Strategy completed a purchase of 8.178 BTC for approximately $835,6 million, raising its treasury to 649.870 BTC. The operation reaffirms its Bitcoin accumulation policy within a series of systematic acquisitions during 2025. Financing decisions structured by the company combine at-the-market programs and preferred share issuances to support this strategy.
The transaction on November 17 consisted of 8.178 BTC for an approximate value of $835,6 million, bringing the accumulated cost of the company’s holdings to about $48,37 billion. Throughout 2025, the company executed regular purchases that include 7.390 BTC for $765 million in early May, 4.020 BTC for $427 million in late May, 6.220 BTC for $740 million in July, and 4.408 BTC for $450 million in September, a sequence that shows a sustained and planned acquisition cadence.
The main source of capital indicated by the company combines at-the-market (ATM) programs and preferred share issuances. An at-the-market (ATM) program allows selling shares at the market price continuously, facilitating liquidity raising without a traditional public offering. The joint use of these tools has enabled financing large purchases without relying exclusively on common share issuances.
The firm has alternated purchase periods with strategic pauses, with interruptions recorded at the end of July and early October 2025. In addition, the company suffered an adverse unrealized loss of $5,91 billion in the first quarter, associated with a drop in the Bitcoin price below $87.000, which underlines the exposure to market risk inherent in a treasury concentrated in a volatile asset.
Market context and implications for Strategy
The uptick in institutional and corporate purchases coincides with moments when the Bitcoin price has exceeded $123.000 and with increased demand linked to exchange-traded funds that buy the physical asset to replicate spot positions. That structural spot flow acts as an additional demand engine for corporate acquisitions. The sustained accumulation strategy transforms treasury management into an exercise of strategic investment, but amplifies both potential appreciation and account volatility.
The combination of financing through ATM and preferred shares can modulate dilutive pressure on shareholders, although it concentrates risk in the direction of the digital asset price. As a reference of the broader corporate movement, another entity plans to raise $880 million with the ambition of accumulating 210.000 BTC by 2027, which illustrates that the practice of incorporating Bitcoin on the balance sheet is being replicated beyond a single actor.
The recent purchase confirms the continuity of an intense corporate accumulation policy financed through market instruments, reinforcing the relevance of Bitcoin in some treasuries while exposing short-term valuation risks and concentration in a volatile asset.
