TL;DR
- Strategy bought another 130 BTC for $11.7 million, bringing its treasury to 650,000 BTC, a position valued at around $56 billion.
- The purchases were executed between November 17 and 30 at an average price of $89,960 per BTC, and the company financed the entire operation through at-the-market sales of MSTR shares.
- Unrealized gains are nearing $7.6 billion, a position that already exceeds 3% of Bitcoin’s total supply.
Strategy bought another 130 BTC for $11.7 million, bringing its treasury to 650,000 BTC, a position valued at around $56 billion. The company also created a $1.44 billion U.S. dollar reserve to guarantee dividend payments on its preferred shares and interest on its debt, building a stable financial buffer inside a balance sheet dominated by Bitcoin.
The company executed the purchases between November 17 and 30 at an average price of $89,960 per BTC. It financed the acquisitions through at-the-market MSTR share sales: over two weeks, it sold 8,214,000 shares and raised $1.48 billion. The program still has room to issue an additional $13.37 billion in Class A shares and another $30.2 billion in preferred shares under its ATM facilities.
Strategy Controls 3% of Bitcoin’s Supply
Strategy accumulates BTC at a total cost of $48.4 billion and an average price of $74,436. Even after the latest correction, the company holds roughly $7.6 billion in unrealized gains. Its position already exceeds 3% of Bitcoin’s total supply, making it a structural player capable of moving liquidity in the market.
The creation of the U.S. dollar reserve marks a fundamental shift. Saylor said the company wants to cover at least 12 months of payments and extend that coverage to 24 months. Strategy presents the reserve as a tool to absorb short-term volatility without slowing its accumulation program. It also frames the reserve as a core component of its plan to become an institutional issuer of credit backed by Bitcoin.
The pace of buying returned after a brief pause. The latest 8-K filing suggests the acquisitions were made in parallel with the BTC rally, during which Strategy had already added 8,178 BTC for $835.6 million. The tactical balance between purchases, stock sales, and liquidity generation shows an operational structure designed to keep accumulating even during heavy sell-offs.
MSTR Fell 61% Since July
Pressure continues to build around the company. MSTR has fallen 61% since July and trades with an mNAV near 0.9. TD Cowen analysts maintain a $535 price target assuming a BTC recovery. The main risk lies in a potential removal from the MSCI index in January 2026; an exclusion could force up to $2.8 billion in passive-fund outflows. Saylor dismissed the idea that index classification defines the company’s strategy and reiterated that its conviction in Bitcoin accumulation will not change
