Synopsis: (Micro) Strategy’s aggressive Bitcoin buying resurfaces with an $835.6 million purchase of 8,178 BTC funded by preferred stock issuance, signaling large-scale accumulation despite stock pressure and market volatility. Total holdings exceed 649,870 BTC valued near $61.4 billion.
(Micro) Strategy’s bold Bitcoin strategy is back in full swing. After months of smaller, routine purchases, Michael Saylor’s firm made headlines last week by adding 8,178 BTC worth $835.6 million. This significant move signals a return to large-scale accumulation even as the company’s stock remains under pressure.
The purchase, averaging $102,171 per bitcoin, marked MicroStrategy’s largest single-week buy since July 2025. With this addition, total holdings have surged to 649,870 BTC, accumulated for about $48.37 billion at an average cost of $74,433 each. At current market prices of roughly $94,500, its stash is valued near $61.4 billion.
It’s impressive, though somewhat audacious. While the company’s core business may remain software analytics, its identity today looks unmistakably like a Bitcoin powerhouse.
Funded by Preferred Shares
The $835 million transaction didn’t lean on common share sales this time. Instead, the funding came entirely from preferred stock issuance, an innovative yet necessary pivot. With (Micro) Strategy’s stock down 56% over the past four months, fresh common equity sales had become far too dilutive.
The flagship offering, called the STRE (Series A Perpetual Stream Preferred Stock), raised about $715 million earlier this month from European investors. In parallel, another $131.4 million came through its STRC (Series A Perpetual Stretch) preferred line. Together, these issuances generated almost $846.5 million in proceeds.
Saylor, clearly proud of his financial creativity, showcased the move as part of his broader “Bitcoin treasury” vision. Preferred shares, with their fixed 10% annual dividends, give investors predictable income while helping (Micro) Strategy secure funds without directly weakening shareholder value. It’s a delicate balance, but one he seems determined to maintain.
Stock Pressure
Common shareholders have faced a rough year. The stock, now trading near $199, has fallen sharply from earlier highs above $450. Market analysts blame Bitcoin’s 25% retreat and investor caution towards highly leveraged crypto exposure.
Because MicroStrategy’s enterprise value now hovers just above the market worth of its Bitcoin holdings, any new equity sale would massively dilute investors. Preferred shares offered a way out a smart adaptation amid turbulence.
Interestingly, the preferred offerings saw strong institutional interest despite skepticism about the company’s leverage. The STRE issue was even upsized, showing confidence from yield-hungry European investors. For many, the promise of a reliable 10% cash dividend outweighs volatility concerns over Bitcoin or MicroStrategy’s balance sheet.
Reinforcing the Bitcoin Narrative
(Micro) Strategy now commands roughly 3.1% of all Bitcoins in circulation, solidifying its reputation as the world’s largest corporate holder. Saylor often refers to Bitcoin as “the apex property,” and this latest acquisition reinforces that conviction. His personal commentary on X captures the consistency: “We bought Bitcoin every day this week.”
The company’s “BTC Yield” for 2025 stands at 27.8%, a measure that tracks Bitcoin accumulation per share issuance. While the figure may sound abstract, it shows how effectively Saylor converts investor capital into more Bitcoin ownership.
Whether this strategy continues rewarding shareholders depends on market resilience. Prolonged weakness in Bitcoin could complicate dividend payments on preferreds. Still, with a focused funding plan and steady demand from crypto-enthused investors, MicroStrategy remains a fascinating study in financial engineering.
Written By Fazal Ul Vahab C H