MicroStrategy, now known as Strategy, has recently made headlines by expanding its Bitcoin holdings. The company purchased 196 BTC for $22.1 million, bringing its total Bitcoin reserve to 649,031 BTC. This represents 3% of the total BTC supply, making Strategy the largest corporate BTC holder.
The average cost of Strategy’s Bitcoin position is $73,983 per coin, with the current value of its stash sitting at $72.67 billion, resulting in an unrealized profit margin of 53.47%. These purchases were funded through equity sales of its Class A common stock (MSTR) and two perpetual preferred stock instruments, STRF and STRD, totaling $128 million.
Despite its success in accumulating Bitcoin, Strategy’s stock performance has been less than stellar. MSTR stock has experienced a significant decline, falling to its lowest level in six months. Google Finance data shows that MSTR has retraced to approximately $309.06, marking a 32.5% loss over the past month. This contrasts with Bitcoin’s performance, which has seen a 22% increase year-to-date.
The weaker stock performance has pushed Strategy’s market-adjusted net asset value (mNAV) down to 1.39x, the lowest level recorded in 2025. However, Strive Chief Risk Officer Jeff Walton remains optimistic about MSTR’s long-term returns, emphasizing that even if mNAV fell to parity, MSTR would have outperformed Bitcoin more than 2x since adopting its Bitcoin-focused approach.
Overall, Strategy’s strategic approach to Bitcoin accumulation has solidified its position as a key player in the cryptocurrency space. While its stock performance may be facing challenges, the company’s long-term vision and commitment to Bitcoin investment continue to drive its success in the market.