Strategy expands Bitcoin holdings amid MSTR stock slump
Technique (previously MicroStrategy) expanded its Bitcoin holdings by buying of 196 BTC for $22.1 million at a median worth of $113,048 per coin, in accordance with a filing with the US Securities and Alternate Fee (SEC) dated Sept. 29.
In line with the agency’s dashboard, this acquisition marks its third-smallest purchase this yr, following its 130 BTC in March and 154.64 BTC in August.
These incremental additions have elevated Technique’s whole Bitcoin reserve to 649,031 BTC, representing 3% of the entire BTC provide and making it the most important company BTC holder.
In the meantime, the agency has spent roughly $47.35 billion on its place at a median price of $73,983 per coin. With Bitcoin buying and selling larger at greater than $110,000, that stash is now value $72.67 billion, translating into an unrealized revenue margin of 53.47%.
The corporate disclosed that the purchases have been financed by means of proceeds from at-the-market choices of its Class A typical inventory (MSTR) and two perpetual most well-liked inventory devices, STRF and STRD.
Technique confirmed it had raised $128 million by means of these fairness gross sales, offering liquidity for continued accumulation.
MSTR inventory falls
Whereas the corporate continues to increase its Bitcoin place, its MSTR inventory has been beneath stress recently.
MSTR has fallen to its lowest degree in six months, in accordance with CryptoQuant analyst JA Maartun, who flagged the decline on Sept. 29. He famous that the sharp drop to close $300 displays each heightened volatility and investor issues.
Google Finance information exhibits that MSTR rallied to $455.90 in mid-July however has since retraced to roughly $309.06 by Sept. 26, leading to a 32.5% loss over the previous month. The decline contrasts with Bitcoin’s efficiency, which is up 22% year-to-date, in comparison with MSTR’s 11%.
The weaker inventory efficiency has pushed Technique’s market-adjusted web asset worth (mNAV) all the way down to 1.39x, the bottom degree recorded in 2025.
Nonetheless, Try Chief Threat Officer Jeff Walton argued that MSTR’s long-term returns stay resilient. He identified that even when mNAV fell to parity, MSTR would have outperformed Bitcoin greater than 2x for the reason that firm adopted its Bitcoin-focused method.
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