Saylor’s Strategy Keeps Buying Bitcoin, Adds 397 BTC
Strategy Inc. (formerly MicroStrategy)—adds another 397 BTC worth $45.6 million, reaffirming Michael Saylor’s relentless Bitcoin accumulation strategy.
Saylor Doubles Down on Bitcoin as Prices Near Record Highs
Billionaire executive chairman Michael Saylor continues to steer his company, Strategy Inc., deeper into Bitcoin territory. According to a company filing dated November 3, the firm acquired 397 BTC between October 27 and November 2 for $45.6 million in cash, paying an average price of $114,771 per coin.
The new acquisition lifts Strategy’s total Bitcoin holdings to 641,205 BTC, accumulated at an average purchase price of $74,057 per coin, representing a combined investment of $47.49 billion. At Bitcoin’s current market price, this stash is valued at roughly $69 billion, underscoring Strategy’s position as the largest corporate Bitcoin holder in the world—ahead of all other public companies and even most sovereign treasuries.
Continuous Accumulation Through Equity Programs
The filing revealed that Strategy funded the latest purchase through its active at-the-market (ATM) equity programs, a financing mechanism that allows the company to issue shares directly into the open market. During the same period, the firm raised approximately $69.5 million in net proceeds from several preferred- and common-stock issuances.
According to the filing:
- $8.4 million was raised from the sale of STRF shares
- $4.4 million from STRK shares
- $2.3 million from STRD shares
- $54.4 million from MSTR common stock
All proceeds were channeled directly into Bitcoin purchases, a reflection of Saylor’s conviction that the cryptocurrency is a superior store of value compared to cash or bonds. The company also retains more than $46 billion in available capacity under its ATM programs, ensuring it can continue raising capital for further accumulation.
The Philosophy Behind the Strategy
Since 2020, when Strategy adopted Bitcoin as its primary treasury reserve asset, the firm has pursued an unwavering accumulation strategy. Saylor has long argued that Bitcoin functions as “digital gold”—a decentralized, appreciating monetary network that protects wealth across time.
“Our expectation right now is that by the end of the year, it should be about $150,000, and that’s the consensus of the equity analysts who cover our company and the Bitcoin industry,” Saylor said in an interview with CNBC at the Money 20/20 conference in Las Vegas.
While Saylor’s predictions have often drawn skepticism—especially during bear markets—his long-term view has so far produced substantial unrealized gains during market rallies. The consistent buying, regardless of volatility, has cemented his reputation as one of Bitcoin’s most committed advocates among corporate leaders.
Broader Context: Corporate Bitcoin Adoption Grows
According to data from BitcoinTreasuries on November 3, there are 353 entities globally holding Bitcoin, including 207 publicly listed companies. Strategy remains the undisputed leader, followed by MARA Holdings, which currently owns 53,250 BTC.
Corporate adoption of Bitcoin continues to expand beyond the tech and finance sectors. On October 31, American diner chain Steak ‘n Shake announced the launch of a Bitcoin treasury, joining companies like Strategy and Tesla in holding BTC as part of their financial strategy rather than converting it immediately to cash. The move signals growing confidence among traditional U.S. businesses in Bitcoin’s role as a long-term asset.
Regulatory Winds Turn Favorable
Saylor’s bullish outlook is supported by what he views as a regulatory turning point in the United States. At the Money 20/20 event, he highlighted several policy developments that, in his view, strengthen Bitcoin’s long-term prospects. These include:
- The U.S. Securities and Exchange Commission’s evolving stance on tokenized securities
- Treasury Secretary Scott Bessent’s endorsement of stablecoins as a tool to preserve dollar dominance
- A broader regulatory pivot toward clarity and legitimacy for digital assets
Saylor characterized 2025 as potentially “the best 12 months in the history of the industry,” arguing that regulatory acceptance and technological maturity are converging to create optimal conditions for Bitcoin’s next growth phase.
A Relentless Accumulation Strategy
Despite the scale of its holdings, Strategy shows no signs of slowing its buying spree. The company has maintained a systematic pattern of Bitcoin acquisitions, making regular purchases every few weeks regardless of market conditions. Saylor has emphasized that every dollar raised will ultimately be converted into Bitcoin.
This disciplined approach, though unconventional, has transformed Strategy into a proxy for Bitcoin exposure among institutional investors. The company’s stock (trading under the ticker MSTR) often moves in close correlation with Bitcoin’s price—rising during bull markets and contracting during downturns.
By converting capital markets liquidity into digital assets, Saylor has created a hybrid financial model: part software company, part Bitcoin holding vehicle. This model has inspired both admiration and criticism within the corporate world but has undeniably positioned Strategy as a trailblazer in corporate Bitcoin adoption.
Final Outlook
With over $46 billion in ATM program capacity and Bitcoin hovering near historical highs, Strategy’s ability to maintain a consistent acquisition pace appears secure. For Saylor, Bitcoin remains not just an investment but a long-term monetary revolution—one he’s determined to lead from the front.
As traditional companies like Steak ‘n Shake begin to experiment with similar strategies, Strategy’s relentless accumulation may ultimately be remembered as the blueprint for corporate Bitcoin adoption in the digital age.
