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Strategy has once again made a massive Bitcoin purchase, reinforcing its aggressive cryptocurrency investment strategy. According to a filing with the U.S. Securities and Exchange Commission (SEC) on Tuesday, the company acquired 4,048 BTC between August 26 and September 1 at an average price of $10.98 million per Bitcoin, a total investment of $449 million.
Strategy has acquired 4,048 BTC for ~$449.3 million at ~$110,981 per bitcoin and has achieved BTC Yield of 25.7% YTD 2025. As of 9/1/2025, we hodl 636,505 $BTC acquired for ~$46.95 billion at ~$73,765 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/dxXWygUijS
— Michael Saylor (@saylor) September 2, 2025
This brings Strategy’s total Bitcoin stash to 636,505 BTC, worth roughly $70 billion at current market prices. Since launching its Bitcoin-focused strategy in 2020, the company has invested approximately $47 billion at an average cost of $73,765 per coin, now sitting on an unrealized profit of over $23 billion. With these holdings, Strategy controls more than 3% of Bitcoin’s total supply cap of 21 million.
The purchases were largely funded through equity and preferred share issuances. During the same period, Strategy raised about $425.3 million by selling 1.237 million shares of MSTR stock via an “at-the-market” (ATM) program, and an additional $46.5 million through three classes of perpetual preferred shares: Strike (STRK), Strife (STRF), and Stride (STRD). As of September 1, the company still has more than $42.61 billion available for issuance across various financing vehicles.
These moves are part of Strategy’s ambitious “42/42 Plan,” which aims to raise $84 billion in funding by 2027 through stock and convertible debt issuance to fuel further Bitcoin acquisitions.
Dilution Concerns and Market Reaction
However, the financing strategy has stirred controversy. Strategy Chairman Michael Saylor previously pledged that the company would pause new stock issuance if the market value-to-net asset value ratio (mNAV) of MSTR fell below 2.5x. Yet only two weeks later, the company reversed course, saying it may continue issuing equity even when the ratio dips below that threshold.
Currently, Strategy’s mNAV stands at just 1.5x, reflecting recent stock price weakness. Analysts warn that with limited demand for preferred shares and low appeal for convertible bonds, issuing common stock may be the company’s only viable path to sustaining Bitcoin purchases. Critics argue that this approach risks diluting existing shareholders and could further heighten concerns over Strategy’s high-risk Bitcoin-first playbook.
What could be the next crypto to buy now after Strategy bought the Bitcoin again? Check it out.
