Strategy acquires 3,081 bitcoins for $356.9m

Strategy has purchased 3,081 bitcoins for US$356.9 million at an average price of US$115,800 per coin, according to a filing with the US Securities and Exchange Commission.

The company, which holds the largest corporate bitcoin treasury, now controls about 632,457 BTC valued at roughly US$70 billion at current prices.

Strategy funded the purchase using proceeds from its at-the-market equity programs, including sales of common stock and several series of perpetual preferred shares.

The firm’s bitcoin holdings were acquired at an average price of US$73,500 per coin for a total cost of about US$46.5 billion, resulting in around US$23.5 billion of unrealized gains.

Strategy’s market capitalization stands at around US$112 billion, representing a 60% premium to the value of its bitcoin holdings.

The company’s disclosure comes as more public firms add bitcoin to their treasuries, though Strategy remains the largest corporate holder, with close to 3% of all bitcoins in existence.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Corporate bitcoin strategies have evolved into sophisticated capital market playbooks

Strategy’s latest $356.9 million bitcoin purchase demonstrates how bitcoin treasury companies have developed complex financing mechanisms to fund their acquisitions1.

The company used proceeds from multiple funding sources including common stock ATM programs, 8% perpetual preferred shares (STRK), and 10% perpetual preferred shares (STRF and STRD)1.

This approach allows Strategy to raise capital when its stock trades at a premium to its bitcoin holdings, currently about 1.6 times its net asset value, representing a 60% premium to the value of its bitcoin stash1.

The company has structured its issuance strategy to be more active when this premium is higher, essentially using market enthusiasm to acquire more bitcoin at favorable terms1.

With remaining capacity of $16.73 billion from its Common ATM offering and additional billions across its preferred stock programs, Strategy has built a substantial war chest for future bitcoin acquisitions1.

2️⃣ Bitcoin treasury companies are creating a new asset class with predictable valuation patterns

Strategy’s position as the dominant corporate bitcoin holder—with about 632,457 BTC representing nearly 3% of bitcoin’s total 21 million coin supply—places it at the center of institutional bitcoin adoption1.