Strategy, a business intelligence company previously known as MicroStrategy, is bolstering its Bitcoin position with another large purchase.
In a September 2 filing with the U.S. Securities and Exchange Commission (SEC), the company reported that it acquired 4,048 BTC for $449.3 million, paying an average of $110,981 per coin.
The move lifts the strategy’s total Bitcoin balance to 636,505 BTC. This is earned at a total cost of $46.95 billion, or about $73,765 per coin. At current market prices, the stash is valued at $69.24 billion.
According to data from Bitcoin Treasuries, the company’s holdings are currently just over 3% of Bitcoin’s maximum supply, giving its strategy one of the largest corporate positions in assets.
After this purchase, the strategy announced that it had adjusted its dividend rate on STRC preferred stocks and increased its annual payments from 9% to 10%. The security, launched in July, is designed to provide variable interest income rather than accommodated.
“Reducing leverage”
The latest transactions were funded through a combination of common stock and preferred stock.
According to the filing, the strategy sold 1.24 million shares of Class A common stock for $425.3 million. The company raised a balance of $46.5 million through its preferred equity program, including STRK, STRF and STRD.
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This imbalance sparked criticism from shortseller James Chanos, who publicly wagered against the company.
Chanos argued that dependence on common stocks suggests that investors rely on the provision of preferences configured for income seekers and high-risk participants.
He wrote:
“MSTR continued to reduce leverage last week. 90% of the securities sold came from Common Equity ATM.”
Despite Chanos’ claims, the strategy has already raised $5.6 billion in 2025 through the initial public offering of these securities. In particular, IPOs account for 12% of the first US public announcement this year.
With this in mind, strategy proponents continue to argue that there is a great demand for these assets in the market.