Strategy, the business intelligence firm formerly known as MicroStrategy, has reinforced its Bitcoin position with another large purchase.
In a Sept. 2 filing with the US Securities and Exchange Commission (SEC), the company reported acquiring 4,048 BTC for $449.3 million, paying an average of $110,981 per coin.
The move lifts Strategy’s total Bitcoin balance to 636,505 BTC, obtained at a combined cost of $46.95 billion, or roughly $73,765 per coin. At current market prices, that stash is valued at $69.24 billion.
According to Bitcoin Treasuries data, the firm’s holdings now represent just over 3% of Bitcoin’s maximum supply, giving Strategy one of the largest corporate positions in the asset.
Following this purchase, Strategy announced that it had adjusted the dividend rate on its STRC preferred stock, raising the annual payout from 9% to 10%. The security, launched in July, is non-convertible and designed to deliver variable-rate income.
‘Reduced leverage’
The latest deal was financed through a mix of common and preferred stock offerings.
According to the filing, Strategy sold 1.24 million shares of its Class A common stock for $425.3 million. The company raised the $46.5 million balance through its preferred share programs, including STRK, STRF, and STRD.
This imbalance drew criticism from short seller James Chanos, who has publicly bet against the firm.
Chanos argued that the heavy reliance on common stock suggests investors remain wary of the preferred offerings, which are structured for income seekers and higher-risk participants.
He wrote:
“MSTR continued to REDUCE its leverage this past week. 90% of its securities sold was from the common equity ATM.”
Despite Chanos’s claim, Strategy has already raised $5.6 billion in 2025 through the initial public offerings of these securities. Notably, the IPOs account for 12% of all US initial public offerings this year.
Considering this, Strategy’s supporters continue to argue that there is a significant demand for these assets in the market.
