Strategy Buys Another $980M in Bitcoin, Leaning on Equity Sales as MSCI Risk Builds

Strategy is pressing its advantage in the capital markets rather than waiting for cleaner price action. For a second straight week, the company formerly known as MicroStrategy deployed nearly $1 billion into Bitcoin, signaling that access to financing—not spot volatility—is driving its accumulation cadence.

Per an SEC filing, Strategy purchased 10,645 BTC last week for $980.3 million at an average price of $92,098. The previous week, it bought 10,624 BTC for $963 million. The treasury now holds 671,268 BTC acquired for roughly $50.33 billion, implying a $74,972 average cost basis. At Bitcoin’s current price of $89,462, the stash is valued near $60 billion. Michael Saylor highlighted a 24.9% BTC yield year-to-date 2025 and tagged $MSTR, $STRC, $STRK, $STRF, $STRD, and $STRE in his post.

The engine behind these buys remains equity capitalization. Strategy sold approximately $989 million of stock last week—about $882 million of MSTR Class A and $82 million of STRD Series A Perpetual Stride Preferred—to fund the purchases. After a quieter stretch, this is the firm’s largest weekly haul since late July. Management also set up a $1.4 billion cash reserve earlier this month to cover dividends and reduce the odds of selling BTC during stress, while acknowledging that forced crypto sales could still occur in harsher downturns.

The market backdrop is mixed. MSTR finished Friday at $176, down 21% over the month and 53% over six months. Bitcoin has softened too—off roughly 7% over 30 days and more than 29% below the early October high above $126,000—but the equity drawdown has been steeper. That divergence matters because Strategy’s model depends on a healthy cost of capital and a broad buyer base for its securities.

Here’s the crux: equity-funded Bitcoin treasuries are reflexive. Persistent issuance to buy BTC can support perceived net asset value and narrative momentum, which in turn can sustain investor demand—until index eligibility, dilution optics, or price drawdowns tighten that loop. Cantor Fitzgerald analysts recently waved off concerns that Strategy “missed the dip,” yet several houses trimmed price targets, citing potential exclusion from MSCI indices as a headwind. Strategy pushed back with a public letter arguing that keeping crypto treasuries out of MSCI poses a “national security” risk and runs counter to President Trump’s pro-crypto agenda. That framing may motivate supporters, but index rules tend to change slowly, and passive flows often dictate marginal liquidity for names like MSTR.

Technically, executing buys at an average of $92,098 while spot sits near $89,462 shows a willingness to average up and absorb near-term unrealized losses to keep the program predictable. Psychologically, the consistency signals conviction to holders who view MSTR as a quasi-levered Bitcoin proxy. From a business perspective, the $1.4 billion reserve is a useful buffer, but the more material variable is index inclusion; exclusion would likely raise capital costs and narrow the investor base at precisely the wrong time. Ethically, invoking national security to influence index methodologies invites debate; some shareholders might prefer a cleaner alignment between capital formation and risk disclosure over lobbying rhetoric.

What matters next isn’t whether Strategy buys another tranche, but whether it can maintain low-friction access to capital while Bitcoin is in a cooling phase. Watch MSCI’s stance, the equity’s bid-ask resilience, and any shift in management’s language around “never sell” vs. “sell if needed.” In a reflexive setup, those are the levers that decide how long this accumulation flywheel can keep spinning.