Executive Summary
The Story So Far
Why This Matters
Who Thinks What?
Strategy, the business intelligence software company led by Michael Saylor and recognized as the world’s largest public Bitcoin holder, acquired an additional 3,081 BTC for approximately $356.9 million last week. This significant purchase occurred as the price of Bitcoin experienced a dip, bringing the company’s total holdings to 632,457 BTC, acquired for about $46.5 billion at an average price of $73,527 per coin.
The latest batch of Bitcoin was purchased at an average price of $115,829 per coin during the week ending Sunday, according to a US Securities and Exchange Commission filing on Monday. Bitcoin’s price started the week at around $116,700 and subsequently fell to $112,000 by Thursday, presenting an opportunity for the acquisition.
August Bitcoin Acquisitions
This substantial buy contrasts with Strategy’s more modest acquisitions earlier in August, which included a 430 BTC purchase announced the previous Monday and a 155 BTC buy the week prior. In total, Strategy has acquired 3,666 BTC this month, a noticeable decrease compared to the 31,466 BTC purchased in July and 17,075 BTC in June.
The recent slowdown in Strategy’s Bitcoin buying pace raises questions about whether the company will make another significant purchase in the final week of August or maintain a more limited acquisition strategy. Strategy co-founder Michael Saylor has previously expressed a preference for buying Bitcoin at higher prices, stating in 2024, “I’m going to be buying the top forever. Bitcoin is the exit strategy.”
Performance Metrics and Targets
Amidst the adjusted purchasing pace, Strategy’s Bitcoin yield, a key performance indicator (KPI) tracking the percentage change in the ratio between its BTC holdings and assumed diluted shares outstanding, has shown continued growth. After reaching its previous year-to-date target of 25% in July 2025, the BTC yield has further increased to 25.4% as of Monday.
In late July, Strategy revised its 2025 Bitcoin KPI targets, elevating the BTC yield target from 25% to 30% and increasing the BTC gain target from $15 billion to $20 billion. The company had initially targeted a year-to-date yield of 15%, which was raised to 25% in May due to strong performance. In 2024, Strategy’s Bitcoin yield reached 74.3%, with a reported BTC gain of 140,538 Bitcoin. As of Monday, the year-to-date Bitcoin gain stood at 113,524 BTC.
Strategy continues its long-term accumulation of Bitcoin, adding over $350 million to its holdings as the price dipped. While the pace of acquisition in August has slowed compared to previous months, the company’s substantial existing holdings and revised performance targets underscore its ongoing commitment to Bitcoin as a core asset.