Michael Saylor’s Bitcoin-buying machine kept humming this week as Strategy, the corporate vehicle he chairs, disclosed another near-$1 billion purchase, boosting its already massive stash to more than 671,000 BTC. In a brief post on X, Saylor said the firm had bought 10,645 Bitcoin for about $980.3 million at an average price of roughly $92,098, and that Strategy’s holdings stood at 671,268 BTC acquired for about $50.33 billion at an average cost of $74,972 per coin.
The timing of the buy is notable. Bitcoin has cooled from this year’s blistering highs and on Monday was trading in the high-$80,000s, a level that leaves the company sitting on meaningful unrealized gains versus its aggregate cost basis but still below some of the mid-2025 peaks. The market price reported by real-time feeds put BTC around $89,468 at the time of publication, showing the gap between Strategy’s average acquisition cost and today’s spot levels.
Filings show this latest accumulation was funded in the same way many of Strategy’s purchases have been: through its “ATM” program and by selling equity and preferred instruments to raise cash. Bloomberg and company disclosures indicate the firm has routinely monetized its stock and issued preferred shares to finance Bitcoin buys rather than dipping into operating cash, a pattern that continued during the most recent buying period. That approach lets Strategy keep adding to its treasury without materially changing its stated mission of being a Bitcoin reserve company, but it also ties the firm’s balance sheet and share dilution dynamics to the rhythm of its purchases.
Analysts and market reporters reacted quickly, noting that the fresh outlay nudges Strategy’s total Bitcoin spending above $50 billion, a milestone that highlights how central BTC has become to the company’s identity. At current prices, that BTC hoard is worth well over $60 billion, meaning Strategy is carrying sizable unrealized gains on paper, though the company’s stock has not mirrored that performance and remains volatile as investors price in dilution, operating results, and macro uncertainty.
Technically, traders warn that Bitcoin’s momentum is uneven. Recent market commentary points to resistance in the low-to-mid $90,000s and sees $88,000 to $86,500 as the first real support band if downside accelerates. That leaves Strategy buying into a market that is range-bound and sensitive to macro cues, Fed chatter, liquidity flows into ETFs and institutional accounts, and options-market positioning, rather than one enjoying a steady, broad-based rally. Some analysts describe the current phase as one where institutional appetite persists but is more cautious than during the summer and autumn rallies.
Corporate Bitcoin Demand Persists
Saylor’s post also included a performance snapshot; he noted a BTC yield of 24.9% year-to-date for 2025, a figure that speaks to the combination of price moves and possibly income strategies the firm has deployed on its holdings. Whether investors see that return as vindication of Strategy’s buy-and-hold thesis or as a reminder of the operational and governance questions that come with tying a public company so tightly to a single volatile asset will depend on both Bitcoin’s path from here and how Strategy manages future funding and shareholder dilution.
For the market at large, Strategy’s relentless accumulation is a double-edged sword. On one hand, continued purchases of this scale signal unwavering institutional demand and remove supply from exchanges. On the other hand, the fact that these buys are often financed through equity sales means the company’s stock can act like a pressure valve. If MSTR shares weaken, Strategy may need to issue more equity to fund purchases, which in turn can depress the share price further and unsettle holders. Investors will be watching both the company’s next SEC filings and Bitcoin’s technical behavior into year-end to judge which force will dominate.
In short, Michael Saylor’s Strategy is as committed as ever to building a corporate Bitcoin treasury, and this latest near-$1 billion buy is another clear marker of that strategy. Market participants now face the familiar but still potent question: how much accumulation from corporate treasuries like Strategy will matter for Bitcoin’s next leg, and what will the trade-offs look like for shareholders of the companies doing the buying?
Source: https://blockchainreporter.net/michael-saylors-strategy-buys-10645-btc-pushing-corporate-holdings-above-671k-btc/
