Strategy Buys 535 Bitcoin, Pushes Holdings Near 820,000 BTC

Strategy has added another 535 Bitcoin to its balance sheet, pushing total holdings to 818,869 BTC and moving the company closer to the 820,000 BTC mark. The buy was financed mostly through stock sales, which keeps the company’s Bitcoin accumulation machine humming — and keeps the debate over dilution, conviction, and corporate treasury strategy very much alive.

• 535 BTC bought for about $43 million
• Total holdings: 818,869 BTC, nearing 820,000 BTC
• Funding: mostly MSTR ATM share sales, plus some STRC shares

The latest purchase came at an average price of about $80,340 per Bitcoin, according to a filing with the U.S. Securities and Exchange Commission. That brings Strategy’s total Bitcoin cost basis to roughly $61.86 billion, with an overall average purchase price of about $75,540 per BTC.

Those numbers matter for two reasons. First, they show how much capital Strategy has poured into Bitcoin over time. Second, they give a rough sense of where the company stands versus its average entry price. In plain English: if Bitcoin stays above that level, the stack looks smarter with every passing day. If it doesn’t, the company is sitting on a very expensive thesis.

Michael Saylor signaled the move with the now-expected two-word post:

“Back to work.”

That’s about as subtle as a sledgehammer, and honestly, it fits. Strategy had skipped its usual Monday purchase, but the pause clearly wasn’t the end of the buying cycle. It was just a breather before the next round of accumulation.

For newer readers, Strategy — formerly MicroStrategy — has built a corporate treasury model around issuing equity and using the proceeds to buy Bitcoin. In this case, the purchase was funded mainly through sales of MSTR, Strategy’s common stock, via an at-the-market offering, or ATM. A smaller amount of STRC shares also helped fund the buy.

An ATM offering simply means a company can sell shares gradually into the open market at prevailing prices instead of dumping a massive block all at once. It gives management flexibility. It also comes with a catch: issuing more shares can dilute existing shareholders, meaning each share represents a smaller slice of the company. That’s the trade-off Strategy bulls are willing to live with — at least when Bitcoin is doing its thing.

Supporters see this as disciplined capital allocation. Critics see it as leverage with better branding. Both camps have a point. Strategy is effectively turning public equity into a Bitcoin acquisition vehicle, and the market has spent years arguing about whether that makes the company a visionary treasury innovator or a glorified proxy trade with a ticker symbol. The answer, irritatingly, may be both.

The company remains the largest corporate holder of Bitcoin by a very wide margin, according to BitcoinTreasuries.net. That dominance has made Strategy the reference point for every other company flirting with the idea of turning a balance sheet into a crypto position. When Strategy buys, it isn’t just a routine treasury update; it’s a market signal.

That signal has real weight because Strategy is not some tiny startup playing treasury roulette for headlines. It is a public company with a massive BTC reserve and a long-running commitment to the asset. Even so, the “never sell” mythology around the company deserves a reality check. Saylor previously said Strategy might one day sell some of its BTC to fund a dividend, stating:

“They will probably sell some of their BTC to fund a dividend just to prove that they could do it.”

That matters because it reminds everyone that ideology still has to answer to capital structure. Strategy last sold Bitcoin in December 2022, when it offloaded 704 BTC. So yes, the company has clearly favored accumulation over liquidation, but no treasury strategy exists outside the laws of finance. Dividends have a way of forcing even the purest Bitcoin conviction to get practical.

There’s also a bigger picture here: Strategy’s model has helped normalize the idea that a public company can use its equity to gain exposure to Bitcoin. That sounds simple, but it has major implications. If the stock market values the company highly enough, Strategy can raise capital and recycle it into BTC. If investor appetite fades or Bitcoin underperforms, that flywheel gets a lot less magical and a lot more awkward.

And that’s the devil’s advocate angle worth keeping in view. A Bitcoin treasury strategy can look brilliant in a bull market and brutally exposed in a prolonged drawdown. It can amplify gains, but it can also amplify the consequences of bad timing, weak capital discipline, or overconfidence. There’s no free lunch here, just a different menu.

Meanwhile, another public-market crypto treasury play is taking a softer approach. Bitmine, which has been accumulating Ethereum, reportedly paused acquisitions this week. Chairman Tom Lee said the company is slowing down because it was moving “too fast for its original target” as it works toward owning 5% of Ethereum supply by late 2026.

That’s an aggressive goal, and one that deserves a raised eyebrow. Targeting 5% of ETH supply is the kind of statement that sounds bold in a press release and borderline absurd once you run the numbers. Still, the pause shows that not every treasury strategy has to sprint like a caffeine-fueled degen. Sometimes restraint is the smarter move, especially when a company is trying to avoid looking like it’s panic-buying its own corporate narrative.

ETH has been trading around $2,300, down roughly 0.5% over the past seven days, according to TradingView. Bitmine’s slowdown doesn’t change the broader trend: public companies are increasingly treating crypto as a treasury asset class, not just Bitcoin but Ethereum too. Whether that’s financial innovation or speculative theater depends on how carefully the capital is managed.

Key questions and takeaways:

• What did Strategy just buy?

  Strategy bought 535 BTC for about $43 million.

• How much Bitcoin does Strategy hold now?

  The company now holds 818,869 BTC, putting it near the 820,000 BTC mark.

• What was the average price paid?

  The latest purchase came at about $80,340 per BTC.

• How was the purchase funded?

  Mostly through MSTR ATM share sales, with a smaller amount of STRC shares also used.

• What is an ATM share offering?

  It lets a company sell shares gradually into the market at current prices to raise capital.

• Does this dilute shareholders?

  Yes, share issuance can dilute existing ownership, which is the main criticism of this model.

• Is Strategy still the biggest corporate Bitcoin holder?

  Yes. It remains the dominant corporate holder of Bitcoin by a huge margin.

• Can Strategy ever sell Bitcoin?

  Saylor has said the company could sell some BTC in the future to fund a dividend, though no such sale has happened recently.

• When did Strategy last sell Bitcoin?

  In December 2022, when it sold 704 BTC.

• What is Bitmine doing?

  Bitmine is accumulating Ethereum, but has paused purchases while it slows down toward its target.

• Why does Bitmine matter here?

  It shows the corporate treasury model is spreading beyond Bitcoin, but also that fast accumulation can get overheated quickly.

Strategy’s latest purchase is another clean reminder that the company is still all-in on Bitcoin as a treasury reserve asset. The playbook is brutally simple: raise capital, buy BTC, repeat. It’s elegant when the price is rising, controversial when dilution becomes the headline, and absolutely intolerable to the suits who still think cash is a strategy.

For Bitcoin holders, this is bullish in the plainest sense: a major public company is still willing to keep stacking. For skeptics, it’s a leveraged bet wrapped in corporate structure. Both readings are fair. That’s what makes Strategy so fascinating — and so infuriating to people who want finance to behave nicely for once.