Strategy expands its treasury with the purchase of 397 BTC for US$45,6 million.
- Strategy adds 397 BTC to its bitcoin treasury.
- Purchases financed by common and preferred stock.
- The “42/42” target reinforces an aggressive strategy until 2027.
Strategy (formerly MicroStrategy) reported acquiring an additional 397 BTC between October 27 and November 2 for approximately US$45,6 million, at an average price of US$114.771 per bitcoin. as per file 8-K forwarded to the SEC. With this new round, the total treasury reaches 641.205 BTC, valued at approximately US$69 billion, with an average cost of US$74.057 per BTC and an approximate expenditure of US$47,5 billion, including fees and expenses.
According to the company, the purchases were financed through the issuance and sale of Class A common stock (MSTR) and four lines of perpetual preferred stock — STRK, STRF, STRD, and STRC. These programs are in addition to the “42/42” plan, which projects a total fundraising of US$84 billion in stock offerings and convertible notes for bitcoin acquisitions by 2027, succeeding the “21/21” plan, which has already been exhausted in the equity portion.
Strategy has acquired 397 BTC for ~$45.6 million at ~$114,771 per bitcoin and has achieved BTC Yield of 26.1% YTD 2025. As of 11/2/2025, we hodl 641,205 $ BTC acquired for ~$47.49 billion at ~$74,057 per bitcoin. $ MSTR $STRC $STRK $STRF $STRD https://t.co/gEuzDaloRb
— Michael Saylor (@saylor) November 3, 2025
Last week, the company sold 183.501 MSTR shares for approximately US$54,4 million. It also placed 49.374 STRK shares (~US$4,4 million), 76.017 STRF shares (~US$8,4 million), and 29.065 STRD shares (~US$2,3 million). As of November 2nd, the remaining window still allowed for substantial additional issuances, maintaining flexibility for new BTC purchases.
The preferred share profiles aim to attract different capital profiles: non-convertible STRD with a non-cumulative 10% dividend and higher risk-return; convertible STRK with a non-cumulative 8% dividend; non-convertible STRF with a cumulative 10% dividend; and cumulative STRC with a variable rate and monthly payment. The combination of these classes with convertible debt and equity seeks to dilute operational sensitivity to BTC price cycles.
According to Michael Saylor, co-founder and executive chairman, the position was built for robustness: the capital structure was designed to withstand a prolonged price shock, although "shareholders" would "suffer" in an extreme scenario. In characteristic tone, the executive again signaled buying appetite on the eve of the announcements, writing: "Orange is the color of November."
Strategy's growth occurs in an environment where other listed companies are increasing their allocations to BTC. Even with recent adjustments in the sector's stock prices, the group continues to expand its stake in the asset, with Strategy consolidating its position as a benchmark in bitcoin treasury among publicly traded companies.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
The AI boom may follow the path of the 19th-century railway bubble, and builders may not be the ultimate winners
Goldman Sachs analyst Bobby Molavi compared the current situation to the 19th-century British railway mania: 500 companies spent more than the nation's annual income building 8,000 miles of railway, with most early investors losing out, while the real beneficiaries were the later "passengers." He pointed out that the current AI craze is driven by both debt and momentum, and that the S&P 500’s forward P/E ratio of 18x is only "a bit cheaper." Whether the builders can retain value is uncertain, and history does not offer an optimistic answer.
If Anthropic's IPO goes smoothly and the stock price rises next week, then everything remains the same for AI. Otherwise, some companies will go bankrupt.
The shrinking valuations of two major giants have triggered a chain reaction—investors are adopting more conservative revenue multiples for AI startups and are directly halting high-valuation financing for companies with zero revenue. Multiple venture capital firms have advised their portfolio companies to lower valuation expectations and to quickly build up cash reserves. Market participants warn that the outcome of Anthropic’s IPO will be a barometer for the industry: if successful, the boom will continue; if it fails, some companies may face elimination.
After the Brazilian election, political discount deepens; Morgan Stanley remains bullish on Petrobras (PBR.US), focusing on fuel pricing and dividends
Morgan Stanley still maintains its most optimistic "Overweight" rating, but has lowered its year-end 2027 target price from $31 to $25.
Corning (GLW.US) receives initial "Buy" rating from Jefferies! AI factories driving a fiber optic rush, with a potential global supply gap of up to 30%
For Corning, the recent profit growth mainly comes from the expansion of AI clusters. As the number of optical links crossing cabinets and campuses increases, customers need to deploy more optical fibers within limited conduit and cabinet space, thus driving demand for high-density optical cables and connection systems.
Crypto prices
More
