Strategy’s $472m Bitcoin splurge pushes holdings past 600k BTC: what’s next?

Strategy’s latest Bitcoin haul didn’t come from profits; it came from stock sales. With $17.78 billion in MSTR shares still available, the firm’s equity-to-crypto pipeline shows no signs of drying up. The question now: How much higher will Saylor go?

According to a Form 8-K filed with the U.S. Securities and Exchange Commission on July 14, Strategy acquired 4,225 Bitcoin (BTC) between July 7 and July 13 for $472.5 million, or at an average price of $111,827 per coin

With the latest purchase, the Tysons Corner, Virginia-based firm now holds 601,550 BTC, representing more than 2.8% of the asset’s 21 million capped supply. The purchase, funded by proceeds from stock offerings, marks Strategy’s first major Bitcoin move this month after a brief pause, reinforcing its unrelenting accumulation strategy even as prices hover near all-time highs of $123,000 per BTC.

The funding machine behind Strategy’s relentless Bitcoin accumulation

Strategy’s latest Bitcoin purchase was bankrolled by investors. The company raised $472.5 million through a mix of common and preferred stock sales, including 797,008 shares of its Class A stock (MSTR) and a mix of STRK, STRF, and STRD perpetual preferred shares.

These instruments, with dividend yields ranging from 8% to 10%, allow Strategy to tap into capital markets without immediate dilution, a financial engineering feat that keeps its Bitcoin acquisition engine humming.

The math behind this model is staggering. With $17.78 billion in remaining MSTR shares authorized for sale and another $26.5 billion across its preferred stock programs, Strategy has effectively built a self-replenishing war chest. Last week alone, the firm announced a fresh $4.2 billion STRD offering, signaling that its appetite for Bitcoin, even at prices above new record highs, remains insatiable.

So far in 2025, Strategy’s Bitcoin holdings have delivered a 20.2% yield, adding 88,062 BTC worth $10.9 billion to its treasury. That outperforms traditional corporate treasury returns, but it comes with strings attached. The company’s aggressive funding strategy relies on investor confidence in both Bitcoin’s long-term appreciation and Strategy’s ability to service its preferred stock dividends.

The risks are real. If Bitcoin’s price stagnates or dips, the cost of maintaining these dividend payouts could pressure Strategy’s balance sheet. The firm’s “42/42” capital raise plan, now expanded to $84 billion, assumes perpetual market demand for its stock offerings. But as interest rates fluctuate and macroeconomic conditions shift, that demand is not guaranteed.

The endgame: how much bigger can this bet get?

With 601,550 BTC already secured, Strategy’s next moves hinge on two factors: price action and funding capacity. The company has shown no hesitation in buying at all-time highs, suggesting its conviction in Bitcoin’s long-term scarcity outweighs short-term volatility concerns.

Yet the bigger question is not whether Strategy will keep buying. It is whether the market will keep funding it. The firm’s ability to issue new shares and preferred stock has so far outpaced skepticism, but each additional billion raised tightens the link between Bitcoin’s performance and Strategy’s financial stability.