Strategy Inc., led by Michael Saylor, added to its Bitcoin holdings during a weaker month for the market. The company disclosed in a filing that it purchased 3,081 BTC on Aug.25 for about $356.9 million, paying an average of $115,829 per coin.
The acquisition raised Strategy’s total holdings to 632,457 BTC, making it the largest corporate owner of the cryptocurrency. At a price of $112,108 on Aug. 25, those holdings are worth $74.06 billion. The company has spent about $46.5 billion on Bitcoin since 2020 at an average of $73,527 per coin, leaving it with $27.5 billion in unrealized gains.
Buying During a Market Dip
Bitcoin price has slipped about 5% this month, falling from nearly $118,000 in late July to $112,000 on Aug. 25. Strategy has often used downturns as entry points, presenting Bitcoin as a long-term “treasury reserve asset” to protect against inflation and fiat currency depreciation.
In the past four weeks alone, the company has added nearly 24,700 BTC worth close to $3 billion. That run included a 21,021 BTC purchase on July 29, followed by smaller additions on Aug. 11 and Aug. 18, before the latest 3,081 BTC buy.
Strategy funded its acquisitions through its at-the-market stock program, raising $300.9 million, and additional preferred share offerings (series STRK, STRF, STRD). These programs provide cash for Bitcoin purchases but dilute existing shareholders by increasing the number of shares outstanding.
The company reported a 25.4% Bitcoin yield year-to-date in 2025, a measure of the gains in its holdings relative to acquisition cost. Despite the larger Bitcoin position, Strategy’s shares fell 4.3% on Aug. 25, extending a 19% decline for the month.
ETFs Cut BTC Holdings While Strategy Bought More
Strategy’s purchases came as U.S. Bitcoin ETFs reported six straight days of outflows between Aug. 15 and Aug. 22, totaling nearly $1.2 billion. On Aug. 25, ETFs posted inflows of $308.5 million, but that was still smaller than Strategy’s $357 million buy on the same day.
ETFs collectively manage tens of billions of dollars in Bitcoin, but Strategy alone now holds $74 billion, underlining its outsized position in the market.
Strategy’s 632,457 BTC equals about 3.18% of Bitcoin’s circulating supply of 19.91 million coins.
Strategy entered Bitcoin in August 2020, buying 21,454 BTC for $250 million. It crossed the 100,000 BTC mark by year-end and surpassed 500,000 BTC in 2023. Today, it has built a position larger than Tesla, Block, and every U.S. Bitcoin ETF combined.
