The company holds the largest corporate Bitcoin treasury, far exceeding the next largest holders, despite a recent market downturn that has affected the NAV of corporate Bitcoin treasuries.
Strategy (formerly MicroStrategy) is continuing its tradition of buying Bitcoin every Monday, having purchased 168 BTC for US$18.8 million (AU$28 million).
Michael Saylor, founder and executive chairman, announced on X that the purchase took place between Oct. 13 and Oct. 19 at an average price of US$112,051 (AU$173,679) per BTC, per an SEC 8-K filed Monday.
Strategy’s holdings are now at 640,418 BTC. The company’s reported average cost is US$74,010 (AU$114,716) per Bitcoin for a total outlay of about US$47.4 billion (AU$73.47 billion).
At current pricing, the trove is valued near US$71.1 billion (AU$110 billion), implying roughly US$23.7 billion (AU$36.7 billion) of unrealised gains.
BitcoinTreasuries.Net data shows Strategy holds 640,250 BTC. That is nearly 3% of Bitcoin’s capped supply and exceeds the combined reserves of the top public miners and corporate treasuries.
MARA Holdings ranks second with 53,250 BTC, valued near US$5.7 billion (AU$8.835 billion). XXI is third with 43,514 BTC, about US$4.7 billion (AU$7.285 billion). Metaplanet placed fourth at 30,823 BTC. The Bitcoin Standard Treasury Company is fifth at 30,021 BTC.
The acquisition comes after a sharp drawdown in corporate Bitcoin NAVs, as noted by 10x Research, erasing billions in paper gains. Analysts argue the equity premium for several treasury vehicles has unwound, leaving retail holders with losses while issuers accumulated spot BTC.
On Tuesday, Crypto News Australia reported that Metaplanet’s stock value dropped below the value of its Bitcoin stack. Its market-to-Bitcoin NAV ratio printed 0.99, indicating equity now trades under the firm’s underlying BTC holdings.
Back in June, VanEck’s head of digital asset research, Matthew Sigel, warned public companies about shareholder dilution if their stock price fails near or below the value of their Bitcoin per share.
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