Strategy Inc., the company formerly known as MicroStrategy, has once again reinforced its position as the world’s largest corporate Bitcoin holder. In a new filing with the U.S. The company reported in a filing with the Securities and Exchange Commission (SEC) on Monday it purchased an additional 487 Bitcoins for around $49.9 million in cash.
The purchases were made at an average price of $102,557 per coin during the dates of Nov. 3 and Nov. 9. This purchase was done while Bitcoin was priced near the $100,000 level and gives a strong message of our unwavering confidence and “never-stop-buying” approach to our digital asset treasury.
A New Peak for the Bitcoin Mountain
This $50 million shopping spree brings Strategy’s total Bitcoin holdings to a staggering 641,692 BTC. This colossal hoard, acquired over the past five years, now represents more than 3% of the total 21 million Bitcoins that will ever exist.
According to company filings, this entire position was acquired for a total cost of approximately $47.5 billion, including fees and expenses. This brings Strategy’s aggregate average purchase price for its entire stash to just $74,079 per Bitcoin. With Bitcoin trading at over $105,000 on Monday, the company is sitting on an unrealized, on-paper profit of more than $20 billion.
The Mechanics of the ‘Perpetual BTC Machine’
Unlike some of its previous headline-grabbing, debt-fueled purchases, this latest acquisition was funded through the company’s established “at-the-market” (ATM) programs. This means Strategy is not taking on new, large-scale debt.
Instead, it is systematically selling small amounts of its various equity shares—including its common stock (MSTR) and its multiple series of preferred stocks (STRK, STRF, etc.)—into the open market on a regular basis. The cash proceeds from these sales are then immediately, and relentlessly, rotated into acquiring more Bitcoin. This mechanism has successfully made the company a never-ending Bitcoin accumulation vehicle, raising capital and purchasing the asset almost simultaneously.
Buying the Dip…Above $100,000
The average purchase price of $102,557 is rather noteworthy. This shows the company’s leadership is not viewing $100,000 as a top for the market but as the beginning of a new long-term accumulation level. With Bitcoin’s price moving between $100,000 and $106,000 during the acquisition period, Strategy was actually “buying the dip” at all-time highs in price – based on historical valuation criteria. This deed is more important than anything, signalling a strong belief the asset’s value will continue to move much higher.
Ignoring the ‘Premium’ Noise
This aggressive buying continues, even amid stock market headwinds facing Strategy’s stock itself. For years, MSTR traded at a massive “premium” to the underlying value of the Bitcoin it held, representing a bet by stock market investors to buy into Michael Saylor’s leadership and financial strategy. That premium has significantly taken a hit in 2025, falling from more than 2.5 times the net asset value at its peak down to just a 1.23 times multiple of NAV. Famed short-seller Jim Chanos, who had bet against this premium, recently “declared victory” on his trade. This purchase shows that Strategy’s executive team is unconcerned with the stock’s short-term premium, focusing instead on the core mission: acquiring the underlying asset.
Saylor’s Unbroken Conviction
This purchase was telegraphed to the market by Executive Chairman Michael Saylor. On November 2, Saylor posted a cryptic message on X (formerly Twitter) simply stating, “Orange is the color of November.” His followers, now accustomed to his signals, correctly interpreted this as a sign that more buying was underway.
This latest move is just another chapter in Saylor’s thesis that Bitcoin is a superior, resilient treasury reserve asset. Amid what the company calls “broader economic uncertainties,” Strategy is not just holding its ground—it is actively, and perpetually, adding to its fortress.
