Strategy Boosts Bitcoin Treasury to 638,460 BTC Despite S&P 500 Snub

Strategy, the corporate Bitcoin giant formerly known as MicroStrategy, has added another 1,955 BTC worth roughly $217.4 million between September 2 and September 7, according to its latest SEC filing. The company paid an average of $111,196 per bitcoin, pushing its total holdings to 638,460 BTC—an estimated $71 billion at current prices.

The firm, led by co-founder and executive chairman Michael Saylor, has now accumulated more than 3% of Bitcoin’s capped 21 million supply at an average purchase price of $73,880 per BTC, locking in approximately $24 billion in unrealized gains.

The acquisitions were funded through a mix of stock and perpetual preferred share offerings, including its STRK, STRC, STRF, and STRD series. These programs, totaling over $31.5 billion in capital-raising potential, form part of Strategy’s broader “42/42” plan, now upsized to $84 billion, aimed at scaling its Bitcoin reserves through 2027.

Despite the company’s aggressive treasury strategy and market dominance, Strategy was denied entry into the S&P 500 during the September rebalancing, losing out to AppLovin, Robinhood, and EMCOR Group. Analysts say inclusion could have been a game-changing catalyst, potentially driving institutional inflows from trillions in passive index funds.

Saylor, unfazed by the exclusion, responded cryptically on social media with a chart showing Strategy’s outperformance against both Bitcoin and the S&P 500 since its pivot to a Bitcoin treasury model. Shares of MSTR closed 2.5% higher on Friday at $335.87, though they remain down nearly 12% year-to-date, while Bitcoin itself has gained almost 19% in 2024.

With its latest purchases, Strategy has not only reaffirmed its role as the largest corporate Bitcoin holder but also signaled it intends to continue pushing forward, regardless of Wall Street recognition.