Finance

Strategy’s Bitcoin Bonanza: How the Firm’s $45.6M Buy Impacts the Crypto Market

Strategy bought 397 more Bitcoin, now holding over 641,000 BTC, but stock declined.

byAndres Castro

November 3, 2025, 5:11 PM

As Bitcoin's value surges, investors dream of reaching unprecedented heights. By MDL.

Executive Summary

Strategy acquired an additional 397 Bitcoin (BTC) for $45.6 million, bringing its total holdings to 641,205 BTC.

Despite reporting $2.8 billion in profits, Strategy’s stock (MSTR) has declined, and analysts are observing a drop in its multiple to Net Asset Value (mNAV).

Strategy remains the largest corporate holder of Bitcoin, with its total treasury valued at approximately $69.1 billion, continuing its accumulation strategy since 2020.

The Story So Far

Strategy, formerly MicroStrategy, initiated its Bitcoin accumulation strategy in August 2020 with the aim of generating better returns for shareholders amidst inflation concerns, subsequently becoming the largest corporate holder of the asset, which allows investors to gain exposure to Bitcoin through MSTR shares without directly holding the cryptocurrency.

Why This Matters

Strategy’s continued aggressive Bitcoin accumulation, now totaling over 641,000 BTC, reinforces its unique corporate strategy as the largest institutional holder, offering investors indirect exposure to the cryptocurrency market. However, despite reported profits from its Bitcoin treasury, the recent decline in its stock price and a falling mNAV suggest a growing disconnect between its crypto holdings and market valuation, underscoring the inherent volatility and risks associated with such a concentrated digital asset strategy for a publicly traded company.

Who Thinks What?

Strategy (formerly MicroStrategy) continues its aggressive Bitcoin accumulation strategy, believing it generates better returns for shareholders amidst inflation concerns and provides investors with exposure to Bitcoin without direct ownership.

The market, as reflected by Strategy’s stock (MSTR), has reacted negatively, with shares trading lower and experiencing a 24% decline over the past month, despite the company’s reported $2.8 billion in profits.

Analysts and experts acknowledge Strategy’s strong profits but are monitoring a decline in its multiple to Net Asset Value (mNAV) and caution about the inherent risks involved in such aggressive Bitcoin accumulation strategies.

Strategy, formerly MicroStrategy, has acquired an additional 397 Bitcoin (BTC) for approximately $45.6 million, bringing its total holdings to 641,205 BTC. This latest purchase, made at an average price of $114,771 per coin, comes amid recent rocky price action for Bitcoin and a mixed reaction to the company’s latest quarterly earnings report.

Strategy’s Bitcoin Accumulation Continues

The Nasdaq-traded firm’s recent acquisition is one of its smaller buys in recent months, following a $43 million purchase the prior week and a $19 million acquisition the week before that. At Bitcoin’s current price of $107,774, Strategy’s total Bitcoin treasury is valued at approximately $69.1 billion.

Strategy began its Bitcoin accumulation strategy in August 2020, aiming to generate better returns for shareholders amidst inflation concerns. The company has since spent around $47.4 billion on Bitcoin, making it the largest corporate holder of the asset. This strategy allows investors to gain exposure to Bitcoin through MSTR shares without directly holding the cryptocurrency.

Market Reaction and Analyst Commentary

Following the news, Strategy stock (MSTR) traded 3.6% lower at approximately $266 per share on Monday morning in New York. Over the past month, MSTR has experienced a 24% decline.

The software firm’s third-quarter earnings report showed $2.8 billion in profits, attributed to its aggressive Bitcoin purchasing. However, analysts have noted a decline in its multiple to Net Asset Value (mNAV), a metric reflecting a firm’s share premium relative to its crypto holdings and its ability to execute its strategy.

While other companies have adopted similar Bitcoin and Ethereum accumulation strategies, some experts caution about the inherent risks involved. A prediction market by Myriad, a unit of Decrypt’s parent company Dastan, indicates that 96% of respondents do not believe Strategy will sell more Bitcoin this year.

Key Takeaways

Strategy continues its aggressive Bitcoin accumulation, adding 397 BTC for $45.6 million, increasing its total holdings to over 641,000 BTC. Despite the company’s strong profits in its latest quarter, its stock has seen a decline, and analysts are monitoring its mNAV. The firm remains the largest corporate holder of Bitcoin, with its strategy attracting both followers and cautionary advice from market observers.