Strategy now holds 641,692 BTC, about 1.02% of supply

Strategy disclosed in a Monday SEC filing that it bought 487 bitcoin for about $49.9 million at an average price of $102,473 between Nov. 3 and Nov. 9. The purchase lifted its holdings to 641,692 BTC, worth roughly $68 billion at recent prices.

The company financed the buys with proceeds from at-the-market sales of several perpetual preferred stock programs: STRK, STRF, STRD and STRC. Those programs, which have stated capacities of $21 billion, $2.1 billion, $4.2 billion and $4.2 billion, sit alongside the firm’s “42/42” plan targeting $84 billion of equity and convertible note issuances for bitcoin acquisitions. Strategy also outlined plans to raise about $715 million through an initial euro-denominated perpetual preferred stock, STRE.

According to the filing, sales under the preferred programs were executed last week and significant capacity remains. No Class A common shares were sold in that period, leaving $15.85 billion available under the at-the-market program for MSTR stock.

Executive chairman Michael Saylor put the company’s cumulative purchases at an average price of $74,079 per bitcoin, for a total cost of roughly $47.5 billion including fees and expenses. By his calculation, the holdings amount to a little more than 1.023% of bitcoin’s fixed 21 million supply and imply unrealized gains of about $20.5 billion at current prices.

Data referenced by Strategy indicates 193 public companies now report bitcoin on their balance sheets. Several stocks tied to such holdings have pulled back from summer highs as market cap-to-net asset value ratios compressed; Strategy estimates its shares are down about 47% from those peaks, with its ratio near 1.02.

Over the weekend, Saylor hinted at further accumulation by posting “₿est Continue” alongside the company’s bitcoin tracker. Last Monday, Strategy disclosed the purchase of 397 BTC for around $45.6 million at an average price of $114,771, bringing its total to 641,205 BTC before the latest additions.

As GNcrypto wrote previously, S&P Global Ratings initiated coverage of Strategy with a B- long-term issuer rating and stable outlook, citing the company’s bitcoin-focused treasury approach, weak risk-adjusted capital and limited dollar liquidity. The agency highlighted custody and insurance risks, noted no maturities within 12 months, and pointed to convertible notes due 2028 with a 2027 put. It added that a sharp bitcoin decline or tighter financing could pressure credit metrics, while stronger dollar liquidity could support an upgrade.