While most investors nervously watch the next fluctuations in the Bitcoin price, Strategy (formerly MicroStrategy) simply does its job – buys. And without a shadow of a doubt. Last week on the website we were wondering how long Michael Saylor’s break from buying BTC would last – now we know 😉
Another 220 BTC in the wallet
Between October 6 and 12, the company added another 220 BTC to its treasury, paying an average of $123,561 per coin. Total cost? Approximately $27.2 million. This may not be an amount that will turn the market upside down, but its consistency in action is impressive.
The transactions were financed by the sale of preferred shares – specifically from the ATM (at-the-market) programs for STRK, STRF and STRD instruments. The mechanism is simple: you sell preferential shares, raise capital, buy BTC.
640,250 BTC – an impressive number
Strategy’s current resources are 640,250 BTC with a market value of approximately USD 73 billion. Average purchase price? Just $74,000 per coin. The total investment cost, including fees and expenses, is approximately USD 47.4 billion.
Simple math shows that at current prices, the company has unrealized profit of about $25.6 billion. Quite a gain on belief, right?
Moreover, 640,250 BTC is over 3% of Bitcoin’s total supply of 21 million coins. Strategy therefore controls a piece of the pie large enough that Michael Saylor can look into the future with a smile on his face, and he has been doing so for a long time.
The “42/42” plan and financing on steroids
Strategy has no intention of slowing down. The company is implementing its ambitious “42/42” plan, which aims to raise USD 84 billion by 2027 – half from stock offerings, half from convertible bonds. All to buy more Bitcoin.
Interestingly, the original plan was USD 42 billion (hence the name “21/21”), but after the capital part was exhausted, Strategy decided to double the stake. Appetite increases as you eat.
In addition to the Master Plan, the company has additional ATM programs for various classes of preferred stock totaling more than $31 billion:
- STRK ($21 billion) – with an 8% dividend and an option to convert to common stock
- STRC ($4.2 billion) – variable interest rate with monthly dividend
- STRF ($2.1 billion) – the most conservative instrument with a 10% cumulative dividend
- STRD ($4.2 billion) – highest risk, 10% dividend, no conversion
Each instrument has its own risk profile and investor appetite. Strategy knows that different investors have different needs and adapts the offer accordingly.
Quarterly review: billions in profits and taxes
At the end of the third quarter (September 30), Strategy reported unrealized profit of USD 3.89 billion on its digital assets. Of course, where there are profits, there are taxes. Deferred tax liability was $1.12 billion.
The carrying value of the company’s digital assets at the end of September was $73.21 billion, with associated deferred tax liabilities of $7.43 billion.
It is worth adding that Strategy (as usual at the end of the quarter) suspended its weekly purchases. This is normal practice and allows the company to organize its reporting. Before the recent purchases, the company held 640,031 BTC.
Bitcoin treasury companies – Strategy still at the forefront
Strategy remains the absolute leader among companies investing in BTC, but it is no longer alone in its approach. According to Bitcoin Treasuries data, 188 public companies have already adopted some form of BTC accumulation model.
The top 10 after Strategy looks as follows (data from October 13, 2025):
- MARA – 52,850 BTC
- TwentyOne (backed by Tether) – 43,514 BTC
- Metaplanet – 30,823 BTC
- Bitcoin Standard Treasury Company (supported by Adam Back and Cantor Fitzgerald) – 30,021 BTC
- Bullish – 24,300 BTC
- RiotPlatforms – 19,287 BTC
- Trump Media & Technology Group – 15,000 BTC
- CleanSpark – 13,011 BTC
- Coinbase – 11,776 BTC
The trend is clear. More and more corporations treat Bitcoin as a strategic (hehe) reserve resource. Strategy has shown the way, and others are starting to follow suit. It is worth noting that the value in BTC is seen not only by companies, but also by Wall Street, led by BlackRock, and the governments of many countries, such as the USA, El Salvador and some European countries, which are increasingly vocal about the need to create a state reserve in digital assets.
Strategy, i.e. faith supported by your wallet
Strategy doesn’t have to convince anyone to buy Bitcoin – they just buy it. Consistently, systematically, without hesitation. Michael Saylor and his team believe in digital gold so much that they build the company’s entire financial strategy around it.
Is this madness or genius? I’d rather bet on the former 😉 With an average purchase price of USD 74,000 and the current exchange rate, Strategy already has several dozen billion USD of reasons (and evidence) to believe that their strategy is working.
