Strategy Buys 525 More Bitcoin to Reach 638,985 BTC

Strategy has once again reinforced its place at the top of the corporate Bitcoin leaderboard. A fresh SEC filing shows the company purchased another 525 BTC between September 8 and September 14, spending $60.2 million to bring its total stash to 638,985 BTC.

Good to Know

• Latest buy: 525 BTC purchased for $60.2M at an average of $114,562 each.
• Total holdings: Now 638,985 BTC, worth about $74B at current prices.
• Paper gains: More than $26B above cumulative acquisition cost.

Details from the SEC Filing

The disclosure, made through a Form 8-K filing with the Securities and Exchange Commission, confirms that the acquisition was funded through Strategy’s capital markets playbook rather than operational income. The company tapped proceeds from its preferred stock programs:

1. Series A Perpetual Strife Preferred Stock (STRF)
2. Series A Perpetual Strike Preferred Stock (STRK)
3. Series A Perpetual Stride Preferred Stock (STRD)

These three instruments, each designed with different dividend profiles, have become Strategy’s engine for converting capital directly into Bitcoin exposure.

A Pattern of Aggressive Accumulation

The purchase comes just one week after Strategy spent $217.4 million to secure 1,955 BTC. The back-to-back transactions highlight how quickly the company can transform stock sales into new Bitcoin inflows.

With its latest acquisition, Strategy’s cumulative spend on Bitcoin stands at $47.23 billion, giving it an average entry price of $73,913 per BTC. At today’s prices, the portfolio is valued at roughly $74 billion, putting the firm more than $26 billion in profit on paper.

Corporate Bitcoin Holdings Compared

No other company comes close. Data from BitcoinTreasuries.net shows Marathon Digital as the second-largest public holder with 52,477 BTC — less than one-tenth of Strategy’s total. Others on the leaderboard include:

• Twenty One (Tether-backed): 43,514 BTC
• Bitcoin Standard Treasury Company: 30,021 BTC
• Bullish: 24,000 BTC
• Metaplanet, Riot Platforms, Trump Media & Technology Group, CleanSpark, and Coinbase: each between 11,000–20,000 BTC

Together, these nine companies hold around 229,000 BTC combined, which is still less than half of Strategy’s position.