Overview

• Strategy disclosed in a Sept. 22 Form 8-K that it bought 850 BTC between Sept. 15 and 21 for about $99.7 million at an average price of $117,344 per coin.
• The company now holds 639,835 BTC with a total cost basis of roughly $47.33 billion, or an average of about $73,971 per bitcoin.
• Roughly 80% of the funding came from common stock sold through ATM programs, including 227,401 MSTR shares for $80.6 million and 173,834 STRF preferred shares for $19.4 million.
• Strategy reported a 26.0% year-to-date BTC yield for 2025 alongside the latest purchase update.
• MSTR shares slipped following the disclosure, while TD Cowen maintained a buy rating with a $620 price target.