Strategy (MSTR) Buys $2.54B in Bitcoin in Third-Largest Purchase, Surpasses BlackRock Holdings

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Strategy added 34,164 bitcoin to its treasury last week, spending about $2.54 billion in one of the largest single purchases in its history, according to a Monday regulatory filing. The acquisition was made at an average price of $74,395 per bitcoin and brings the company’s total holdings to 815,061 BTC. Strategy has now spent roughly $61.56 billion accumulating bitcoin at an average cost basis of $75,527 per coin. This is Strategy’s third largest bitcoin purchase. With bitcoin trading near $75,000, the firm’s position sits close to its aggregate purchase price, leaving the holdings near break-even after recent market volatility. Strategy has overtaken BlackRock in total bitcoin holdings with this latest purchase.The firm led by Michael Saylor now holds 815,061 BTC, surpassing BlackRock’s 802,823 BTC, which is primarily held through its spot bitcoin ETF products. The latest buy marks the company’s third-largest purchase on record and its most aggressive accumulation since late 2024. Strategy remains the largest publicly traded holder of bitcoin, continuing a balance sheet strategy first introduced in 2020. Executive Chairman Saylor signaled the move ahead of the announcement, posting a message over the weekend urging observers to “think even bigger,” a phrase that has become associated with the company’s ongoing bitcoin accumulation campaign. Strategy’s billion dollar bitcoin rails The purchases were financed through a combination of equity issuance and preferred stock sales. Strategy raised about $366 million through the sale of common shares and approximately $2.18 billion through its perpetual preferred stock offering known as STRC. The STRC instrument has taken on a central role in funding recent acquisitions. The preferred stock carries a variable dividend structure designed to maintain a price near par value while offering an annualized yield of about 11.5%. The company recently proposed shifting dividend payments from a monthly to a semi-monthly schedule, a move aimed at improving liquidity and reducing reinvestment delays. Strategy continues to expand its capital raising capacity. Billions of dollars in additional common and preferred shares remain authorized for issuance under existing programs. These efforts form part of a broader plan to raise significant capital through equity and convertible instruments to fund further bitcoin purchases through 2027. The scale of Strategy’s holdings now represents more than 3.8% of bitcoin’s fixed supply of 21 million coins, underscoring the firm’s outsized role in the market. Shares of Strategy declined about 2.5% in pre-market trading following the disclosure, reflecting investor sensitivity to both bitcoin price movements and the company’s continued reliance on capital markets to fund acquisitions. Bi-weekly STRC payouts Strategy is moving to increase the frequency of payouts on its STRC preferred stock, signaling a push to make the Bitcoin-backed instrument more attractive to income-focused investors. In a proposal, the company said it plans to shift STRC (Variable Rate Series A Perpetual Stretch Preferred Stock) dividends from a monthly to a semi-monthly schedule. The change would effectively split the current 11.50% annualized yield into two payments each month, offering more frequent cash flow and input to shareholders. The adjustment reflects growing demand for shorter-duration income streams, particularly as Bitcoin markets remain volatile. With BTC trading near $74,000, Strategy appears to be positioning STRC as a more responsive yield product for both institutional and retail investors seeking regular liquidity. STRC’s structure is designed to maintain a stable $100 par value through a variable dividend mechanism. When the share price dips below that level, the yield is increased to incentivize demand and support price stability. This dynamic rate-setting process — currently adjusted monthly — could become more reactive under a semi-monthly framework. At the time of writing, the bitcoin price is dancing between $75,000 and $76,000.

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