Who bought? Strategy — the firm formerly known as MicroStrategy — continued its accumulation policy this month. What happened? The Strategy Bitcoin treasury grew by roughly 525 Bitcoin, a purchase valued at about $60 million. When and where? The buy took place within the past month and was executed in the global crypto market on behalf of Strategy in Tysons, Virginia. Why and how? The company funded the acquisition entirely with proceeds from preferred share offerings (STRF, STRC, STRD), part of a broader plan to hold Bitcoin as a treasury asset.
Smallest buy, same playbook
This latest addition to the Strategy Bitcoin treasury is the smallest in recent weeks, yet it underscores the firm’s steady approach. Strategy now holds near 639,000 Bitcoin — an aggregate position worth about $73 billion at recent prices. The $60 million purchase came from roughly $68.2 million raised via preferred shares, leaving about $8 million in remaining cash from the round. The company’s equity issuance rules remain flexible, allowing buys even when the company’s stock trades below the previous 2.5x premium threshold to Bitcoin holdings.
Funding and mechanics
The buy highlights how preferred shares (STRF, STRC, STRD) serve as the primary funding channel for the Strategy Bitcoin treasury. Rather than issuing common stock when the premium compresses, Strategy leans on preferred-share proceeds to keep acquiring Bitcoin. Market watchers note the premium to Bitcoin holdings has fallen — currently near 1.26x — which some analysts interpret as saturation of demand or an opportunity for consolidation among large holders.
Market context
Strategy’s steady purchases sit alongside broader institutional flows into Bitcoin. Institutional products and corporate treasury moves are reshaping demand; recent ETF inflows and other corporate buys show structural interest. For background on institutional appetite, see recent coverage of U.S. spot Bitcoin ETFs inflows and how institutions are taking positions. Corporate treasury purchasing has precedent: other firms have driven equity reactions after buying crypto, as explored in reporting about corporate treasury investment and market impacts.
What this means
For investors, Strategy’s continued accumulation signals commitment to Bitcoin as a long-term treasury asset. The company’s playbook — issuing preferred shares when needed and buying through market cycles — keeps it among the largest corporate holders. That scale creates market influence: when Strategy buys or pauses, whales and funds watch closely. The modest size of this purchase suggests caution or opportunistic timing amid macro uncertainty.
Background
Strategy began its aggressive Bitcoin acquisition strategy years ago and has periodically adjusted funding mechanisms to optimize timing and dilution. The use of preferred shares like STRF, STRC and STRD provides capital flexibility and reduces reliance on common-stock issuance when premiums slip below thresholds such as the 2.5x rule.
Frequently asked questions about Strategy Bitcoin treasury (faq)
Q: How many Bitcoin does Strategy hold now?
A: About 639,000 Bitcoin, valued near $73 billion at recent prices.
Q: How was the $60 million purchase funded?
A: Entirely from proceeds of preferred share offerings (STRF, STRC, STRD).
Q: Why was this the smallest buy in a month?
A: The company adjusts purchase size based on available funding, market conditions and premium compression to Bitcoin holdings.
Q: Will Strategy keep buying?
A: The firm’s stated policy is ongoing accumulation, but timing and scale depend on funding and market dynamics.
Sources to this article
BlockAI. (2025) “U.S. spot Bitcoin etfs inflows hit $2.3B as institutions buy.” DeFiDonkey. Available at: https://defidonkey.com/en/bitcoin-news/u-s-spot-bitcoin-etfs-inflows/
BlockAI. (2025) “Crypto treasury investment drives AGAE stock to double after Bitcoin, Ethereum buys.” DeFiDonkey. Available at: https://defidonkey.com/en/crypto-business/crypto-treasury-investment-agae-doubles-bitcoin-ethereum/
