Strategy, the largest public Bitcoin holder, purchased 430 BTC worth $51.4 million last week, according to a U.S. Securities and Exchange Commission (SEC) filing on August 18. The company paid an average price of $119,666 per coin.
The firm now holds 629,376 BTC, bought for $46.09 billion at an average cost of $73,320 per coin. At current prices near $115,000, those holdings are valued at $73.78 billion, giving Strategy more than $27 billion in unrealized gains this year.
Bitcoin itself climbed to a record above $124,000 on August 13 before retreating to $115,268 by August 18. Daily trading volume stayed above $66 billion, meaning Strategy’s $51 million buy was symbolic compared with overall market activity.
Michael Saylor, Strategy’s co-founder, addressed the volatility on X, saying: “Volatility is a gift to the faithful.” At last week’s peak, the company’s Bitcoin stack briefly reached $77.2 billion in value.
The 430 BTC addition followed a 155 BTC buy on August 11. Both were modest compared with the company’s earlier activity. Between mid-July and early August, Strategy accumulated 31,466 BTC, while in June it purchased 17,075 BTC.
This shift continues a long-term pattern. Since its first purchases in 2020 at prices near $11,000 per coin, Strategy has tended to buy more aggressively during downturns and scale back when Bitcoin trades near record highs.
Other companies are still buying in larger amounts. Japanese investment firm Metaplanet purchased 775 BTC last week for about $93 million at an average price of $120,006 per coin — almost double the size of Strategy’s latest acquisition.
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With 629,376 BTC, Strategy controls about 3.2% of Bitcoin’s circulating supply of 19.9 million coins. That is more than the next ten public treasuries combined. The second-largest holder, MARA Holdings, owns 50,639 BTC, while Tesla holds 11,159 BTC.
Across the broader market, corporate Bitcoin reserves have surpassed 791,000 BTC worth over $100 billion, equal to nearly 4% of circulating supply. According to BTC tracker NLNico, companies added 3,900 BTC between August 11 and 17 across 62 announcements.
Analysts note the growing concentration of Bitcoin among corporations. At the same time, Bitcoin exchange reserves have fallen to their lowest levels since 2021. Data from CryptoQuant shows reserves steadily declining through July and August, even as prices hit new records above $124,000. The trend suggests that more Bitcoin is moving off trading platforms into long-term storage, reinforcing the narrative of institutional and corporate accumulation.
