Strategy Bitcoin bet grows as Saylor turbocharges treasury machine

The latest Strategy Bitcoin move by Michael Saylor’s company cements its role as the most aggressive corporate accumulator of BTC on the market.

How much Bitcoin did Strategy just buy?

Strategy, the company formerly known as MicroStrategy, has acquired another 8,178 BTC between November 10 and November 16, spending roughly $836 million. The average purchase price was $102,171 per coin, according to recent filings and on-chain tracking.

With this latest accumulation, the firm now holds a total of 649,870 BTC. At current market prices, that stash is worth more than 61 billion dollars. That’s over three percent of the total bitcoin supply that will ever exist, a concentration rarely seen in traditional capital markets.

How is Strategy funding this massive BTC accumulation?

What makes this purchase notable is not just the size, but the financial machine behind it. The latest buying spree did not rely on operational cash flow or new traditional debt. Instead, it was financed almost entirely through proceeds from a suite of preferred stock programs.

These instruments include STRK, STRF, STRC, and the newer euro-denominated STRE. Together, they form a capital structure designed to raise funds for bitcoin exposure without forcing the company to sell core operating assets. Moreover, they allow Saylor to tap institutional demand for yield while channeling the proceeds into BTC.

Regulatory filings detail how these preferred shares are issued on an ongoing basis through ATM-style programs. According to the company, the securities are not directly collateralized by its bitcoin holdings, which helps keep its core BTC stack ring-fenced from preferred stockholders.

How does Strategy’s BTC stack compare to other public companies?

With nearly 650,000 BTC on its balance sheet, Strategy now stands in a league of its own among public corporations with a bitcoin treasury focus. It has eclipsed dedicated miners, crypto-native firms, and large financial groups that are still cautiously testing digital assets.

For context, Marathon, Tether-backed Twenty One, Metaplanet, and the Cantor Fitzgerald-backed Bitcoin Standard Treasury Company all sit far behind Strategy in terms of holdings. Even if you combine the next several players, their cumulative reserves still do not match the company’s total.

This gap matters. The more bitcoin that Strategy absorbs, the more long-term supply becomes effectively locked away from daily trading flows. That dynamic strengthens the broader bitcoin supply squeeze narrative, particularly as other institutions gradually adopt similar reserve allocation models.

Why isn’t the stock price keeping up with the BTC buying?

Despite the aggressive accumulation, the company’s equity performance has lagged the headline numbers. Strategy’s market-cap-to-NAV ratio has compressed sharply in recent months. Its shares remain well below summer peaks, and the stock is down more than 30 percent year-to-date.

This divergence between growing BTC holdings and a weaker share price has stirred speculation in the market. Some investors worry the company could be forced to liquidate assets if bitcoin experiences another leg down. However, that bearish thesis is being challenged by several research desks.

Analysts at Bernstein argue those fears are misplaced. They highlight that Strategy’s leverage remains conservative. The firm has around eight billion dollars of debt against more than sixty billion dollars’ worth of bitcoin, implying substantial collateral coverage even under severe drawdown scenarios.

Moreover, Bernstein notes that the firm’s multiple preferred stock programs continue to see strong institutional demand. That steady access to capital, combined with the liquidity of its BTC holdings, leads the analysts to conclude that the Saylor-built structure is too robust and too flexible to be forced into selling during a standard market pullback.

Is Strategy really at risk of selling its Bitcoin?

Online rumors have recently suggested otherwise. Last week, social media posts claimed the company sold more than 47,000 BTC after large transactions were detected on-chain. That said, those claims were quickly challenged by on-chain analysts and later by the company itself.

Michael Saylor dismissed the chatter as “nonsense.” He explained that the movements were routine custodial rotations rather than disposals. In a recent interview with CNBC, he reiterated that the firm is buying aggressively and hinted that additional disclosures were imminent. Filings released this week confirmed the continued accumulation.

The company has repeatedly stated that it has not sold a single bitcoin from its core holdings and has no intention of doing so. According to Saylor, the corporate structure has been engineered to hold through extreme volatility, including a potential ninety percent BTC drawdown lasting several years.

What does this mean for Bitcoin’s long-term market structure?

Each time Strategy adds thousands of BTC to its balance sheet, it effectively removes that supply from circulation for the foreseeable future. Over time, this reinforces the idea of bitcoin as a corporate reserve asset rather than just a speculative trading vehicle.

Even in a year when broader crypto markets have corrected and sentiment has cooled, Saylor’s accumulation campaign has continued at full speed. Moreover, his stance underscores the buy and hold bitcoin strategy that many institutional allocators are starting to study more closely.

As more corporates and funds explore a structured bitcoin purchase strategy, the precedent set by Strategy’s treasury playbook will likely remain a key reference point. For now, the company’s 649,870 BTC position makes it one of the most important single actors in bitcoin’s evolving market microstructure.

In summary, Saylor’s capital engine keeps converting preferred equity into hard digital assets at scale. If the company maintains this pace, its role in shaping bitcoin’s supply dynamics and institutional narrative will only grow more significant over time.