Michael Saylor’s company, Strategy, keeps adding bitcoin to its treasury, and has amassed a huge bitcoin reserve. This time, it bought 4,225 BTC for $472.5 million, bringing its total bitcoin stack to 601,550 BTC — a record for any public company.
That makes Strategy the first publicly-traded company to hold over 600,000 BTC, which is nearly 2.86% of the 21 million total supply of the scarce asset. At current prices, the company’s bitcoin holdings are worth over $70 billion.
The bitcoin purchase, which took place between July 7 and July 13, was disclosed in a U.S. Securities and Exchange Commission (SEC) filing on Monday, July 14. Strategy said it bought the bitcoin at an average price of $111,827 per coin.
Strategy used proceeds from several capital-raising efforts to fund the purchase:
- $330.9 million from the sale of Class A common stock (MSTR)
- $71.1 million from STRK preferred shares
- $55.3 million from STRF preferred shares
- $15 million from STRD preferred shares
Related: Strategy Upsizes STRD Offering to $1 Billion to Buy More Bitcoin
These are part of Strategy’s broader capital-raising plans, including its “42/42” strategy to raise $84 billion in equity and convertible debt by 2027.
This is the first time Strategy has bought bitcoin in two weeks. The company didn’t buy in the first week of July, which coincided with the release of its Q2 2025 financials, showing $14 billion in unrealized gains on its bitcoin treasury. It also didn’t buy in early April.
Saylor hinted at the purchase ahead of the official announcement, posting on X, “Some weeks you don’t just HODL,” a reference to his previous week’s post, “Some weeks you just need to HODL.” Those seem to be his playful code words for buying and holding.
Strategy’s Bitcoin journey started years ago but has accelerated in 2025. So far this year the company has added over 155,000 BTC, which is an impressive amount.
According to Saylor, the company’s average acquisition price across all bitcoin purchases is $71,268 per BTC, so Strategy has already seen tens of billions in paper gains.
Investors loved it. Strategy’s stock (MSTR) went up over 3% and closed at $451, up from $434 last week.
Saylor is as bullish as ever on bitcoin. When BTC broke $119,000 over the weekend, he reposted a popular quote from a 2021 interview:
“It’s going up forever, Laura.”
He’s sticking to that script and it’s guiding Strategy’s aggressive buying strategy even as some investors are concerned about the company’s premium to net asset value (NAV).
