Michael Saylor goes around again. In a choppy crypto market, his company Strategy Inc., formerly MicroStrategy, continues to pile on bitcoins. The stock of his company is swaying, the markets are doubtful, but he, imperturbable, moves forward. Conviction or stubbornness? For Saylor, bitcoin is not a simple accounting line, but a bastion against monetary erosion. And even in the heart of the storm, it continues to accumulate.
In brief
- Strategy purchased 487 BTC for $49.9 million between November 3 and 9.
- The average purchase price is $102,557, bringing the holdings to 641,692 BTC.
- The financing was done via preferential shares, avoiding any dilution of traditional shareholders.
- Despite MSTR stock falling, Strategy has a BTC return of 26.1% this year.
An accumulation tactic without dilution
Between November 3 and 9, 2025, Strategy, after a massive accumulation announcement, purchased 487 BTC for $49.9 million, at an average price of $102,557 per unit. This new purchase brings its total stock to 641,692 BTC, a treasure trove worth over $67 billion.
But where many would raise funds by issuing classic securities, Strategy prefers preferred shares: STRF, STRK, STRC, STRD. This helps avoid dilution of historical shareholders. At the same time, the battered MSTR share gained 3.2% in pre-opening after this announcement.
Michael Saylor, in a concise but revealing tweet, confirmed:
Strategy acquired 487 BTC for approximately $49.9 million, at an average price of $102,557 per bitcoin, and has returned 26.1% on BTC since the start of 2025.
Bitcoin as a standard, crypto as a course
Saylor has never hidden his project: to make bitcoin a global digital property, a store of value for an inflationary 21st century. And he repeats it to anyone who will listen. Not just on Twitter. In each Strategy report, accumulation is assumed.
But this vision is anchored in a transforming crypto landscape. Ethereum, Solana, even the DeFi sector are being scrutinized. However, Strategy remains loyal to BTC. Priced around $106,000, it continues its trenching strategy, accumulating through volatility.
What sets Strategy apart is its consistency. Even when the market doubts, it buys. Even when MSTR loses 60% for the year, it injects. The message is clear: conviction above all.
Macro vision, weak signals and return from institutions
Several analysts share this view of bitcoin, even if it is less radical. Forecasts are adjusting upwards, driven by signs of monetary easing and capital inflows into crypto ETFs. The macro framework gives some breathing room to the digital market.
Bitget analyst Ryan Lee sums up the trend:
We remain largely bullish on bitcoin, regardless of current market conditions, due to a global shift to looser monetary policy, increased on-chain stablecoin flows, and growing demand for assets that serve as a hedge against inflation and geopolitical risks.
This type of analysis reinforces players like Strategy. Even old critics are beginning to change their tune. Former short seller Jim Chanos, who has been criticizing MSTR for months, recently closed his short position.
What Strategy is accumulating, in numbers
- BTC price (at time of writing): $106,156;
- Recent purchase: 487 BTC for $49.9M;
- Total BTC stock: 641,692 BTC;
- Average cost per BTC: $74,079;
- Announced YTD yield: 26.1%.
In parallel with this crypto activism, some institutional analysts are taking an opposite direction. Despite the rise of bitcoin, they are moving away from BTC and ETH, judging their performance to be insufficient. A disenchantment which contrasts violently with Saylor's enthusiasm.
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