Strategy Adds 1,036 BTC, Lifting Holdings to 850,364 Bitcoin

By Tom Whitfield

Strategy bought 1,036 bitcoin for approximately $81.9 million between Nov. 2 and Nov. 8, raising its holdings to 850,364 BTC, according to a Monday filing with the Securities and Exchange Commission.

The purchase averaged $79,012 per bitcoin. Strategy's total position cost approximately $64.2 billion at $75,456 per coin, including fees and expenses, the filing said.

How did Strategy finance the purchase?

Strategy funded the acquisition with proceeds from at-the-market sales of its Class A common stock, MSTR. Last week, the company sold 2,051,348 MSTR shares for approximately $283.8 million.

About $18.34 billion in MSTR shares remain available for issuance and sale under that ATM program. That leaves capacity for the equity funding route Strategy used for its latest bitcoin acquisition, rather than relying on cash on hand alone.

What did the filing show about preferred shares and liquidity?

Between Nov. 2 and Nov. 8, Strategy used its USD Reserve to repurchase 1,887,464 STRC preferred shares for roughly $188.3 million. The company also spent $2.1 million from the reserve to fund dividends on its preferred stocks.

As of Nov. 8, Strategy held $4.77 billion in its USD Reserve and $146.2 million in USD Cash. The filing separates two funding channels: ATM common-stock proceeds for bitcoin, and the USD Reserve for preferred-share repurchases and dividend payments.

How large is Strategy's lead?

Strategy remained the largest of nearly 200 public companies that have launched a bitcoin treasury model. Its 850,364 BTC represented more than 4% of bitcoin's total supply cap.

According to Bitcoin Treasuries, the rest of the top five were:

• Metaplanet: 44,000 BTC
• Tether-backed Twenty One: 43,514 BTC
• Strive: 43,124 BTC
• MARA: 35,577 BTC

Strategy's 850,364 BTC contrasted with holdings of 35,577 BTC to 44,000 BTC across those four companies. The gap separates Strategy's treasury from every listed peer.

What did Saylor signal before the filing?

Strategy co-founder and Executive Chairman Michael Saylor posted a Strategy bitcoin acquisition tracker chart on Sunday. Alongside it, he said: "Connecting the dots."

The post indicated another potential acquisition announcement before Monday's filing. The chart offered a public signal; the SEC filing supplied the purchase size, dates, average price and funding sources.

The filing documented the completed purchase and its financing without setting a purchase schedule. Its disclosed capacity and cash balances provide the concrete measures for monitoring future treasury operations.

MSTR fell 2.1% last week, closing at $128.93 on Friday, according to The Block's Strategy price page. Bitcoin slipped 3.2% during the same period.

The filing did not connect either weekly move to the bitcoin purchase. It instead documented the operating mechanics: common-stock sales funded bitcoin, preferred-share repurchases used the reserve, and $18.34 billion of ATM capacity remained.

Going forward, Strategy retains $18.34 billion of MSTR ATM issuance capacity. That issuance route, alongside a $4.77 billion USD Reserve and $146.2 million in USD Cash, leaves equity-market access as a central funding variable for future bitcoin purchases.