Michael Saylor's Strategy Inc. acquired 196 Bitcoin for $22.1 million during the week ending Sept. 28, according to a Securities and Exchange Commission filing released Monday. The world's largest public Bitcoin holder purchased the tokens at an average price of $113,048 per coin.
The acquisition brings Strategy's total holdings to 640,031 Bitcoin, worth approximately $71.8 billion. The company's entire Bitcoin position was acquired for roughly $47.4 billion at an average price of $73,983 per token, including fees and expenses, implying around $24.4 billion in unrealized gains.
Strategy funded the latest purchases through at-the-market sales of its Class A common stock MSTR, along with perpetual Strife preferred stock STRF and perpetual Stride preferred stock STRD. The company's holdings now represent more than 3% of Bitcoin's total 21 million supply.
The $22 million purchase marks one of Strategy's smallest weekly Bitcoin acquisitions to date, reflecting a buying slowdown observed in recent months. The company shifted its primary funding focus from common stock sales to perpetual preferred stock programs for continued accumulations.
Strategy's four perpetual preferred stock programs, STRK, STRC, STRF, and STRD, operate with respective at-the-market programs of $21 billion, $4.2 billion, $2.1 billion, and $4.2 billion. These vehicles supplement the firm's "42/42" plan targeting $84 billion in total capital raises through 2027 for Bitcoin acquisitions.
Saylor predicted last week that Bitcoin would begin rising toward year-end after working through recent resistance and macro headwinds. He maintains confidence despite the token starting the week above $112,000 before dropping below $110,000 on Thursday.
The company's common stock, MSTR, experienced volatility, tumbling to $300.7 on Wednesday, marking its lowest level since mid‑April. CryptoQuant analyst Maartunn described the drop as a "painful move" for the largest corporate Bitcoin holder.
Despite short‑term pressure, MSTR maintained significant long‑term gains. Strategy bull Julius noted that despite a 30% decline in the current cycle and a 56% dip in April 2025, MSTR remains up 2,300% in this bull market, demonstrating resilience through volatility.
According to Bitcoin Treasuries data, 180 public companies now maintain some form of Bitcoin acquisition model. MARA, Tether‑backed Twenty One, Adam Back and Cantor Fitzgerald‑backed Bitcoin Standard Treasury Company, Metaplanet, Bullish, Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase comprise the remainder of the top 10 holders.