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The Strategy Bitcoin acquisition drive continued last week, with the company disclosing a purchase of 1,955 BTC worth $217.4 million, according to a Sept. 10 filing with the U.S. Securities and Exchange Commission (SEC). The buy took place between Sept. 2 and Sept. 7 at an average price of $111,196 per coin, even as Bitcoin briefly rallied above $113,000 before settling closer to $110,000.
With this latest move, Strategy’s total Bitcoin holdings have climbed to 638,460 BTC, acquired for approximately $47.2 billion at an average cost of $73,880 per BTC. The Strategy Bitcoin acquisition program has made the company by far the largest corporate holder of Bitcoin worldwide, continuing a trend that has reshaped institutional participation in the digital asset market.
“Strategy’s aggressive buying underscores a conviction that Bitcoin remains undervalued relative to its long-term potential,” — Clara Medrano, Head of Digital Assets Research at Blockworks, said in an interview.
The latest Strategy Bitcoin acquisition follows a series of smaller but consistent purchases in recent months. In August, the company added 7,714 BTC, while July saw a massive 31,466 BTC buy which is one of its largest single-month acquisitions to date. June purchases totaled 17,075 BTC.
Analysts note that the company’s accumulation pattern has shifted. While early acquisitions often came in blockbuster tranches, the firm has diversified its strategy with both large-scale and incremental buys, helping it navigate market swings.
“By blending big acquisitions with smaller, recurring ones, Strategy is signaling both flexibility and an intent to normalize Bitcoin accumulation as part of its treasury operations,” — James Butterfill, Head of Research at CoinShares, told CNBC.
The Strategy Bitcoin acquisition disclosed this week was financed through proceeds from three equity offerings: the Series A Perpetual Strife Preferred Stock (STRF), the Series A Perpetual Strike Preferred Stock (STRK), and the company’s common A shares (MSTR). This structure highlights the company’s reliance on capital markets to sustain its Bitcoin buying strategy.
Critics argue that such aggressive financing exposes shareholders to volatility risk. However, supporters say the equity-linked funding model provides the company with flexibility to scale purchases while managing debt exposure.
“Leveraging equity markets for Bitcoin purchases is unusual, but it reflects Strategy’s unique positioning as a corporate vehicle almost entirely oriented toward Bitcoin accumulation,” — Marcus Shaw, Senior Market Strategist at CryptoCompare, said.
For investors, the Strategy Bitcoin acquisition strategy represents both a vote of confidence in Bitcoin’s long-term value and a test case for large-scale corporate crypto adoption. With holdings now worth over $70 billion at current prices, the company’s balance sheet is effectively tied to Bitcoin’s market trajectory.
The move also comes as Bitcoin hovers near record highs above $110,000, fueling speculation about whether continued corporate demand could support another leg of the rally. Derivatives markets have already priced in optimism, with open interest in Bitcoin options trending upward in anticipation of further gains.
Some analysts caution that while Strategy’s purchases bolster market confidence, they also create a concentration risk. The firm’s massive holdings mean its decisions on future acquisitions or sales could have outsized effects on liquidity and sentiment.
The Strategy Bitcoin acquisition model has become emblematic of Bitcoin’s evolving role in corporate finance. While detractors warn of overexposure to volatility, the company’s persistent accumulation suggests a long-term conviction that Bitcoin will serve as a superior store of value compared to traditional reserves.
As markets await the next move, Strategy’s approach continues to set the benchmark for institutional adoption. Whether this model proves sustainable may depend on how Bitcoin performs amid macroeconomic uncertainty and shifting monetary policy in the months ahead.
For long-term crypto investors, the Strategy Bitcoin acquisition drive may serve as both a signal and a warning: while relentless corporate demand can fuel optimism, it also raises the stakes for market stability should such a heavyweight ever slow down its purchases or alter its strategy.
