Strategy Buys $835 Million in Bitcoin in Largest Purchase for Over Four Months
On November 17, 2025, Strategy made its largest Bitcoin purchase in over four months, spending $835 million to acquire more Bitcoin. This brought the company's total holdings to about 650,000 BTC, valued at roughly $61 billion at the time.
Bitcoin traded near $94,000 during the purchase, down about 11% over the prior week according to CoinGecko. The acquisition was supported by the debut of Strategy's euro-denominated preferred shares in Luxembourg under the ticker STRE, which generated net proceeds to fund the purchase. Earlier this year, Strategy also sold about $136 million of preferred shares to support its activities.
Despite concerns from analysts regarding dilution, Strategy continued buying Bitcoin, with CEO Michael Saylor noting that the firm bought Bitcoin every day that week. The company's stock price fell 1.5% to just below $197, and was down about 31% over the past month.
Strategy has issued billions in debt to fund its Bitcoin purchases, with bonds maturing no earlier than 2028, which reduces the likelihood of forced sales to meet obligations. The preferred shares do not provide a legal right to dividends; the company has an annual dividend obligation of $735 million, which appears manageable given current conditions. Strategy's market capitalization is near $56.7 billion, trading at about 0.93 times net asset value (NAV), indicating a discount to its Bitcoin holdings.
