TL;DR
Strategy expanded its Bitcoin treasury with the acquisition of 168 BTC for $18.8 million at an average price of $112,051 per coin.
This purchase brings its total holdings to 640,418 BTC, accumulated for roughly $47.4 billion, with an average cost of $74,000 per unit. The company financed the transaction through the issuance of perpetual preferred and common shares, according to a regulatory filing released on Monday, October 20, 2025.
Executive Chairman Michael Saylor reiterated that the company remains committed to its long-term strategy of accumulating bitcoin regardless of short-term market fluctuations. This approach has made Strategy the largest corporate holder of BTC, with reserves exceeding $71 billion at current market value.
The firm reported a year-to-date return of 26% on its bitcoin position as of mid-October, reflecting the impact of BTC’s rally since the beginning of 2025. Bitcoin traded around $111,000 on Monday, after hitting a high of $115,000 on October 13 and pulling back to $103,500 four days later.
Strategy shares rose 3% in premarket trading, settling just below $300 per share. However, the stock remains in negative territory for the year, while BTC has gained 19% over the same period.
The divergence is even more pronounced when compared to BlackRock’s iShares Bitcoin Trust (IBIT), with the MSTR-to-IBIT ratio falling to 4.74 — its lowest level since October 2024. That ratio had reached an all-time high of 8 in November 2024, underscoring that the ETF has outperformed MSTR’s stock over the past twelve months.
Strategy continues to assert that Bitcoin represents a superior store of value compared to cash or traditional bonds and intends to keep using equity issuance as a funding tool to increase its holdings, even during market corrections
