Strategy Inc. Elevates Bitcoin as Corporate Treasury Standard

Michael Saylor’s Strategy Inc. announced on September 21, 2025, that it has acquired an additional 850 Bitcoin (BTC) for approximately $99.7 million, averaging $117,344 per coin. This purchase, funded through at-the-market equity programs, brings the company’s total BTC holdings to 639,835, with a combined acquisition cost of $47.33 billion, or $73,971 per BTC on average. The transaction underscores Strategy’s ongoing commitment to treating Bitcoin as a corporate treasury asset, solidifying its position as one of the largest institutional holders globally. The company reported a year-to-date (YTD) BTC yield of 26.0% as of September 21, reflecting the appreciation of its holdings against acquisition costs.

The latest acquisition was financed via proceeds from the sale of 173,834 STRF shares ($19.4 million) and 227,401 MSTR shares ($80.6 million) between September 15 and September 21, 2025. Strategy’s balance sheet strategy emphasizes converting equity market inflows into Bitcoin purchases, leveraging its capital-raising capabilities through multiple ticker offerings. The company has $100 million in available liquidity under its ATM facilities, enabling further expansion of its BTC treasury. This approach aligns with its thesis that Bitcoin serves as a strategic hedge against macroeconomic volatility and a superior store of value compared to traditional assets.

Strategy’s Bitcoin holdings now represent a 4.30% share of the total BTC market value, with a current valuation of approximately $96.58 billion. The company’s accumulation strategy has been reinforced by broader institutional adoption trends, as corporations increasingly allocate BTC to diversify treasury reserves. Japanese firm Metaplanet, for instance, added 5,419 BTC ($630 million) in the same week, while other companies like Capital B and ANAP also expanded their holdings. Strategy’s purchases have contributed to a net $850 million in Bitcoin acquisitions by global listed companies (excluding miners) in the week ending September 22, 2025.

The 26.0% YTD yield highlights the financial rationale behind Strategy’s Bitcoin strategy. By holding BTC at an average cost of $73,971 and selling at current prices near $117,000, the company generates returns that outpace traditional treasury instruments. This performance aligns with broader market dynamics, including the Federal Reserve’s first rate cut of 2025, which weakened the U.S. dollar and spurred inflows into risk assets. Analysts attribute Bitcoin’s surge to $117,000 to the combination of monetary policy shifts and institutional demand.

Strategy’s funding model relies on a hybrid approach of equity and debt financing. The company’s rebrand from MicroStrategy to Strategy in October 2024 marked a pivot to full Bitcoin-focused operations, with a $42 billion capital-raising plan termed “21/21.” This includes $21 billion in equity and $21 billion in fixed-income instruments, earmarked for Bitcoin acquisitions. CEO Phong Le confirmed in September 2025 that the company is ahead of schedule in its $20 billion capital deployment target. The recent 7,633 BTC purchase in September 2025, at $97,255 per coin, further illustrates the scalability of this approach.

The market context for Strategy’s purchases includes a surge in institutional Bitcoin demand, driven by regulatory clarity and macroeconomic factors. The U.S. SEC’s universal ETF listing rules and the GENIUS Act have bolstered confidence in digital assets, while Japan’s MiCA compliance and Singapore’s pilot regimes have expanded institutional access. Despite challenges like liquidity risks and regulatory fragmentation, stablecoins and Bitcoin are increasingly viewed as infrastructure for global payments and treasury management. Strategy’s actions reinforce the narrative that Bitcoin is transitioning from speculative asset to a core component of corporate balance sheets.

[1] Billionaire Michael Saylor Purchases 850 BTC at $117K (https://cryptonews.com/news/billionaire-michael-saylor-purchases-850-btc-at-117k-total-holdings-at-639k-btc/)

[2] Real-Time Crypto News Feed | 24/7 Flash News | Phemex (https://phemex.com/news/article/michael-saylors-strategy-acquires-850-bitcoin-for-96-million-20148)

[4] Michael Saylor re-starts Bitcoin buying spree after … (https://www.dlnews.com/articles/markets/michael-saylor-re-starts-bitcoin-buying-spree-after-microstrategy-rebrand/)

[5] Why Stablecoins Are Gaining Momentum Right … (https://www.forbes.com/sites/digital-assets/2025/09/12/why-stablecoins-are-gaining-momentum-right-now-regulatory-tailwinds-included/)

[10] Last week, global listed companies bought a net $850 million in … (https://www.odaily.news/en/newsflash/449329)

[12] Bitcoin Price Prediction 2025: BTC/USDT Forecast (https://phemex.com/blogs/bitcoin-btc-price-prediction-2025)

[13] Bitcoin Soars Past $117K as Fed’s First 2025 Rate (https://www.btcc.com/en-US/square/cryptonewsT/974321)