MicroStrategy expanded its bitcoin treasury by acquiring 397 BTC for roughly $45.6 million, paying an average of $114,771 per coin amid a recent price dip below $108,000, which underscores both opportunistic buying and exposure to short-term volatility. The purchase increased the company’s holdings to 641,205 BTC, and the firm’s aggregate purchase price for its entire position now stands at about $47.49 billion, reflecting an average cost basis of $74,057 per bitcoin inclusive of fees and expenses. This transaction occurred during a volatility episode in which spot prices briefly traded under $108,000 before stabilizing nearer to $111,000, a context that highlights the tension between strategic accumulation and market timing risks. The funding for the purchase was primarily sourced from equity issuance, as MicroStrategy sold common stock and issued smaller quantities of preferred shares, actions that yielded net proceeds near $69.5 million through multiple At-The-Market offerings. Key ATM programs used in this window included STRF, STRK, STRD, and MSTR share sales executed between October 27 and November 2, demonstrating the company’s continued reliance on capital markets to support its bitcoin treasury operations. The use of both common and preferred instruments, including filings for 3.5 million preferred STRE shares denominated in euros, signals a layered financing approach that allocates dilution and dividend obligations across investor classes. Market conditions during the acquisition showed reduced institutional buying pressure, with recent data indicating that institutional net purchases fell below daily issuance for the first time in seven months, a dynamic that may constrain near-term demand and amplify price swings. MicroStrategy remains the largest publicly traded corporate holder of bitcoin globally, in a landscape where corporate holders among 188 firms collectively hold substantial reserves and where total corporate bitcoin value exceeds $110 billion in 2025. Corporations increasingly face cybersecurity threats when managing large crypto holdings, necessitating advanced security protocols to protect assets. Observers should note that the company’s share price has declined over recent months, compressing its market-to-NAV multiple and limiting the capacity for future large equity-funded purchases, a development that carries both strategic implications and financing risks. Additionally, analysts have highlighted Strategy’s recent reported 26.1% YTD BTC Yield as a notable performance metric.
