As of September 28, 2025, Strategy Inc. has acquired 196 BTC for about $22.1 million, bringing its total Bitcoin holdings to 640,031 BTC. The average cost for this tranche was approximately $113,048 per coin, in a volatile week when BTC dropped below $110,000.
This latest purchase is relatively modest compared to earlier large buys the company has made over the years. Indeed, it ranks among the smaller weekly acquisitions in 2025. Before this, the company had, in some weeks, bought much larger volumes. To date, Strategy has spent around $47.35 billion cumulatively to amass this BTC stash, which gives it an average cost basis of about $73,983 per coin.
Strategy’s ATM program
Strategy is funding its BTC purchases via its at-the-market (ATM) equity and preferred stock issuance programs. In the recent week, the company sold Class A common shares and various preferred share tranches (e.g., STRF, STRD) under its ATM programs. As of September 28, the company still has billions of dollars’ worth of share issuances available under those programs.
Strategy acquired BTC just as its price fell below $110,000, so it could be looked at as buying the dip. However, this is a more conservative buy than earlier large-scale acquisitions, reflecting a slowing pace of accumulation.
Michael Saylor, Strategy’s cofounder, took to X to announce this purchase, saying, “Always ₿e Stacking,” reinforcing the view that they continue to add BTC even amid volatility. He has also expressed optimism that Bitcoin may resume upward momentum toward year-end as macro headwinds ease.