Strategy Funded a 3,081-Bitcoin Purchase With Stock Sales

Strategy Inc. disclosed on August 25, 2025 that it had acquired 3,081 bitcoin for $356.9 million between August 18 and August 24. The average purchase price was $115,829 per bitcoin, including fees and expenses. The transaction raised the company’s reported holdings to 632,457 BTC and showed how its growing menu of publicly traded securities was being converted into bitcoin.

The date matters. The purchases occurred over a seven-day window ending August 24, but the verifiable public event was Strategy’s August 25 Form 8-K. That filing, accepted by the Securities and Exchange Commission on August 25, supplied both the acquisition figures and the securities sales used to finance them.

A capital-markets machine funded the purchase

During the same August 18–24 window, Strategy said it sold 875,301 shares of MSTR common stock through an at-the-market program for $309.9 million in net proceeds. It also sold 210,100 shares of its 8% Series A Perpetual Strike preferred stock, or STRK, for $20.4 million net, and 237,336 shares of its 10% Series A Perpetual Strife preferred stock, or STRF, for $26.6 million net.

Those three rounded net-proceeds figures add to $356.9 million, exactly matching the reported aggregate bitcoin purchase price. The filing expressly identified the MSTR, STRK and STRF programs as the funding sources. Strategy separately reported selling 944 shares of its 10% Series A Perpetual Stride preferred, or STRD, for $0.1 million net, but it did not identify STRD proceeds as funding the bitcoin acquired.

The distinction illustrated Strategy’s model on that date. Common-stock issuance could dilute existing common shareholders, while perpetual preferred shares added dividend-bearing claims with different terms and market risks. In exchange, Strategy obtained capital without reporting a conventional maturity date for those preferred instruments and directed almost all of that week’s disclosed net issuance proceeds into bitcoin.

The treasury reached a new scale

As of August 24, Strategy reported 632,457 BTC acquired for an aggregate $46.50 billion, or an average $73,527 per bitcoin, including fees and expenses. Subtracting the new 3,081 BTC from the ending balance gives a prior balance of 629,376 BTC; the week’s purchase therefore increased the reported coin count by about 0.49%. That percentage is a Coinburn calculation, not a company metric.

The latest $115,829 average purchase price was about 57.5% above the company’s $73,527 all-in average cost. That comparison describes two acquisition-cost measures with different windows: one week versus the full accumulated treasury. It does not measure profit, fair value or the price at which Strategy could have sold the holdings.

The Block’s contemporaneous report described Strategy as the leading public corporate bitcoin holder. The important institutional point was not simply the additional 3,081 BTC. Strategy was demonstrating a repeatable financing channel in which common and multiple preferred securities could be sold in public markets and the proceeds redeployed into one volatile reserve asset.

What the filing did not establish

The 8-K verified shares sold, rounded net proceeds, acquisition cost and aggregate holdings. It did not disclose individual bitcoin trade times, venues, counterparties or transaction-level prices. It also did not prove that the issuance was accretive to any class of shareholder, quantify its effect on bitcoin’s market price, or establish the fair value of the treasury at a common timestamp.

Accordingly, the defensible August 25 conclusion was narrow but consequential: Strategy enlarged the largest disclosed public-company bitcoin treasury through a financing mix that extended beyond common equity. The structure expanded its capacity to keep buying, while transferring bitcoin-price, dilution and preferred-distribution risks into a more complex corporate capital stack.