTC globally in the week ending September 22, 2025, with Strategy’s activity contributing to this net increase.

The 26.0% YTD return highlights the financial advantage of Strategy’s Bitcoin-centric approach. By acquiring BTC at an average cost of $73,971 and holding as prices rise to nearly $117,000, the company achieves returns that surpass traditional treasury investments. This matches wider market trends, including the Federal Reserve’s initial rate cut in 2025, which weakened the dollar and encouraged investments in riskier assets. Analysts link Bitcoin’s price rally to $117,000 to these monetary policy changes and increased institutional interest.

Strategy utilizes a mix of equity and debt to fund its operations. Its shift from MicroStrategy to Strategy in October 2024 marked a transition to a complete Bitcoin strategy, with a $42 billion fundraising initiative called “21/21”—divided equally between equity and fixed-income instruments to buy more BTC. In September 2025, CEO Phong Le stated the company is ahead of its $20 billion capital deployment target, and the recent purchase of 7,633 BTC at $97,255 per coin further demonstrates the scalability of this model.

Strategy’s recent acquisitions occur within a context of rising institutional demand for Bitcoin, supported by clearer regulations and favorable economic conditions. New U.S. SEC rules for ETF listings and the GENIUS Act have increased investor confidence in digital assets, while regulatory actions in Japan and Singapore have broadened institutional access. Despite challenges such as liquidity concerns and fragmented regulations, stablecoins and Bitcoin are increasingly seen as foundational for global payments and treasury management. Strategy’s actions support the view that Bitcoin is evolving from a speculative investment to a crucial asset on corporate balance sheets.