Bitcoin treasury company Strategy Inc. has expanded its BTC holdings with a new purchase of 397 BTC valued at $45.6 million. According to its latest SEC 8-K filing, the acquisition, executed between Oct. 27 and Nov. 2, came at an average price of $114,771 per Bitcoin.
Strategy has acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/2/2025, we hodl 641,205 $BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/gEuzDaloRb
— Michael Saylor (@saylor) November 3, 2025
The purchase increases Strategy’s total Bitcoin reserves to 641,205 BTC, now valued at around $69 billion. The company has spent a total of $47.5 billion to acquire its holdings, at an average cost of $74,057 per BTC, which translates into $21.5 billion in unrealized gains based on current market prices.
Capital Programs Power Strategy’s Bitcoin Accumulation
Strategy’s latest acquisitions were funded through its ongoing at-the-market (ATM) equity and preferred stock programs. The firm utilized proceeds from multiple perpetual share classes, STRK, STRC, STRF, and STRD, each forming part of its broader “42/42” capital strategy, which targets $84 billion in total capital raises through 2027.
The expanded plan doubles the company’s initial “21/21” framework following the depletion of its earlier equity allocation. Recent filings show the company sold 183,501 MSTR shares for $54.4 million last week, leaving about $15.85 billion worth of shares still available under its current program. In parallel, it offloaded 49,374 STRK shares for $4.4 million, with $20.34 billion remaining.
Additional sales included 76,017 STRF shares worth $8.4 million and 29,065 STRD shares totaling $2.3 million. The company’s chairman, Michael Saylor, hinted at the move a day earlier, posting on X that “Orange is the color of November,” a recurring theme he uses to hint at imminent Bitcoin buys.
Q3 Results Highlight Aggressive Expansion
In its third-quarter financial report, Strategy reported holding 640,808 BTC as of Oct. 26, purchased for $47.44 billion at an average cost of $74,032. At the time, the holdings were valued at $70.9 billion, representing an unrealized gain of $12.9 billion and a 26% year-to-date yield.
Interestingly, the firm has now grown its Bitcoin holdings to 641,205 BTC, representing an upsurge of 0.0619% from the amount held as of September 30, 2025.
Reacting, President and CEO of Strategy Phong Le said the company “continued to strengthen its position as the world’s leading Bitcoin Treasury Company,” adding that Strategy has raised $20 billion year-to-date through its “strong capital markets platform.”
The firm also recorded $5.1 billion in net proceeds during Q3 and an additional $89.5 million in October alone. Cash and cash equivalents increased to $54.3 million, up 42.51% from $38.1 million at the end of 2024, strengthening the company’s liquidity base for further Bitcoin purchases. Strategy reaffirmed its 2025 Bitcoin performance targets, projecting a 30% BTC yield and a $20 billion gain by year-end if Bitcoin reaches $150,000.
Evans Kelvin
Brenda Kanana
