Key Takeaways
- Strategy used preferred shares to fund a major 8,178-BTC purchase, its largest buy since July.
- New euro-denominated shares supplied most of the capital.
- Analysts see the firm as resilient despite vocal critics.
Strategy, the software company led by Michael Saylor, has made another huge bitcoin purchase. The company bought 8,178 BTC last week for $835.6 million.
This is Strategy’s largest purchase since July and shows that the company is still committed to buying bitcoin, even during a period of price drops and stock pressure.
It bought this bitcoin between November 10 and 16 at an average price of $102,171 per coin. With this purchase, the company now owns 649,870 BTC, which it obtained for a total of $48.37 billion.
On average, the firm paid $74,433 per bitcoin over the past several years. Today, those holdings are worth over $60 billion.
Because the stock price has fallen by around 56% in the past four months, the company avoided issuing new common shares, which would hurt current shareholders. Instead, Strategy funded the purchase by selling different types of preferred stock, such as STRC, STRK, STRF, and STRE.
Related: Strategy Posts $3.9 Billion Bitcoin Gain in Q3 2025
The newest offering, STRE, is a euro-denominated preferred share and raised about $715 million from European investors. The company also raised another $131 million by selling its other preferred shares.
Together, these offerings are part of the company’s large $84 billion capital-raising plan, which will continue through 2027, and is meant to support ongoing bitcoin buying.
Before the filing became public, rumors spread online claiming Saylor’s company had sold 47,000 BTC. Michael Saylor quickly denied this.
He said on X, “There is no truth to this rumor,” confirming the points he made earlier during an interview with CBNC, where he stated, “We are buying. We’re buying quite a lot, actually.”
He also told CNBC that investors would soon be “pleasantly surprised” by the company’s new purchases — and it’s possible he was referring to this big 8,178 BTC buy.
Analysts at Bernstein also pushed back against the fears. They said the firm’s financial structure is strong and even designed to survive a 90% drop in bitcoin’s price for several years. They reminded investors that Strategy has only $8 billion in debt compared to more than $60 billion in bitcoin.
Not everyone agrees with Saylor. Bitcoin critic Peter Schiff again argued that Strategy’s business model is “fraudulent.” Schiff believes that if bitcoin drops a lot, Strategy will struggle to pay dividends and interest to shareholders, causing what he described as a “death spiral.”
Other experts, including Jeff Dorman from Arca, dismissed concerns about forced bitcoin sales, calling them “stupid and inaccurate.” According to Dorman, Strategy has no obligation to sell its bitcoin under current conditions.
The timing of the purchase came during a difficult week for the bitcoin market. The scarce digital asset fell below $93,000 on Monday, following 3 consecutive red days. Some analysts believe that bitcoin might find support in the $88,000–$90,000 range if selling slows down.
At the same time, Strategy’s stock price continues to fall. MSTR dropped to around $195 on Monday before rebounding the next day to around $211. Some analysts say the stock might fall even further if buyers don’t return soon.
Despite the uncertainty, Michael Saylor remains committed to Strategy’s plan of buying and holding bitcoin. He tells investors to “zoom out” and look at the long-term picture instead of short-term price swings.
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