Strategy Funded a $739.8 Million Bitcoin Buy With Four Stock Programs

Strategy disclosed on July 21, 2025 that it had acquired 6,220 bitcoin for approximately $739.8 million during the period from July 14 through July 20. The purchase, including fees and expenses, carried an average price of $118,940 per bitcoin and raised the company’s total holdings to 607,770 BTC.

The acquisition mattered because Strategy was no longer financing its Bitcoin program with common stock or convertible debt alone. Its SEC filing connected the purchase to four separate at-the-market programs covering its Nasdaq-listed MSTR common shares and three series of perpetual preferred stock: STRK, STRF and STRD. That structure turned demand for several corporate securities into additional balance-sheet exposure to Bitcoin.

The filing established what Strategy reported buying and how it said the acquisition was funded. It did not identify sellers, execution venues, transaction times, custodial addresses or the market impact of the orders.

Four stock programs supplied the capital

Between July 14 and July 20, Strategy sold 1,636,373 MSTR shares for $736.4 million in net proceeds. It also reported net proceeds of $0.7 million from 5,441 STRK shares, $0.2 million from 2,000 STRF shares and $3.0 million from 31,282 STRD shares.

Those amounts totaled $740.3 million, according to the company’s table. Strategy attributed the 6,220-BTC purchase to proceeds from all four programs. The reported purchase cost was $739.8 million, leaving a $0.5 million difference between the rounded financing and acquisition totals. The public filing did not allocate particular bitcoin purchases to particular share sales or reconcile that rounding difference further.

The mix is institutionally important. Common-stock issuance expands the number of ordinary shares, while the three preferred series carry their own dividend and contractual terms. Bitcoin exposure therefore sat alongside dilution, dividend obligations and continuing capital-market access. The filing documented financing capacity, not a guarantee that Strategy could issue every remaining authorized dollar on equivalent terms.

A holding approaching 3% of Bitcoin’s limit

Strategy reported an aggregate acquisition cost of $43.61 billion for its 607,770 BTC, including fees and expenses, and an average cost of $71,756 per bitcoin as of July 20.

Dividing 607,770 by Bitcoin’s 21 million maximum supply produces approximately 2.89%. That is a Coinburn calculation intended to show scale. It is not Strategy’s share of circulating or liquid supply: some bitcoin had not yet been mined, while other units could be lost, locked or unavailable for sale.

The reported $118,940 average for the latest purchase was about 65.7% above the company’s $71,756 aggregate average, another Coinburn calculation from the filing. That comparison shows how much higher the latest acquisition level was than Strategy’s accumulated historical basis; it does not measure a profit, because no event-day valuation of the entire holding is used here.

The event-day market context

CoinShares’ July 21 report, using weekly data available through July 19, estimated that global digital-asset investment products attracted a record $4.39 billion. Bitcoin products accounted for $2.2 billion, while Ethereum products drew a record $2.12 billion. CoinShares measured investment-product flows across a broader international universe, not Strategy’s direct corporate purchases, so those figures cannot be added to the company’s acquisition.

Together, the records showed two institutional routes into digital assets operating at unusual scale: regulated investment products collecting investor capital and a public company selling multiple classes of securities to acquire bitcoin directly.

The narrow event-day conclusion is that Strategy reported converting approximately $740 million of common and preferred stock proceeds into 6,220 BTC. The filing did not prove that the acquisition moved Bitcoin’s price, reveal whether execution occurred on exchanges or through private liquidity, or establish how future financing costs would compare with changes in the value of the company’s holdings.