Strategy Buys 8,178 BTC, Remains in S&P 500 Contention Despite Market Pressures

Strategy, the Bitcoin-heavy business intelligence firm led by Michael Saylor, this week has confirmed the purchase of 8,178 BTC for approximately $835.6 million, marking its largest single acquisition since July. The firm made the purchase between 10 and 16 November at an average price of $102,171 per coin.

This latest addition brings Strategy’s total holdings to 649,870 BTC, acquired at a cumulative cost of $48.37 billion, with an average purchase price of $74,433 per coin. At current prices, these holdings are worth more than $60 billion.

To fund the buy, the firm avoided issuing new common stock, which would dilute shareholder value, and instead raised capital through preferred shares. iincluding a new euro-denominated class (STRE) that secured roughly $715 million from European investors.

An additional $131 million was raised through other preferred stock offerings. These moves form part of Strategy’s broader $84 billion capital-raising programme, intended to run through 2027 and sustain its long-term Bitcoin acquisition strategy.

The purchase came amid volatile conditions in both Bitcoin and equity markets. Strategy’s share price has dropped nearly 56% over the past four months, falling as low as $195 before rebounding to around $211. Despite this, analysts such as those at Bernstein argue that the company’s financial structure is robust enough to withstand prolonged downturns, even a 90% drop in Bitcoin's price.

Addressing online rumours that the firm had sold 47,000 BTC, Saylor categorically denied them, stating, “There is no truth to this rumour,” and reaffirmed on CNBC, “We’re buying quite a lot, actually.”

Meanwhile, Matrixport reiterated its outlook that MicroStrategy remains a viable candidate for S&P 500 inclusion at the December rebalance. Though it was overlooked in the last round, analysts now estimate a 70% chance of entry. Critics like Peter Schiff remain unconvinced, calling the firm’s model “fraudulent” and warning of risks if Bitcoin drops sharply.

Nonetheless, Saylor continues to urge investors to “zoom out,” emphasising the long-term nature of MicroStrategy’s Bitcoin strategy.