Strategy (MSTR) has once again grown its already massive Bitcoin treasury. Between September 15 and 21, the firm purchased 850 BTC at an average price of $117,344. The move cost $99.7 million and pushed the company’s total holdings to more than 639,000 BTC, valued at over $47 billion. To finance the deal, Strategy raised around $80 million through MSTR common stock sales and an additional $19 million from its STRF preferred stock offering. Michael Saylor, the company’s co-founder and outspoken Bitcoin advocate, hinted at the purchase beforehand, signaling the firm’s unwavering belief in BTC’s long-term value. This marks the eighth consecutive week of Bitcoin accumulation, underscoring a clear commitment to continue building the treasury.
MSTR Stock Struggles Despite Aggressive Strategy
While Strategy keeps buying Bitcoin, its stock tells a different story. MSTR shares have dropped to around $336, sliding more than 5% over the past month and reaching a five-month low of $323. The decline outpaces Bitcoin itself, which is down roughly 2% in the same period. Even so, MSTR remains up 14% year-to-date. Analysts argue that the stock may be undervalued compared to the company’s Bitcoin exposure. TD Cowen, for instance, has kept a “buy” rating on MSTR, pointing to potential catalysts such as a future S&P 500 inclusion and the growing role of Bitcoin in the global economy. Their price target stands at $620—an 83% jump from current levels.
Bitcoin and Stocks Face Market Headwinds
The timing of Strategy’s latest purchase comes as both Bitcoin and equities face pressure. BTC recently fell below $113,000, extending losses driven by rising U.S. Treasury yields and other macroeconomic factors. Critics, such as Peter Schiff, warn that Bitcoin could dip below $100,000 if gold continues its rally toward $4,000. Meanwhile, MSTR stock continues to struggle under the weight of investor skepticism. Despite these headwinds, Strategy remains committed to its approach of raising capital through stock offerings and channeling proceeds directly into Bitcoin. This model ties the firm’s performance tightly to BTC’s long-term trajectory.
A Bold Strategy Anchored in Bitcoin
Since first buying Bitcoin in 2020, Strategy has become the largest corporate holder of BTC in the world. Its treasury now dwarfs competitors, with more than ten times the holdings of mining firm MARA. The company uses a mix of common and preferred stock offerings to diversify access for investors with different risk appetites. In total, it still has over $46 billion in available issuance across various offerings. Michael Saylor continues to frame the company’s mission as simple and direct: accumulate as much Bitcoin as possible. His public statements and consistent purchases reinforce a belief that BTC will remain the most valuable and scarce digital asset in the global financial system.
The Road Ahead for Bitcoin and MSTR
Looking forward, Strategy’s bet is clear: Bitcoin is the core asset, and the firm will continue to expand its holdings regardless of short-term volatility. For investors, this creates both risk and opportunity. MSTR stock offers a leveraged play on Bitcoin’s future, amplifying both gains and losses. Analysts remain split—some highlight the near-term pressure on shares, while others see significant upside if Bitcoin rallies and institutional adoption accelerates. As always, much depends on the broader market environment. Yet one thing is certain: Michael Saylor and Strategy show no signs of slowing their Bitcoin-first approach.