Corporate adoption of Bitcoin continues to accelerate, with Strategy—the largest public company holder of BTC—announcing another purchase between August 11–17, 2025. The company acquired 430 BTC for $51.4 million, at an average price of $119,666 per coin.

This addition raises total holdings to 629,376 BTC as of August 17, underscoring the firm’s long-term commitment to Bitcoin despite elevated market prices.

Strategy’s Latest Bitcoin Buy

The disclosed purchase adds to Strategy’s ongoing treasury program, which focuses on tactically increasing exposure during liquidity windows.

• BTC Purchased (Aug. 11–17, 2025): 430 BTC
• Total Value of Purchase: $51.4M
• Average Price Paid: $119,666 per BTC
• Total Holdings Post-Purchase: 629,376 BTC

With Bitcoin currently trading around $117,000–$120,000, the company continues to average up, reflecting its multi-cycle investment thesis rather than short-term speculation.

Cost Basis and Scale of Holdings

Strategy’s aggregate Bitcoin cost basis now stands at:

• Total Spent on BTC: $46.15 billion
• Average Cost per BTC: $73,320
• Current Market Value: Over $74 billion (based on ~$118,000 BTC price)

This means the company is sitting on billions in unrealized gains, even as it continues to acquire at higher levels.

By steadily compounding exposure across cycles, Strategy has built the largest corporate Bitcoin position in history—nearly 3% of total circulating supply.

2025 Performance: A Strong Bitcoin Year

Year-to-date, Strategy highlighted a 25.1% BTC yield, showcasing how its balance sheet exposure has materially contributed to performance in 2025’s bull rally.

This validates founder Michael Saylor’s long-standing claim that Bitcoin is superior to cash or bonds as a treasury reserve asset.

Updated ATM Equity Playbook

Alongside the purchase disclosure, Strategy unveiled refinements to its ATM (At-The-Market) equity issuance program, providing investors with a more transparent framework.

When the company’s mNAV (market-adjusted net asset value) falls below 2.5×, management may issue shares to:

• Pay interest on debt obligations
• Fund preferred-equity dividends
• Deploy capital opportunistically when market conditions allow

This rules-based approach gives the firm capital flexibility while signaling to markets that equity issuance won’t be arbitrary but tied to specific thresholds.

Why MSTR Trades at a Premium to Bitcoin

In recent weeks, Strategy co-founder Michael Saylor addressed why MSTR stock trades at a premium to Bitcoin’s NAV.

He outlined four key reasons:

1. Credit Amplification – Leverage enhances returns on Bitcoin exposure.
2. Options Advantage – Equity markets allow derivatives strategies not available in raw BTC.
3. Passive Flows – Institutional funds and ETFs buy MSTR shares as part of index allocations.
4. Superior Institutional Access – Many investors unable to hold crypto directly use MSTR as a proxy.

This premium reflects how equity and credit instruments provide unique value-adds beyond simply holding Bitcoin directly.

Strategic Outlook: Long-Term Accumulation

Despite buying near all-time highs, Strategy remains committed to its dollar-cost averaging model. The company’s approach is simple but effective:

• Accumulate BTC whenever capital is available
• Leverage debt and equity tools to expand holdings
• Hold long-term, trusting in Bitcoin’s multi-cycle appreciation

This approach has allowed the company to scale from an early-mover position into a dominant global Bitcoin holder, reshaping corporate treasury management in the process.

Takeaway

Strategy’s latest purchase—430 BTC for $51.4 million—may be modest compared to earlier billion-dollar buys, but it underscores an unwavering thesis: Bitcoin is the superior long-term store of value.

With 629,376 BTC held, a clarified equity issuance playbook, and management openly communicating strategy, the company continues to demonstrate why it has become the flagbearer of corporate Bitcoin adoption.

For investors, Strategy’s moves signal two clear messages:

1. Institutional adoption of Bitcoin is not slowing down.
2. The corporate playbook now includes debt, equity, and treasury assets all working together to maximize BTC exposure.

In Michael Saylor’s own words: “Bitcoin is hope. Our strategy is simply to buy more.”