Michael Saylor isn’t slowing down. Strategy (formerly MicroStrategy) expanded its bitcoin empire by another 397 BTC, spending approximately USD 45.6 million. Average purchase price? $114,771 per coin. The transaction took place between Oct. 27 and Nov. 2, according to documents filed with the SEC. Orange the color of November?
Over 3% of all Bitcoin in one hand
The numbers are impressive. Strategy already holds 641,205 BTC worth approximately USD 69 billion. The average purchase cost is $74,057 per bitcoin, bringing the total investment to $47.5 billion. That’s over 3% of the maximum 21 million coins that will ever exist. Paper profit? About $21.5 billion at current prices.
Where does the money for further purchases come from? From the issue of MSTR shares and three types of preference shares: STRK, STRF and STRD. Last week, Strategy sold, among others: 183,501 MSTR shares for USD 54.4 million and smaller packages of other instruments.
Michael Saylor, his appetite and his “42/42” plan are gaining momentum
Michael Saylor and Strategy are implementing an ambitious plan to raise USD 84 billion by 2027 – half from the issuance of shares, half from convertible bonds. All to buy more bitcoin. This is an expanded version of the original “21/21” plan, which was exhausted faster than expected.
Each instrument has its own specificity: STRD offers a 10% non-convertible dividend with the highest risk, STRK gives an 8% dividend and the possibility of conversion to shares, STRF is the safest option with a 10% cumulative dividend, and STRC provides variable monthly dividends.
Is it still a profitable business?
Despite the growing number of companies investing in bitcoin (currently 192 public companies), the value of their shares has dropped significantly since the summer peaks. Strategy lost 41% and its mNAV (ratio of capitalization to net asset value) shrank to just 1.1.
MSTR shares closed on Friday with a gain of 5.9% at USD 269.51, despite weaker results for Q3 – profit amounted to USD 2.8 billion compared to a record USD 10 billion in the previous quarter. In Monday’s pre-market, MSTR fell 1.9% and remains 10.2% in the red year-over-year, while bitcoin itself is up 15% in 2025.
Saylor claims that Strategy’s capital structure will withstand up to a 90% decline in Bitcoin for 4-5 years. The question is: are investors equally convinced? Orange November has just begun.
