Strategy Bitcoin holdings have surpassed 640,000 coins, with BTC yield exceeding 26% so far in 2025.

Based on the Form 8-K filed with the U.S. Securities and Exchange Commission (SEC) on November 10, Strategy (formerly MicroStrategy) purchased approximately 4.87 million Bitcoin between November 3 and 9, at an average purchase price of $102,557 per Bitcoin, totaling about $49.9 million. This acquisition brings the company’s total holdings to 641,692 Bitcoin, with a cumulative purchase cost of $47.54 billion and an average cost of $74,079 per Bitcoin.

Company Chairman Michael Saylor announced on social media that Strategy’s Bitcoin per-share yield (BTC Yield) has reached 26.1% so far in 2025. Based on the Bitcoin closing price of $105,697.30 on November 10, the company’s holdings are valued at approximately $67.83 billion, with unrealized gains exceeding $20.29 billion.

Strategy’s Acquisition Capital Structure and Capital Strategy Innovation

Strategy continues its unique approach to capital raising, financing entirely through preferred stock rather than common equity. According to the filings, the company generated $50 million net proceeds through an at-the-market (ATM) program during this period: $18.3 million from STRF stock, $26.2 million from STRC stock, $4.5 million from STRK stock, and $1 million from STRD stock. This financing structure avoids dilution of common shares, protecting existing shareholders’ interests, while providing ongoing funding for Bitcoin acquisitions.

The company has been innovating in its capital strategy, recently completing a €620 million issuance of STRE stock, expanding the initial plan by 121%. This marks Strategy’s first issuance of euro-denominated preferred shares, targeting European professional investors. As of November 9, the company still has substantial ATM capacity: $15.85 billion in MSTR common stock, $20.34 billion in STRK stock, $4.17 billion in STRC stock, $4.13 billion in STRD stock, and $1.64 billion in STRF stock. These diversified capital channels provide ample “ammunition” for further Bitcoin accumulation.

Strategy’s Holdings Performance and Market Position Analysis

Strategy’s Bitcoin strategy has performed outstandingly in 2025. Its 26.1% BTC Yield significantly surpasses the S&P 500’s 12.3% during the same period and outperforms Bitcoin’s own 22.8% price increase. This metric is calculated by dividing the total Bitcoin holdings by the diluted number of shares, measuring the direct Bitcoin value created for shareholders. Given the company’s ongoing issuance of preferred stock to acquire Bitcoin, the Bitcoin per-share content continues to grow, which is particularly notable.

The company’s market position is further solidified. As the world’s largest corporate Bitcoin holder, Strategy’s 641,692 Bitcoin accounts for approximately 3.27% of the total Bitcoin supply (about 19.6 million), exceeding many national treasuries. At current prices, the holdings are valued at about $67.83 billion, with an unrealized gain of $20.29 billion over the total acquisition cost of $47.54 billion, representing a return of 42.7%. This performance validates Michael Saylor’s long-standing advocacy of Bitcoin as a corporate treasury reserve asset, despite critics like gold supporter Peter Schiff questioning the company’s over-reliance on a single asset.

Key Data on Strategy’s Bitcoin Holdings

Overview

• Total holdings: 641,692 Bitcoin
• Recent acquisitions: 487 Bitcoin (Nov 3-9)
• Total cost: $47.54 billion
• Average cost: $74,079 per Bitcoin

Financial Performance

• Current market value: $67.83 billion (at $105,697 per Bitcoin)
• Unrealized gains: $20.29 billion
• 2025 BTC Yield: 26.1%
• ATM remaining capacity: over $26 billion

Trends in Corporate Bitcoin Adoption and Financial Management Transformation

Strategy’s success is prompting more companies to reconsider their treasury management strategies. According to Bitcoin Treasuries data, currently 57 publicly listed companies hold Bitcoin, with a total value of about $128 billion, up 65% from 2024. Besides Strategy, major holders include Tesla (approximately $420 million), Block (about $380 million), and Coinbase (as operational assets). This trend is partly driven by inflation hedging needs and partly by recognizing Bitcoin’s long-term value as a technological innovation.

Corporate treasury principles are thus evolving. Traditionally, corporate cash reserves are invested mainly in government bonds, money market funds, and bank deposits, emphasizing liquidity and safety. The inclusion of Bitcoin has created a new asset class—combining liquidity with capital appreciation potential. Strategy demonstrates that even with most treasury assets allocated to Bitcoin, effective financing through debt and equity markets remains possible, challenging traditional treasury theories. As more companies adopt this approach, corporate balance sheets may undergo permanent changes, with Bitcoin becoming a standard asset class alongside cash, receivables, and inventories.

Investment Insights and Risk Considerations

For equity investors, Strategy offers a leveraged way to participate in the Bitcoin market. Historical data shows that MSTR stock has a beta of about 1.8 relative to Bitcoin, meaning that a 10% increase in Bitcoin’s price typically results in an 18% increase in MSTR stock. This leverage stems from the company’s ongoing low-cost debt and equity financing to acquire Bitcoin, amplifying gains during Bitcoin rallies. Conversely, Bitcoin declines could lead to even larger drops in the stock.

Investors should be aware of key risks: regulatory risk, such as the SEC potentially reclassifying Bitcoin as a different asset type, affecting accounting treatment; technical risk, including major security breaches in the Bitcoin network that could undermine market confidence; and company-specific risks like rising financing costs impairing acquisition capacity or competitors adopting similar strategies and dispersing capital. It is advisable to treat MSTR as a Bitcoin proxy rather than a traditional stock, incorporate it into a crypto asset allocation, and implement stop-loss strategies tied to Bitcoin (e.g., reducing holdings if Bitcoin drops 30% from its high).

Conclusion

Strategy’s increasing Bitcoin holdings are no longer just a corporate treasury case but have become a phenomenon of financial innovation. When a company can systematically allocate capital to a single asset through continuous market operations and generate returns exceeding the asset’s own performance, it essentially invents a new business model. This approach challenges traditional corporate finance theories and offers new perspectives on value storage in the digital economy. Regardless of ultimate success or failure, it has permanently transformed corporate perceptions of Bitcoin and asset management.