Michael Saylor’s Strategy Inc., formerly known as MicroStrategy, added 1,955 Bitcoin between September 2 and 7, spending $217.4M – but will this acquisition go long?
According to new filings with the US Securities and Exchange Commission (SEC), the latest purchase brings the firm’s total holdings to 638,460 BTC. The average price of the new batch was $111,196 per coin.
Across all purchases, the company’s average cost stands at roughly $73,880 per Bitcoin.
Strategy has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 $BTC acquired for ~$47.17 billion at ~$73,880 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/QNIuAWRwEW
— Michael Saylor (@saylor) September 8, 2025
On paper, that leaves Strategy with sizable unrealized gains as Bitcoin’s rally this year continues to lift its balance sheet.
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The September acquisition was funded through the company’s at-the-market equity programs.
These included issuing Series A preferred shares (STRF and STRK) as well as common stock (MSTR).
Over the same five-day period, Strategy raised just over $217M in net proceeds, which went directly into the Bitcoin purchase.
This marks the eighth week in a row the company has added to its Bitcoin reserves.
The latest move follows a $2.5Bn raise in July through STRC preferred stock, which funded the purchase of 21,021 BTC at an average of $117,256 each.
That buy pushed total holdings to around 629,000 BTC at the time.
The strategy’s approach has been deliberate and consistent. Month after month, the company has used equity raises to build one of the world’s largest corporate Bitcoin treasuries.
With returns in the 25.8% to 26% range year-to-date, the accumulation has not only boosted confidence in its strategy but also tied the company’s financial outlook more closely to the volatility of Bitcoin itself.
In August, the firm bought about 7,714 BTC, far less than the larger deals seen earlier this summer.
In July, Strategy secured 31,466 BTC in one of its biggest buys to date. A month earlier, it picked up 17,075 BTC. By comparison, August’s haul was smaller, signaling a more measured approach to accumulation.
The company said the new purchase was funded through proceeds from three at-the-market equity offerings.
These included the Series A Perpetual Strife Preferred Stock (STRF), the Series A Perpetual Strike Preferred Stock (STRK), and its Common A stock, MSTR.
The move comes shortly after Strategy was passed over for inclusion in the S&P 500 index. Rival firm Robinhood claimed the slot instead, with its stock climbing on the announcement.
Thinking about the S&P right now… pic.twitter.com/Y5nPc9XT4l
— Michael Saylor (@saylor) September 6, 2025
The episode underscored Strategy’s reliance on Bitcoin as a financial anchor, setting it apart from peers tied more closely to traditional equity benchmarks.
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Analysts at QCP Capital noted that Bitcoin holding steady above $110,000, despite the S&P decision, reflects market resilience. With BTC trading in the $110,000 to $112,000 range, Strategy continues to benefit from both price appreciation and long-term gains on its holdings.
Bitcoin’s 4-hour chart shows a clear shift in momentum after a rebound from late-August lows.
As per Tradingview data, at press time, BTC price is trading near $112,410, up +0.65% on the recent session.
Price is back above the 50-EMA ($110,961) and 100-EMA ($111,577), and that points to improving short-term strength after weeks of quiet trade.
Through the second half of August, Bitcoin trended lower. It slipped from above $120,000 to test support near $108,000, with steady selling and lower highs.
Since early September, it has steadied, built a base around $110,000, and pushed higher.
Today’s move hints at a possible turn, and the climb back over the key EMAs shows buyers are stepping in. A run of higher lows since September 1 supports that view.
Volume is also picking up on green candles, which suggests accumulation is in play. Immediate resistance is $112,800–$113,000, a band that capped recent rallies.
A clean break and hold above that zone could open a path to $116,000, with a stretch target near the late-August swing highs around $120,000.
On the downside, $110,000 is the first support, with $108,500 as a deeper backstop if momentum fades.
Bitcoin is attempting a recovery from its multi-week pullback. To confirm a medium-term shift, bulls need to keep the price above the EMAs and build follow-through.
The next few sessions will show whether this bounce can grow into a broader rally.
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