Record Bitcoin Treasury Reaches 848,250 Coins

Strategy Inc., the largest corporate holder of Bitcoin, disclosed the acquisition of 250 coins between October 5 and 11. The purchase, completed at an average price of $86,194 per Bitcoin including fees, pushed total holdings to 848,250 BTC. The company’s cumulative investment in the cryptocurrency now stands at approximately $64 billion at an average acquisition cost of $75,444 per coin.

The transaction brought the total to a new high for the publicly traded Bitcoin treasury strategy. Earlier in the period, the firm had added 334 Bitcoin for $28.7 million, bringing holdings to 848,000 BTC. The latest move continued a pattern of steady accumulation that has defined Strategy’s approach over recent months.

Financing Mix Combines Stock Sales and Cash Reserves

Strategy funded most of the Bitcoin purchase through sales of its common stock. The firm sold approximately 125,000 shares of its MSTR common stock, generating $21 million in proceeds. An additional $500,000 came from existing cash holdings. No preferred stock was sold to support the transaction.

This approach reflects the company’s ongoing use of its at-the-market equity program to build liquidity while preserving capital for other priorities. The purchases followed a Sunday teaser from executive chairman Michael Saylor, who posted on X that “There’s always room for more orange” alongside a chart of the firm’s holdings.

Preferred Share Repurchases Continue at Scale

Alongside the Bitcoin acquisition, Strategy repurchased 1,932,145 shares of its STRC preferred stock for $192.4 million. This marked an increase from $176.3 million in the prior week. The repurchases left $354.8 million in remaining authorization under the company’s digital credit securities program.

The firm spent nearly nine times as much on STRC buybacks as on the latest Bitcoin purchase. STRC shares traded below their $100 par value during parts of the week, triggering an internal buyback protocol that paused new issuance for Bitcoin funding through that channel. The company instead relied on an alternative preferred security, STRF, which traded above par and supported the 334 Bitcoin addition earlier in October.

Dollar Assets Provide Buffer for Ongoing Activity

Strategy maintained substantial liquidity alongside its Bitcoin reserves. As of October 11, the firm held $4.88 billion in a designated U.S. dollar reserve for preferred dividends and debt interest, plus $640.5 million in additional cash. Combined, these assets reached approximately $5.5 billion.

The reserve covers at least 12 months of expected obligations under the company’s capital framework. Strategy has proposed that STRC dividends accrue 365 days a year and has outlined a digital credit capital framework that could allow sales of up to $1.25 billion in Bitcoin under certain conditions. CEO Phong Le has described selling Bitcoin as a “right trade” in some contexts, even as the firm expands its holdings.

Strategic Balance Between Accumulation and Capital Management

Strategy’s actions illustrate a dual-track approach that prioritizes Bitcoin treasury growth while addressing shareholder returns through preferred share repurchases. The firm has expanded its repurchase authorization for digital credit securities to $2 billion and maintains a separate $1 billion program for common stock buybacks.

Analysts note that the combination of cash reserves, equity issuance, and alternative financing channels supports continued activity even when one mechanism faces temporary constraints. Market participants will watch future SEC filings and weekly updates for signs of accelerating purchases or shifts in capital allocation.

The latest disclosures come as Strategy reported a $21 billion gain on its digital assets in the third quarter, with management preparing an audited review. Holdings now represent about 4.04 percent of Bitcoin’s total supply.