Strategy, formerly known as MicroStrategy, has acquired 4,020 bitcoins for about US$427.1 million. The average price paid per coin was US$106,237, according to a company statement released on May 26, 2025.

This purchase increases the company’s total bitcoin holdings to 580,250 BTC, with a cumulative cost of US$40.6 billion.

Strategy now holds nearly 3% of the total bitcoin supply of 21 million coins. The acquisition was funded through proceeds from the sale of company stocks.

Between May 19 and May 23, Strategy sold 847,000 Class A common stock shares, raising US$348.7 million.

Additional funds were generated from the sale of 678,970 perpetual strike preferred stock shares for US$67.9 million and 104,423 Series A perpetual strife preferred stock shares for US$10.4 million.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Institutional buying produces less market impact than commonly assumed

Despite Strategy’s massive Bitcoin purchases, analysis shows these large buys have minimal influence on Bitcoin’s price movements.

TD Cowen’s research revealed that Strategy’s recent $842 million purchase of 6,556 bitcoins represented only 3.3% of average weekly trading volume, with a weak correlation coefficient of just 25% between their purchases and Bitcoin price changes 1.

This challenges the common market narrative that large buyers significantly drive price action, as secondary trading volume far exceeds both new mining supply and institutional buying.

The data suggests Bitcoin’s price movements are driven more by broader market dynamics than by any single institutional buyer, even one as significant as Strategy, which now controls nearly 3% of Bitcoin’s total supply 2.

This finding helps explain why Bitcoin’s price discovery remains resilient despite concentrated buying from whales, which differs from traditional markets where large orders typically create significant price impact.

2️⃣ Corporate treasuries pioneer new financing models for Bitcoin acquisition

Strategy has developed sophisticated financing mechanisms to fund its Bitcoin accumulation, creating a blueprint for corporate treasury management in the cryptocurrency era.

The company’s latest purchases were funded through multiple channels: selling 847,000 MSTR shares for US$348.7 million, 678,970 STRK shares for US$67.9 million, and 104,423 STRF shares for US$10.4 million – demonstrating a diversified capital-raising approach 2.