Strategy (formerly MicroStrategy) said Monday that it quietly added another 850 BTC to its mammoth corporate stash, the latest chapter in Michael Saylor’s long-running experiment of turning a software company into the world’s biggest Bitcoin treasury. In a post on X, Saylor wrote that “Strategy has acquired 850 BTC for ~$99.7 million at ~$117,344 per Bitcoin and has achieved BTC Yield of 26.0% YTD 2025,” and noted that, as of September 21, 2025, the company holds 639,835 BTC purchased for roughly $47.33 billion at an average cost of about $73,971 per coin.
The purchase, roughly a $100 million outlay, comes as Bitcoin has been in a volatile but strongly bullish 2025: the token hit new all-time highs in mid-August above $124,000 before pulling back into the low-$110,000s in recent days. On Monday, Bitcoin traded near $113,000 after a pullback from those highs, trimming some of the summer’s gains but keeping the market well above where it began the year.
That pullback briefly rippled into crypto-linked equities. Shares of the publicly traded company now doing business as Strategy (ticker: MSTR) slipped in premarket trading alongside the cryptocurrency’s retreat, showing the tight and often uncomfortable coupling between the firm’s stock price and Bitcoin’s moves. Analysts and traders have repeatedly pointed out that while Strategy now behaves like a levered Bitcoin play, its stock does not always track the token one-to-one, especially when investors weigh dilution from ongoing financings and the company’s capital structure.
Strategic Bitcoin Accumulation
Strategy’s accumulation campaign is not a random act of treasure hunting. Over the past year, the company officially rebranded from MicroStrategy to Strategy, leaning into the identity of a “Bitcoin Treasury Company,” and it has been funding purchases through a mix of equity offerings, convertible instruments and new preferred stock designed to be attractive to institutional buyers.
Senior executives have said those capital markets maneuvers, including the high-profile STRC preferred-stock product introduced this summer, let the company raise large amounts of capital without immediately diluting common shareholders the way vanilla stock issuance would. Those funding choices are precisely why Strategy can keep buying sizable blocks of Bitcoin even when prices spike.
Saylor’s shorthand that Strategy generated a “BTC Yield of 26.0% YTD 2025” is shorthand for the return profile the company has realized on its Bitcoin inventory so far this year, driven overwhelmingly by price appreciation. The number shows how much the asset base has appreciated relative to the company’s average cost basis, and is distinct from traditional yield in bonds or dividend income; Saylor and Strategy have also sought to “engineer” yield in the broader Bitcoin market by issuing yield-bearing securities tied to the company’s treasury strategy.
That approach, novel and controversial, is part of why investors and commentators debate whether Strategy is a low-cost way to access upside in Bitcoin or an increasingly complex, leveraged proxy that introduces new credit and dilution risks. Market observers say there are two obvious implications from Strategy’s latest buy.
First, large corporate treasury accumulations by a public company remain a tailwind for Bitcoin demand psychology, especially at a time when spot ETF inflows and regulatory clarity have lifted institutional interest. Second, the mechanics of how Strategy funds those buys, repeat offerings of equity and preferred stock, plus convertible issuance, mean the company’s shareholders will continue to face a tradeoff: steady accumulation of an appreciating asset versus the potential for dilution and balance-sheet complexity.
Market Tension
That tension has shown up in Strategy’s own share performance, which at times has lagged Bitcoin’s gains even as the company adds more coins. For the broader market, the sequence of events this year, a run to new highs in August, subsequent profit-taking and now fresh corporate accumulation announcements, reinforces how intertwined macro signals, capital markets activity and a handful of large institutional players have become in moving prices.
Some strategists still see room for upside if the Federal Reserve follows through on easing expectations and ETF flows remain strong; others warn that elevated leverage, crowded positions and periodic spikes in liquidations can produce sharp, fast pullbacks, exactly the kind that trimmed Bitcoin this week.
In the short term, Saylor’s message is consistent: keep stacking. Whether investors interpret that as a sign of steady corporate demand to underpin long-term Bitcoin value or as a reminder of the increasingly complicated financing tailwinds that underwrite such purchases will determine how Strategy’s next moves are priced by both crypto-market participants and Wall Street. For now, the company’s balance sheet reads like a Bitcoin whale’s public ledger, one that, for better or worse, continues to shape how the market thinks about demand and downside risk.
