Strategy fills up on Bitcoin: 525 BTC in one week, purchases financed with preferred perpetual

New blitz on the Bitcoin treasury: Strategy has increased by 525 BTC for approximately 60.2 million dollars, as revealed by the recent SEC 8‑K filing.

In this context, the total reserves reach 638,985 BTC (indicative value of about 73.4 billion dollars, based on the spot price calculated according to CoinMarketCap), confirming a long-term strategy supported by preferred perpetual and ATM programs.

According to data collected from SEC filings and financial reports, the 8-K confirms the operation indicated for the period September 8-14, 2024; our monitoring of official documents and corporate treasury trackers confirms the temporal consistency of the operation.

Industry analysts also note that corporate adoption of BTC continues to grow, in line with trends highlighted by market publications and reports such as Reuters and the 2024 Chainalysis report, which contextualize the increased corporate propensity to allocate digital reserves.

Purchase and Key Numbers

The latest tranche, executed between September 8 and 14, 2024, shows an average purchase price of 114,562 dollars per BTC and a total value close to 60.2 million dollars, as reported by The Block. That said, here is the updated picture according to the filing:

• Bitcoin held: 638,985 BTC (indicative value: 73.4 billion dollars).
• Overall average purchase price for BTC: 73,913 dollars.
• Total historical cost (including fees): approximately 47.2 billion dollars.
• Quota on maximum supply of 21,000,000 BTC: above 3%.
• Theoretical capital gains: approximately 26 billion dollars compared to the historical cost.
• Purchase period: September 8‑14, 2024 (8‑K filing submitted in September 2024).

Value estimates are tied to the spot price of bitcoin at the time of calculation; consequently, the figures for “value” and “capital gains” remain variable and sensitive to intraday movements and accounting adjustments.

How Strategy Finances Purchases: Preferred Perpetual and ATM

The new batch was financed with the proceeds from at-the-market (ATM) sales of various series of preferred perpetual shares: STRK, STRF, STRD, and STRC. In fact, the declared ATM programs are structured as follows:

• STRK: 21 billion dollars.
• STRC: 4.2 billion dollars.
• STRF: 2.1 billion dollars.
• STRD: 4.2 billion dollars.

In other words, Strategy continues to leverage hybrid capital to accumulate BTC, mitigating the pressure on maturing debt and preserving financial flexibility. For those seeking insights into the ATM mechanism, our dedicated ATM guide (explanation) is available.

Features of Preferred and “42/42” Plan

• STRD: non-convertible, with a non-cumulative dividend of 10%.
• STRK: convertible, with a non-cumulative 8% dividend.
• STRF: non-convertible, with a 10% cumulative dividend.
• STRC: variable rate with cumulative monthly dividends.

The company has also updated the fundraising target of the “42/42” plan to 84 billion dollars with a horizon set for 2027, expanding the previous plan from 42 billion and confirming the shift to a progressive scaling approach in digital reserves.

Why Companies Are Bringing Bitcoin into Treasury

Bitcoin is increasingly considered by numerous companies as an alternative store of value and a tool for diversification of liquidity.

In contexts characterized by inflation or compressed real yields, the choice aims to protect purchasing power, while involving greater accounting volatility and more stringent disclosure requirements. For practical aspects of custody and compliance, please refer to our page on regulated custody services.

Impact on Market, Indices, and Valuations

With over 638,000 BTC in treasury, Strategy consolidates its role among the largest corporate holders of bitcoin. The operation could affect the available liquidity and fuel the debate on the impact of large BTC reserves on the price, stock indices, and market valuation multiples.

The company indicates a market capitalization around 94 billion dollars and an mNAV ratio of approximately 1.29x – values that reflect the ratio between the market price of the shares and the net asset value of the treasury in bitcoin.

It should be noted that there are no scheduled debt payments before 2028 and, in the absence of new issuances, the combination of cost of capital, BTC price, and dividends on the preferred remains the main driver of the risk/return profile. For a definition of the mNAV multiple, consult our mNAV glossary.

Quick Scenario: Qualitative Sensitivity

• BTC on the rise: the value of reserves increases and, with the stock price remaining constant, tends to reduce the mNAV multiple.
• BTC in decline: erodes latent capital gains and can amplify the stock’s volatility relative to the NAV.
• Cost of preferred capital: higher dividends compress the free cash flow, but offer greater flexibility compared to short-term debt.

Mini‑FAQ: integrating and monitoring Bitcoin in treasury

• How to start: adopt a robust risk management policy, choose regulated custody, set percentage limits on reserves, and conduct liquidity stress tests. See the operational checklist on liquidity stress tests.
• Advantages and risks: diversification and potential upside are balanced with volatility, impact on NAV, and more stringent reporting requirements.
• Financing: the combined use of equity, ATM sales, preferred instruments, and convertible debt (such as STRK, STRC, STRF, and STRD) allows for greater flexibility.
• Monitoring: consult SEC filings, quarterly reports, and public reserve trackers, considering metrics such as mNAV, leverage, and capital duration.
• Evaluate the impact on NAV: examine the pro-forma NAV based on the fair value of BTC and conduct sensitivity analyses to assess scenarios on debt and dividends. For this purpose, our tool for calculating the pro-forma NAV can be useful.

Technical Box: Quick Definitions

• ATM (At‑the‑Market): mechanism that allows for the continuous placement of securities on the market at the current price, optimizing time and cost of capital.
• mNAV: multiple of the Net Asset Value, which is the ratio between the market capitalization and the net asset value; useful for assessing the deviation between the stock price and the underlying value.
• Preferred perpetual: financial instruments without a fixed expiration that pay dividends (cumulative or non-cumulative), with possible convertibility clauses and priority over cash flows compared to ordinary equity.

Conclusions

The purchase of 525 BTC continues Strategy’s accumulation line through the use of preferred perpetual and ATM programs.

That said, in a context of increasing corporate adoption of Bitcoin, choices related to hybrid capital, dividend profile, and risk management remain key elements for understanding valuations, governance, and market impact.

Notes and sources

• Filing 8‑K/SEC: the filing is available on the SEC EDGAR platform.
• Reference BTC Price: references to the spot price and capital gains estimates are based on calculated data; for further verification, consult CoinMarketCap [data to be verified].
• Official comments and updates on the business strategy are sourced from industry reports such as The Block and market analysis published by Reuters.