'It's orange dot day': Michael Saylor's Strategy buys another 390 bitcoin for $43 million, bringing total holdings to 640,808 BTC

The world's largest bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 390 BTC for approximately $43.4 million at an average price of $111,117 per bitcoin between Oct. 20 and Oct. 26, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 640,808 BTC — worth around $74 billion — bought at an average price of $74,032 per bitcoin for a total cost of around $47.4 billion, including fees and expenses, per the filing.

To put that in perspective, the haul represents more than 3% of Bitcoin's total 21 million supply and implies around $26.6 billion of paper gains at current prices ($115,379).

The latest acquisitions were made using proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, perpetual Strife preferred stock, STRF, and perpetual Stride preferred stock, STRD. 

Strategy's STRK, STRC, STRF, and STRD perpetual preferred stock's respective $21 billion , $4.2 billion , $2.1 billion , and $4.2 billion ATM programs are in addition to the firm's "42/42" plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion , "21/21" plan after the equity side was depleted.

Last week, Strategy sold 191,404 STRK shares for approximately $17 million, with $20.35 billion worth of STRK shares remaining available for issuance and sale under that program. It sold 175,634 STRF shares for $19.4 million, with $1.67 billion remaining, and sold 87,462 STRD shares for $7 million, with $4.14 billion remaining. No shares of its Class A common stock, MSTR, or perpetual Stretch preferred stock, STRC, were sold last week, with $15.91 billion and $4.2 billion remaining under those ATM programs, respectively.

STRD is non‑convertible with a 10% non‑cumulative dividend and the highest risk‑reward profile. STRK is convertible with an 8% non‑cumulative dividend, allowing equity upside. STRF is non‑convertible with a 10% cumulative dividend, making it the most conservative. STRC is a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near par.

According to Bitcoin Treasuries data, there are now 190 public companies that have adopted some form of bitcoin acquisition model. MARA , Tether-backed Twenty One , Metaplanet , Adam Back and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company , make up the remainder of the top five, with 53,250 BTC, 43,514 BTC, 30,823 BTC, 30,021 BTC, respectively.

While the number of bitcoin treasury companies continues to increase, the value of many of the cohort's shares is down significantly from their summer peaks, with Strategy itself falling 37% , for example. The companies' market cap-to-net asset value ratios have subsequently sharply contracted, with Strategy's mNAV currently sitting at around 1.1.

In an interview earlier this year, the company's co-founder and executive chairman Michael Saylor said Strategy's capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still "suffer" in such a scenario.

'It's orange dot day'

Last Monday, Strategy announced it had purchased another 168 BTC for approximately $19 million at an average price of $112,051 per bitcoin — taking its total holdings to 640,418 BTC. 

Saylor again hinted at the latest acquisitions ahead of time, sharing an update on Strategy's bitcoin acquisition tracker on Sunday, stating, "It's orange dot day."

Strategy's stock closed up 1.5% on Friday at $289.08 and is currently up 4.1% in pre-market trading on Monday, according to The Block's Strategy price page . MSTR gained 3.5% last week overall, but remains negative to the tune of 3.7% year-to-date compared to bitcoin's 23.4% gain for 2025.