'Big week': Michael Saylor's Strategy buys another 8,178 bitcoin for $836 million, bringing total holdings to 649,870 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 8,178 BTC for approximately $835.6 million at an average price of $102,171 per bitcoin between Nov. 10 and Nov. 16, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 649,870 BTC — worth around $61.7 billion — bought at an average price of $74,433 per bitcoin for a total cost of around $48.4 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor . To put that in perspective, the haul represents more than 3% of Bitcoin's total 21 million supply and implies around $13.3 billion of paper gains at current prices.

The latest acquisitions — the largest since July — were made using proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stretch preferred stock, STRC. The remainder was funded from the company's €620 million ( $715 million ) issuance of its first euro-denominated preferred stock, STRE.

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion , $4.2 billion , $2.1 billion , and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion , "21/21" plan after the equity side was depleted.

Last week, Strategy sold 5,513 STRK shares for approximately $500,000, with $20.34 billion worth of STRK shares remaining available for issuance and sale under that program. It sold 39,957 STRF shares for $4.4 million, with $1.64 billion remaining, and sold 1,313,641 STRC shares for $131.2 million, with $4.04 billion remaining. No shares of its Class A common stock, MSTR, or perpetual Stride preferred stock, STRD, were sold last week, with $15.85 billion and $4.13 billion remaining under the respective programs.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par. STRE is a 0% coupon exchangeable note that provides equity-linked upside.

'Big week'

Last Monday, Strategy announced it had purchased another 487 BTC for approximately $49.9 million at an average price of $102,557 per bitcoin — taking its total holdings to 641,692 BTC. 

Saylor again hinted at its latest set of acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "₿ig week."

According to Bitcoin Treasuries data, there are now 194 public companies that have adopted some form of bitcoin acquisition model. MARA , Tether-backed Twenty One , Metaplanet , Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company , Bullish , Riot Platforms , Coinbase , Hut 8 , and CleanSpark make up the remainder of the top 10, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, 24,300 BTC, 19,324 BTC, 14,548 BTC, 13,696 BTC, and 13,011 BTC, respectively.

While the number of bitcoin treasury companies continues to increase, the value of many of the cohort's shares is down significantly from their summer peaks as their market cap-to-net asset value ratios sharply contract, with Strategy itself down 56% , for example. Strategy's mNAV currently sits at around 0.93.

Earlier on Monday, analysts at Bernstein said Strategy's drop below an mNAV of 1 has led to "undue fears" it will have to liquidate its bitcoin if the price continues to fall. "This is far from the truth," they said, highlighting that Strategy's management has confirmed it is not selling or intending to sell a single bitcoin.

"MSTR shares have traded close to their NAV in the past in 2022, and the capital market in 2022 was extremely shallow then for Strategy's credit instruments," they said. "MSTR today has built a strong institutional capital market for its credit products, and MSTR equity today trades $3Bn ADV vs. $0.2Bn ADV (2022 average), leading to adequate liquidity on-tap. Strategy has been able to raise $7.5Bn from its stack of preferred instruments with strong institutional appetite, with each issue upsized post launch."

Bernstein added that Strategy's leverage remains conservative at $8 billion of debt against $61 billion in bitcoin holdings, and dividends are "well covered" by its treasury and its ability to access further capital via its at-the-market programs. "We expect Strategy to continue buying more Bitcoin through this market correction," the analysts said.

Saylor also remains confident in Strategy's resilience. In an interview earlier this year, he said Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still "suffer" in such a scenario.

Not selling

On Friday, Saylor slammed rumors that the firm sold 47,000 BTC, insisting it was buying aggressively.

The claim originated from a Walter Bloomberg post on X citing Arkham data, which the blockchain analytics platform later clarified likely reflected routine wallet and custodian rotations rather than sales.

"There is no truth to this rumor," Saylor replied. "We are buying. We're buying quite a lot, actually, and we'll report our next buys on Monday morning. I think people will be pleasantly surprised," he told CNBC earlier that day.

Strategy's stock closed down 4.2% on Friday at $199.75 — its lowest level in over a year — and is currently up 1.6% in pre-market trading on Monday, according to The Block's Strategy price page . MSTR fell 10.3% last week overall, and is now negative 33.4% year-to-date, compared to bitcoin's slight 2.5% 2025 gain.