Strategy said its bitcoin holdings crossed 600,000 BTC

On July 14, 2025, Strategy disclosed in a U.S. Securities and Exchange Commission Form 8-K that it had bought 4,225 bitcoin for $472.5 million during July 7 through July 13. The company reported an average purchase price of $111,827 per bitcoin, including fees and expenses, and said the acquisition lifted its holdings to 601,550 BTC as of July 13.

That crossed a conspicuous threshold for the public company most closely identified with a bitcoin-treasury strategy. More important than the round number was the financing machinery behind it: Strategy was turning repeated sales of common and preferred stock into additional bitcoin exposure at a time when both crypto prices and U.S. policy attention were elevated.

A $472.5 million weekly purchase

The filing put Strategy’s aggregate acquisition cost at $42.87 billion and its average cost at $71,268 per bitcoin as of July 13, both inclusive of fees and expenses. Those are company-reported cost figures, not a mark-to-market valuation of the holdings on July 14.

Strategy said the 4,225 BTC purchase was funded with proceeds from four at-the-market programs covering MSTR common shares and its STRK, STRF and STRD perpetual preferred shares. During July 7 through July 13, the company reported selling 797,008 MSTR shares for $330.9 million in net proceeds; 573,976 STRK shares for $71.1 million; 444,005 STRF shares for $55.3 million; and 158,278 STRD shares for $15.0 million. The filing totaled those net proceeds at $472.3 million.

The $472.3 million financing total and $472.5 million bitcoin purchase figure are separately rounded disclosures. The filing does not provide transaction-by-transaction bitcoin executions or establish that each financing dollar can be matched to a particular purchase.

Why the milestone mattered

The disclosure showed how corporate bitcoin accumulation was becoming a capital-markets strategy rather than a one-time treasury allocation. Strategy could issue several securities with different dividend, seniority and conversion characteristics, then direct proceeds toward one volatile asset. That structure expanded its funding channels, but it also made analysis of the common stock more complex: bitcoin holdings sat alongside obligations and senior claims created by the financing instruments.

Crossing 600,000 BTC therefore did not mean MSTR shareholders directly owned a proportional, unencumbered slice of those coins. Nor did the $71,268 average purchase price measure the company’s liquidity, the realizable value of the holdings, or the return available to any security holder. The filing verified the acquisition and the reported inventory; it did not verify custody addresses, individual trade venues or execution timestamps.

A record-market and policy backdrop

The announcement landed as bitcoin was setting new U.S.-dollar highs. Reuters reported that bitcoin crossed $120,000 for the first time on July 14 and traded as high as roughly $123,000. Because bitcoin trades continuously across many venues, that report is market context rather than a universal official close; the syndicated account did not identify one exchange candle or a fixed daily cutoff for the high.

July 14 also opened the week that U.S. House leaders had branded “Crypto Week.” The House Financial Services Committee had said lawmakers would consider the CLARITY Act and other digital-asset bills during the week of July 14. Those scheduled proceedings did not themselves enact legislation on July 14, and the policy calendar cannot establish that it caused either Strategy’s purchases, which occurred over the preceding seven-day window, or bitcoin’s price move.

What the record supports

The strongest conclusion is narrow: by its July 14 SEC filing, Strategy reported that it had passed 600,000 BTC after a $472.5 million acquisition funded through equity and preferred-stock issuance. The numbers are authoritative corporate disclosures, but they remain aggregated, issuer-reported figures. Any claim about market impact, shareholder value or causation requires separate evidence.