MicroStrategy Adds Bitcoin Holdings Worth Nearly Half Billion In August Acquisition

Strategy, formerly known as MicroStrategy, acquired 4,048 Bitcoin for $449.3 million between August 25 and Monday, according to a report. The purchase was made at an average price of $110,981 per BTC as the cryptocurrency briefly surged above $113,000 before dropping below $108,000 on Friday.

The acquisition brings Strategy's total Bitcoin holdings to 636,505 BTC, purchased for approximately $46.95 billion at an average price of $73,765 per coin. The latest Bitcoin purchase was funded using proceeds from the company's STRF ATM, STRK ATM, STRD ATM, and MSTR ATM programs. Strategy's August buying activity totaled 7,714 BTC, representing a decline from the 31,466 BTC bought in July.

Strategy has completed regular but modest buying throughout August, including previous purchases of 3,081 BTC, 430 BTC, and 155 BTC earlier in the month. The company operates under the ticker symbols MSTR, STRK, STRF, STRD, and STRC across its various securities offerings.

Capital Markets Strategy Faces Market Pressure

Strategy's financing approach has drawn fresh market scrutiny as the company's stock premium over its Bitcoin holdings compressed significantly in recent weeks. According to reports, shares of Strategy fell 15% in August, erasing much of the premium the firm previously enjoyed over its Bitcoin holdings.

The company's preferred stock offerings have encountered tepid demand, with a recent sale raising just $47 million. This shortfall has forced Strategy to return to common-share issuance despite earlier commitments to limit dilution below certain thresholds. The reversal has concerned investors who viewed the company's financing discipline as a key differentiator.

We previously covered Strategy's systematic approach to becoming the largest corporate Bitcoin holder, detailing how the company grew from its initial $250 million purchase to over 91,000 BTC by March 2021. The latest acquisition continues this multi-year accumulation strategy, though at significantly higher average purchase prices than the company's early positions.

Digital Asset Treasury Model Shows Strain

The broader digital asset treasury sector, which Strategy pioneered, now controls approximately 951,000 BTC across public companies according to analysis. However, net asset value premiums for major treasury companies compressed in July, with Strategy's mNAV falling 16%.

Digital Asset Treasury financing depends heavily on Bitcoin volatility to fuel convertible debt and equity issuance. With volatility suppressed, issuance capacity and mNAV growth remain under pressure across the sector. Strategy trades at 1.63 times the value of its Bitcoin holdings, inspiring new entrants aiming to replicate its equity premium model.

The company's Q2 2025 financial results showed revenue guidance based on a projected Bitcoin price of $150,000 by year-end, with operating income targets of $34 billion. Strategy raised over $10 billion through ATM programs and IPOs in the second quarter, demonstrating continued access to capital markets despite the premium compression challenges facing the sector.