Strategy resumes bitcoin buys, acquires 4,225 BTC for $472.5 million as total holdings surpass 600,000 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 4,225 BTC for approximately $472.5 million at an average price of $111,827 per bitcoin between July 7 and July 13, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 601,550 BTC — worth over $73 billion — bought at an average price of $71,268 per bitcoin for a total cost of around $42.9 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. That's the equivalent of more than 2.8% of bitcoin's total 21 million supply and implies around $30 billion of paper gains.

The latest acquisitions were made using proceeds from ATM sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD. Last week, Strategy sold 797,008 MSTR shares for approximately $330.9 million. As of July 13, $17.78 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said. Strategy also sold 573,976 STRK shares for approximately $71.1 million, with $20.45 billion worth of STRK shares remaining available for issuance and sale under that program. It sold 444,005 STRF shares for $55.3 million, with $1.88 billion remaining, and sold 158,278 STRD shares for $15 million, with $4.19 billion remaining.

STRD offers a fixed 10% non-cumulative annual dividend and is non-convertible, STRK is a convertible preferred stock offering a fixed non-cumulative 8% annual dividend, and STRF is non-convertible and offers a 10% fixed cumulative annual dividend. Essentially, STRF offers the most conservative investment option among the preferreds with cumulative dividends, STRK balances risk with conversion upside, and STRD carries the highest risk but offers the most accretion potential for MSTR shareholders.

Strategy's STRK and STRF perpetual preferred stock's respective $21 billion and $2.1 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion , "21/21" plan after the equity side was depleted. Last week, Strategy also announced a $4.2 billion ATM offering for STRD .

'Some weeks you don't just HODL'

Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "Some weeks you don't just HODL." That was a reference to his "Some weeks you just need to HODL" message the prior week amid Strategy's first weekly buying spree pause in three months.

Strategy's pause in bitcoin acquisitions between June 30 and July 6 coincided with the release of its Q2 results last Monday, disclosing an unrealized gain on digital assets of $14.05 billion. That followed a similar pause in April amid its Q1 results when the firm posted $5.91 billion in unrealized losses on its bitcoin treasury for the period.

Corporate bitcoin accumulation race

Strategy previously acquired an additional 4,980 BTC for approximately $531.9 million at an average price of $106,801 per bitcoin between June 23 and June 29 — taking its total holdings to 597,325 BTC. The pace of Strategy's bitcoin buys has generally been slowing in recent weeks as it switched focus from its common stock ATM program to its perpetual preferred stocks for funding bitcoin acquisitions.

According to Bitcoin Treasuries data, there are now 141 public companies that have adopted some form of bitcoin acquisition model, with MARA, Tether-backed Twenty One , Riot Platforms, and Metaplanet making up the remainder of the top five after Strategy. Metaplanet also announced on Monday it had purchased an additional 797 BTC for $93.6 million, bringing its total holdings to 16,352 BTC.

Strategy's $118.8 billion market cap continues to trade at a significant premium to its bitcoin net asset value, with some investors concerned about the firm's premium to NAV valuation and its increasingly numerous bitcoin acquisition programs in general. However, some analysts argue that with Strategy's relatively low debt levels and no payments due until 2028, the firm's leverage remains manageable.

Saylor also remains confident in Strategy's resilience. In a May interview with the Financial Times, he said Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still "suffer" in such a scenario. 

MSTR closed up 3% on Friday at $434.58, according to The Block's Strategy price page , in a week that saw bitcoin gain over 12% to reach its latest all-time high above $123,000. MSTR is currently up 2.1% in pre-market trading on Monday, per TradingView , and 44.8% year-to-date compared to bitcoin's 30.2%.