Another week, another heavyweight signal for Bitcoin: Michael Saylor–founded Strategy just scooped up 155 BTC (~$18M) at an average of $116,401, lifting its stash to 628,946 BTC—nearly 3% of Bitcoin’s final supply. The headline isn’t just “they bought more.” It’s how they’re funding it, the guardrails they’ve set on dilution, and the message this sends about institutional demand at six-figure prices.

What just happened

Strategy disclosed the purchase via an SEC 8-K, bringing its total BTC to roughly $76B in value at current prices. The firm’s average cost is $73,288 per BTC on a total investment of $46.1B, implying an unrealized gain of about $30B. This marks five years of steady accumulation since 2020.

Why traders should care

When a balance-sheet whale continues buying above $100K, it signals sustained institutional demand and reduces circulating supply available to the market. Strategy’s approach effectively transforms equity and preferred capital into permanent BTC demand, creating a structural bid that can support price during dips and intensify breakouts.

The financing machine behind the buys

The latest purchase was funded by ongoing preferred stock programs. Last week, the firm sold 115,169 STRF shares, raising about $13.6M, with $1.87B still authorized for future STRF issuance. STRF is non-convertible with a 10% cumulative dividend, while STRC offers variable monthly payouts starting at 9% annually. New and existing ATM programs provide multi-billion-dollar dry powder through 2027 under the “42/42” plan to raise $84B via equity and convertibles. Notably, Strategy did not sell any class A common stock (MSTR) last week and had pledged not to issue common shares if its mNAV ratio fell below 2.5x—it’s currently around 1.5x, limiting near-term common equity dilution.

Accounting boost, but with a catch

Q2 2025 showed a record $10B net profit and $14.03B operating profit (up 7,106% YoY), largely from fair value accounting gains on BTC. This can flip quickly in drawdowns; traders should expect earnings and sentiment volatility tied to BTC’s mark-to-market swings.

Levels and signals to watch

• $73,288: Strategy’s average cost—psychological “balance-sheet support” zone on deep pullbacks.
• $116,401: Latest buy level—watch order-book reaction and spot premium/discount around this area.
• Issuance cadence: Track 8-Ks, ATM usage, and preferred yields; rising yields = higher cost of capital = potential slowdown in buys.
• mNAV ratio: A move back above 2.5x could reopen common stock issuance, altering dilution expectations.
• BTC dominance: Persistent corporate accumulation tends to favor BTC over high-beta alts during risk-off phases.

Broader adoption trend

According to Bitcoin Treasuries data, 151 public companies now hold BTC, following Strategy’s model. Names like MARA, Riot, Galaxy Digital, CleanSpark, Coinbase, and others collectively control tens of thousands of coins, reinforcing the thesis that corporate balance sheets are becoming a durable source of BTC demand.

Actionable takeaway

Incorporate corporate buy zones and capital-market signals into your BTC game plan. Align entries with liquidity windows and issuance lulls, manage risk near $73K–$116K reference levels, and monitor preferred yields and mNAV to anticipate the pace of future accumulation. When balance-sheet whales keep buying, the path of least resistance often remains higher—but volatility around earnings and issuance headlines is a feature, not a bug.

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