Headquartered in the United States, the publicly traded company Strategy (formerly MicroStrategy) disclosed in a filing with the U.S. Securities and Exchange Commission (SEC) on November 10 that it had purchased 487 bitcoins between November 3 and November 9 at an average price of $102,557 per bitcoin.
This latest acquisition brings Strategy’s total bitcoin holdings to 641,692, further cementing its status as the world’s largest publicly traded corporate holder of bitcoin.
According to the disclosure, the company has invested a total of $4.754 billion to acquire these bitcoins, with an average purchase price of $74,079 per coin.
01 Unique Financing: Avoiding Dilution of Common Shareholders’ Equity
Unlike some previous financing methods, Strategy’s recent $49.9 million bitcoin purchase was funded entirely through the issuance of preferred stock, with no sale of common shares.
The company issued four types of preferred shares: STRF raised $18.3 million, STRC raised $26.2 million, STRK raised $4.5 million, and STRD raised $1 million.
This approach enables Strategy to continue expanding its bitcoin holdings without diluting the equity of common shareholders.
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete stated in a client report: "Strategy’s practice of issuing preferred securities to raise capital and using the proceeds to buy bitcoin remains the core driver of its per-share bitcoin expansion."
02 Bitcoin Reserves: 3.05% of Global Supply
Strategy now controls 3.05% of bitcoin’s total circulating supply, holding a significant share of the world’s finite bitcoin reserves.
By design, bitcoin’s total supply is capped at 21 million coins.
As of November 12 (UTC), according to the latest data from Gate exchange, the price of bitcoin has pulled back from recent highs to around $102,868.9.
At this price, the total value of Strategy’s 641,692 bitcoins still exceeds $66 billion.
This massive figure means that Strategy’s bitcoin holdings are worth more than the market capitalization of many traditional publicly traded companies.
03 Market Reaction: Stock Price Moves with Bitcoin
Following Strategy’s announcement of its latest purchase, the company’s stock price rose 3.2% in pre-market trading, reflecting a positive market response.
Meanwhile, bitcoin’s price also rebounded, briefly climbing back above $106,000.
However, according to the latest data from Cailian Press on November 12, bitcoin’s price has dropped to $102,868.9, down 2.72% in the past 24 hours.
This volatility underscores the highly fluctuating nature of the cryptocurrency market and highlights the close correlation between Strategy’s share price and the price of bitcoin.
04 Looking Ahead: Ambitious 42/42 Funding Strategy
Strategy has rolled out an ambitious fundraising plan dubbed the "42/42" strategy. The company aims to raise a total of $84 billion by 2027—$42 billion through equity issuance and another $42 billion via convertible notes.
All of these funds are earmarked for additional bitcoin purchases.
In addition, Strategy has established several perpetual preferred stock programs dedicated to bitcoin acquisitions. The STRK, STRC, STRF, and STRD preferred stock programs collectively have over $31 billion in potential fundraising capacity.
TD Cowen projects that Strategy’s recent issuance of €620 million (about $715 million) in euro-denominated STRE preferred shares will allow the company to add another 6,720 bitcoins.
Taking into account future common share issuances required to pay dividends over the next decade, TD Cowen calculates a net increase of 4,235 bitcoins.
05 Performance: 26.1% Bitcoin Return Year-to-Date
Strategy’s chairman, Michael Saylor, announced on X (formerly Twitter) that the company has achieved a 26.1% bitcoin return so far in 2025.
Bitcoin return measures the growth in the company’s per-share bitcoin holdings, calculated by dividing the total number of bitcoins held by the number of outstanding shares.
This impressive figure indicates that Strategy is increasing its bitcoin holdings faster than it is issuing new shares.
Saylor has long referred to bitcoin as "digital gold" and has been a vocal advocate for adding bitcoin to corporate balance sheets.
Under his leadership, Strategy began purchasing bitcoin in August 2020, when the company’s market capitalization was just $1.1 billion. Today, it has soared to nearly $94 billion.
06 Market Impact: Leading the Corporate Bitcoin Investment Trend
Strategy’s substantial investment in bitcoin has paved the way for publicly traded companies to adopt cryptocurrency as a reserve asset.
Currently, around 160 publicly listed companies worldwide hold bitcoin, with holdings ranging from Strategy’s 641,692 coins to just a few hundred for others.
Collectively, these companies hold over 1 million bitcoins, accounting for about 5% of the total supply.
This trend is creating new business opportunities for financial services firms, including the development of accounting tools, tax reporting solutions, and investor relations analytics tailored to corporate bitcoin holdings.
Fintech companies are also beginning to offer custody solutions designed for enterprise needs, such as multi-signature wallets and board-level approval workflows.
Outlook
As of November 12 (UTC), bitcoin’s price has pulled back from recent highs to $102,868.9. Market analysts remain divided on bitcoin’s future trajectory: TD Cowen maintains its year-end baseline target of $141,277, while also noting upside potential to $160,000 and downside risk to $60,000.
Bitcoin’s market is never short on volatility, but Strategy appears determined to double down on its bet in this high-stakes game.
