Strategy Expands Bitcoin Holdings to 640,400 BTC Despite Slower Buying Pace and $18.8M Spend

Bitcoin-focused firm Strategy has quietly added another 168 Bitcoin to its growing digital treasure chest, according to a Monday press release. The purchase—valued at $18.8 million—marks the company’s third smallest Bitcoin acquisition of 2025, as it continues to balance its buying strategy amid volatile market conditions.

The Tysons Corner, Virginia-based firm now holds roughly 640,400 Bitcoin, currently valued at about $71 billion. The latest purchase was funded through proceeds from preferred shares, a financing approach Strategy began using earlier this year.

Shares of Strategy rose 5.3% to $305 on Monday, according to Yahoo Finance. Despite being down 11.5% over the past month, the firm’s stock has returned to positive territory for 2025, slightly above its January levels near $300.

While Bitcoin has declined 3.4% in the past week, hovering around $111,250, Strategy reported an average purchase price of $112,000 per BTC in its latest acquisition. The company’s timing suggests continued confidence in Bitcoin’s long-term trajectory—even as the asset shows signs of short-term weakness.

Traditionally, Strategy funds its Bitcoin buys through common share issuances, leveraging its stock’s premium to Bitcoin’s market value to grow its holdings per share. However, the company has paused common share sales this month, opting instead for preferred shares, which may involve dividend commitments.

In contrast, September saw Strategy purchase 7,574 BTC, making October’s total—currently 387 BTC—a sharp 94% decline in sequential buying activity.

As of Monday, Strategy’s shares traded at a 1.21x premium to its Bitcoin holdings, down from 1.32x in late September, according to Bitcoin Treasuries. This ratio, known as mNAV (multiple-to-net asset value), remains a popular benchmark for valuing Bitcoin treasury firms.

Earlier this year, Strategy updated its common share issuance policy to emphasize greater financial discipline and flexibility. Analysts note that this shift has made the firm’s Bitcoin purchasing patterns less predictable, reflecting a more tactical approach in an evolving market.

Despite the slower buying pace, Executive Chairman Michael Saylor reaffirmed the company’s long-term vision on X (formerly Twitter), writing:

“The most important orange dot is always the next.”

The “orange dots” refer to the visual markers used in Strategy’s public Bitcoin acquisition chart—each representing a new addition to its historic and ever-expanding stack.