Strategy disclosed $427.1 million bitcoin purchase as holdings reached 580,250 BTC

Strategy announced on May 26, 2025 that it had acquired 4,020 bitcoin for approximately $427.1 million, taking its reported holdings to 580,250 BTC. The purchases occurred from May 19 through May 25 at an average price of $106,237 per bitcoin, including fees and expenses.

The development mattered because the acquisition was not financed principally from operating cash disclosed in the announcement. Strategy said it used proceeds from three at-the-market, or ATM, securities programs, extending the mechanism through which a publicly traded company converted investor capital into a concentrated bitcoin treasury.

As of May 25, Strategy reported an aggregate acquisition cost of approximately $40.61 billion for its 580,250 BTC, equal to an average of $69,979 per bitcoin. Those figures represented historical purchase costs inclusive of fees and expenses—not an event-day market valuation, liquidation value or estimate of shareholder returns.

Three securities funded one bitcoin purchase

During the May 19–25 reporting window, Strategy said it sold 847,000 shares of MSTR Class A common stock for $348.7 million in net proceeds after sales commissions. It also sold 678,970 shares of its 8% Series A Perpetual Strike preferred stock, traded as STRK, for $67.9 million and 104,423 shares of its 10% Series A Perpetual Strife preferred stock, traded as STRF, for $10.4 million.

The three disclosed proceeds figures totaled $427.0 million. Strategy reported a $427.1 million aggregate bitcoin purchase price. The $100,000 difference is explainable by the company’s presentation of both values in rounded millions; the available records do not provide enough precision to reconcile it further.

The financing mix was institutionally significant. Common shares and perpetual preferred shares carry different economic rights, dividend terms and positions in the capital structure. None represented direct ownership of bitcoin. Instead, their sale supplied capital to a company whose balance sheet had become increasingly sensitive to bitcoin’s price and whose shareholders also remained exposed to issuance, corporate liabilities and operating performance.

An announcement while Nasdaq was closed

May 26, 2025 was Memorial Day, and Nasdaq’s published holiday schedule listed the market as closed. MSTR, STRK and STRF therefore had no regular Nasdaq trading session in which to register an event-day reaction to the announcement.

Bitcoin continued trading across global venues, but the company did not disclose execution timestamps, venues, counterparties, individual fills or custody addresses. The reported $106,237 average covered seven calendar days and cannot be compared responsibly with one quotation from May 26 to infer trading skill, immediate profit or market impact. The filing and announcement establish the acquisition; they do not establish that Strategy caused any contemporaneous bitcoin price movement.

What the event-day record established

Strategy’s May 26 release directly established the purchase quantity, aggregate and average prices, funding programs, security-sale proceeds and total reported holdings. It also said that $18.63 billion of MSTR shares, $20.72 billion of STRK shares and $2.09 billion of STRF shares remained available for issuance and sale under the respective ATM programs as of May 25. Those capacities indicated financing room, not a commitment or forecast that every authorized security would be sold or that the proceeds would all purchase bitcoin.

Next-day filing confirmation

A Form 8-K signed on May 27, 2025 incorporated the May 26 release as an exhibit and identified May 26 as the earliest event reported. That next-day filing strengthens the documentary record but does not change what was knowable from the company announcement on May 26. Neither record independently attested to wallet ownership, absence of liens, future financing activity or subsequent investment performance.