Strategy Adds to Bitcoin Treasury
Strategy has announced another purchase of 850 BTC worth about $100 million. The average price for the buy was $117,344 per coin. This brings the company’s total holdings to 639,835 BTC, acquired for $47.33 billion in total. The average cost per bitcoin across the treasury stands just under $74,000.
Despite Bitcoin’s slide to around $112,000, the value of Strategy’s holdings is more than $72 billion, leaving the company in profit. Strategy’s stock (MSTR) closed last Friday at $344.75, up 15% since the start of the year, though it was set to open lower on Monday as the wider crypto market retreated.
Chairman Michael Saylor confirmed the acquisition after hinting about it the previous day. He said the purchase fits into the company’s long-term plan to keep increasing Bitcoin exposure.
Metaplanet Executes Its Largest Buy
Japanese firm Metaplanet reported its biggest Bitcoin purchase to date on the same day. It added 5,419 BTC for around $632.5 million, paying an average of $116,724 per coin. The new purchase lifts its total holdings to 25,555 BTC, now valued at $2.71 billion.
CEO Simon Gerovich said Metaplanet has now become the fifth-largest public company Bitcoin holder, passing Bullish and sitting behind Strategy, Marathon Digital, XXI, and Bitcoin Standard Treasury Company. The firm raised $837 million earlier this year through international share offerings, using most of the capital to fund September and October purchases.
Metaplanet has also lifted its year-end target from 10,000 BTC to 30,000 BTC. To reach that figure, it plans to raise $1.4 billion by issuing 385 million new shares, with all funds directed toward more Bitcoin acquisitions.
Market Pullback Hits Crypto Stocks
Bitcoin’s decline to $112,000 triggered over $1 billion in liquidations, the largest single-day washout of 2025. The move weighed on the share prices of firms exposed to Bitcoin.
Metaplanet’s stock fell 3.12% on Monday to $3.98 in Tokyo trading, though it remains up almost 70% this year. Strategy’s shares also slipped, down 1.4% to $339.80. Over the past month, the stock has lost 5.2%, while Bitcoin itself is down only 1.6%, showing a weaker performance compared to the asset it tracks.
Funding Programs Fuel Strategy’s Accumulation
Strategy has built its treasury by raising capital through multiple stock programs. The latest buy used $19 million from its STRF preferred stock offering and over $80 million from its $21 billion common stock program.
The company has five active at-the-market offerings. Based on its recent disclosures, it still has about $16 billion left to issue from its common stock plan and more than $30 billion combined across four preferred offerings—STRF, STRK, STRC, and STRD. These offerings give investors exposure to Bitcoin at different levels of risk while supplying Strategy with cash for new purchases.
Analyst Outlook Remains Positive
Research firm TD Cowen continues to rate Strategy stock as a buy. In a note to investors, it wrote: “Management views its common stock as undervalued relative to the price of Bitcoin.”
The firm said potential drivers for the stock include a possible addition of MSTR to the S&P 500 index and the “continued assimilation of Bitcoin into the mainstream political and economic worlds.” TD Cowen holds a price target of $620 per share, which is 83% above current levels.
Both Strategy and Metaplanet appear committed to expanding their Bitcoin holdings even as markets face volatility, using new funding programs to strengthen their positions.
