Strategy Now Owns 3% of Total Bitcoin Supply

Strategy continued its aggressive accumulation of bitcoin, adding 3,081 BTC for $356.9M at an average price of $115,829. The buy brings its total stash to 632,457 BTC, just over 3% of the total bitcoin that will ever exist.

What’s the Scoop?

• New Buy: 3,081 BTC acquired between Aug. 18 and Aug. 24 for $356.9M, per SEC filings. Treasury now sits at 632,457 BTC, bought at an average $73,527 per coin, implying $23.5B in paper gains.
• Capital Strategy: At a $112B market cap, Strategy trades at roughly a 60% premium to its bitcoin holdings.
• Market Context: The company remains the largest corporate bitcoin holder, controlling 3% of total supply, well ahead of miners, financial firms, and other treasury peers.

Bankless Take:

Strategy's recent guidance walk back to allow at-the-market share sales below a 2.5x mNAV is responsible for this transaction. Although complex exotic preferred instruments were sold (STRK, STRF, and STRD), 87% of funds raised came from vanilla MSTR share sales. Notably, no dollar of this transaction was funded through convertible bonds.