Strategy Expands Bitcoin Treasury with $45.6M Purchase as Analysts Eye Valuation Pressure

04. Nov 2025 Posted by Bailey S. on News

Bitcoin treasury giant Strategy, formerly known as MicroStrategy, expanded its crypto holdings once again last week, purchasing 397 BTC for approximately $45.6 million—at an average price of $114,771 per coin.

While the latest buy ranks among its smaller acquisitions in recent months, it underscores the company’s continued commitment to Bitcoin accumulation despite market volatility and mixed investor sentiment following its Q3 2025 earnings report.

At current prices, Strategy’s Bitcoin holdings now total 641,205 BTC, valued at roughly $69.1 billion. The firm’s cumulative investment since 2020 stands at $47.4 billion, with an average acquisition cost of $74,057 per coin, translating to a 26.1% yield year-to-date.

The company’s stock, trading under the ticker MSTR, slipped 3.6% on Monday morning in New York to around $266 per share, extending its 24% decline over the past month. Analysts attribute this weakness to a shrinking multiple to Net Asset Value (mNAV) — a metric that gauges how far Strategy’s market capitalization trades above its Bitcoin treasury value.

Despite the drop, Strategy posted $2.8 billion in profits for the third quarter of 2025, maintaining its position as the world’s largest corporate Bitcoin holder. Chairman Michael Saylor’s conviction in Bitcoin remains unwavering since the company began accumulating the digital asset in August 2020 as a hedge against inflation during the COVID-19 era.

Over the last five years, Strategy’s share price has surged more than 1,700%, largely driven by its Bitcoin exposure. The firm’s model has inspired other corporations to follow suit by adding Bitcoin, Ethereum, and other digital assets to their treasuries.

However, market strategists continue to caution that such an approach carries high volatility and liquidity risks, noting that not all companies possess the balance sheet strength or investor base to emulate Strategy’s aggressive Bitcoin-first strategy.

Still, as the crypto market eyes a potential year-end rally, Strategy’s latest purchase signals that the company remains firmly committed to its belief that Bitcoin is the ultimate treasury reserve asset.