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Strategy Buys 850 Bitcoin for About $100 Million, Lifting Treasury to 639,835 BTC

At-the-market equity issuance funded the purchase, pressuring the shares.

Overview

  • An SEC Form 8-K on Sept. 22 disclosed the acquisition of 850 BTC between Sept. 15–21 for $99.7 million at an average price of $117,344 per coin.
  • Proceeds came from at-the-market programs, including $80.6 million from MSTR common stock and $19.4 million from STRF preferred shares, with roughly 80% raised via common stock.
  • Strategy now holds 639,835 BTC acquired for about $47.33 billion at an average cost of $73,971 per bitcoin, representing more than 3% of bitcoin’s capped supply.
  • The company reported a 26.0% BTC Yield year-to-date for 2025, and this was logged as its 80th disclosed bitcoin purchase since 2020.
  • MSTR shares slipped about 1.4% after the disclosure, and the company still has sizable issuance capacity, including roughly $16 billion remaining under its $21 billion common stock ATM and more than $30 billion across preferred programs.