TL;DR
- Strategy bought 4,048 BTC in the last week of August for $449.3 million at an average price of $110,981, raising its holdings to 636,505 BTC.
- The total accumulated cost was around $47 billion and is now worth about $70 billion, leaving roughly $23 billion in unrealized gains.
- In August, it added 7,714 BTC, far below the 31,466 acquired in July, though it still controls more than 3% of Bitcoin’s maximum supply.
Strategy purchased another 4,048 BTC in the final week of August, spending $449.3 million at an average price of $110,981 per coin.
With this transaction, the company’s treasury reached 636,505 BTC, acquired at a total cost of about $47 billion and currently valued near $70 billion. The difference represents around $23 billion in unrealized gains.
Strategy Controls More Than 3% of Bitcoin’s Supply
The month ended with 7,714 BTC added, well below July’s 31,466. The company first bought 155 BTC in early August, followed by 430 BTC, then 3,081 BTC, and finally the larger 4,048 BTC acquisition. The lower monthly total reflects a slower pace of accumulation, though Strategy still holds more than 3% of Bitcoin’s capped supply.
To finance these purchases, the firm relied on at-the-market stock sale programs for both common and preferred shares. It issued 1,237,000 MSTR shares for $425.3 million, along with STRK, STRF, and STRD preferred stock totaling roughly $46.5 million. Each class carries different terms: STRK is convertible with an 8% non-cumulative dividend, STRF pays a 10% cumulative dividend with a conservative profile, and STRD combines a 10% non-cumulative dividend with higher risk and return potential.
New “42/42” Plan
These issuances are part of the “42/42” plan, which aims to raise up to $84 billion in equity and convertible debt for Bitcoin acquisitions through 2027. The target doubles the original $42 billion after the equity portion was fully deployed.
More than 160 public companies now hold Bitcoin in their treasuries, including Marathon Digital, Twenty One, Bitcoin Standard Treasury Company, and Coinbase. Strategy continues to lead with a position far larger than the rest and a market value of $94.8 billion. Its market capitalization still trades above the net asset value of its holdings, sparking debate among analysts about the premium investors are willing to pay for its accumulation model.
