Michael Saylor’s Strategy Buys 155 BTC, Holdings Rise to 628,946 Coins

Michael Saylor’s Strategy (the company formerly known as MicroStrategy) said Monday it bought another 155 Bitcoin (BTC) last week for about $18.0 million, an average price of roughly $116,401 per coin. This new Bitcoin purchase brought its disclosed holdings to 628,946 BTC acquired for about $46.10 billion at an average cost of $73,288 each, the company said in an SEC Form 8-K and in a post by Saylor.

The small, deliberate purchase was disclosed in Strategy’s Aug. 11, 2025 Form 8-K. The filing also explains that the latest buys were funded using proceeds from the company’s preferred-stock ATM program and a recently completed preferred stock offering, the same financing route Strategy has used repeatedly this year to keep adding to its Bitcoin treasury.

A Multi-billion Unrealized Gain

Bitcoin’s trading price on Monday put Strategy’s stash at roughly $76.5 billion in market value. a quick arithmetic result of 628,946 BTC multiplied by a spot price near $121,664 per coin at the time markets published the update. That compares with Strategy’s aggregate purchase price of about $46.10 billion, implying an unrealized paper gain of roughly $30.4 billion at current levels.

To put the scale in context, Strategy now controls roughly 3.16% of the circulating Bitcoin supply (628,946 BTC vs. a circulating supply near ~19.9 million coins), reinforcing the company’s position as the single largest corporate Bitcoin treasury. That level of concentrated corporate ownership continues to be a meaningful structural feature of the crypto market.

Saylor’s Update and the Market Reaction

Michael Saylor relayed the buy and highlighted Strategy’s “BTC Yield of 25.0% YTD 2025” in an X post accompanying the 8-K disclosure. The yield figure aligns with the strong 2025 rally in Bitcoin, which has been one of the best-performing major assets this year.

Equities tied to crypto felt the ripple: Strategy’s stock (MSTR) jumped in pre-market trading on Monday as Bitcoin pushed higher, with news outlets and market commentators pointing to the company’s expanding Bitcoin gains and broader positive regulatory sentiment as drivers of appetite for crypto-linked equities.

Several factors have combined to lift Bitcoin in 2025: rising institutional flows into spot and futures-linked products, a wave of corporate and treasury demand led by large holders (Strategy among them), and positive regulatory headlines that market participants say have reduced near-term uncertainty for broader adoption.

Analysts and market reports have pointed to meaningful ETF inflows and a short-squeeze dynamic at key price levels as amplifiers of the move. Those forces, together with the narrative that Bitcoin can be added to retirement plans under new policy developments, helped push BTC toward and, at times, past prior all-time levels in July and early August.

What this Means for Investors and Strategy

For Strategy, the math is simple: continued accumulation financed via equity or preferred offerings keeps its treasury growing, and when Bitcoin rallies, the company reports very large unrealized gains that flow through its consolidated results (as seen in recent earnings and regulatory filings).

But that model also ties Strategy’s corporate performance tightly to Bitcoin’s price swings, raising volatility for shareholders and creating concentrated exposure to one asset. Market commentators are split between calling the approach shrewd long-term asset allocation and warning about the risks of single-asset concentration in a corporate treasury.

Overall, Strategy keeps buying, and the buybacks, financed by securities issuances, keep the conversation about corporate Bitcoin treasuries in the headlines. As Saylor put it in his post, the company’s buying strategy has produced a notable YTD yield, and at current prices, that paper profit is substantial. Whether that trajectory continues depends largely on Bitcoin’s next price moves and how aggressively Strategy finances future purchases.