Meanwhile, the firm has spent roughly $47.35 billion on its position at an average cost of $73,983 per coin. With Bitcoin trading higher at more than $110,000, that stash is now worth $72.67 billion, translating into an unrealized profit margin of 53.47%.
The company disclosed that the purchases were financed through proceeds from at-the-market offerings of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD.
Strategy confirmed it had raised $128 million through these equity sales, providing liquidity for continued accumulation.
Google Finance data shows that MSTR rallied to $455.90 in mid-July but has since retraced to approximately $309.06 by Sept. 26, resulting in a 32.5% loss over the past month. The decline contrasts with Bitcoin’s performance, which is up 22% year-to-date, compared to MSTR’s 11%.
The weaker stock performance has pushed Strategy’s market-adjusted net asset value (mNAV) down to 1.39x, the lowest level recorded in 2025.
