Based on reporting by Jamie Redman (Bitcoin.com News), Carrillo J.M. (Crypto Economy) and Shashwat Gupta (Altcoin Buzz).
Strategy, the corporate Bitcoin treasury led by Michael Saylor, has resumed its aggressive accumulation of the cryptocurrency, adding 811 BTC to its holdings in the week ending November 1. The purchase, valued at approximately $65.5 million, brings the company's total stash to 849,327 Bitcoin, a position that now represents roughly 4% of the asset's maximum supply. This move signals a return to normalcy for the firm, which had paused acquisitions the previous week, and occurs against a backdrop of significant market volatility following a massive security breach at Binance.
What happened
According to a Form 8-K filing with the U.S. Securities and Exchange Commission, Strategy purchased 811 BTC between October 26 and November 1 at an average price of $80,846 per coin. The company funded this acquisition through at-the-market sales of its Class A common stock. During the same period, Strategy sold 1,178,552 shares of MSTR stock, generating net proceeds of roughly $164 million. Of those funds, $65.5 million was directed toward Bitcoin, while the remaining $98.5 million was added to the company's USD Cash account.
The purchase follows a one-week pause in acquisitions. Executive Chairman Michael Saylor had hinted at a resumption by sharing the company’s Bitcoin acquisition tracker on social media. In a post confirming the transaction, Saylor noted that Strategy also repurchased $208 million of its STRC preferred stock during the period.
Why it matters
Strategy’s continued buying is significant because it demonstrates institutional confidence in Bitcoin despite recent market turbulence. The company is currently the largest publicly traded corporate holder of Bitcoin, with total holdings valued at approximately $64.1 billion. The average acquisition price for the entire portfolio is now about $75,451 per coin.
The timing of this purchase is notable because it coincides with the aftermath of a $6.3 billion hack at Binance, the world’s largest cryptocurrency exchange by volume. Binance has since resumed withdrawals after the breach, but the incident has caused significant outflows and volatility in the broader crypto market. Bitcoin ETFs recorded $643 million in net outflows on Friday, the largest daily withdrawal since June, as investors reacted to the security breach.
Analysts from StoneX and TD Cowen have argued that Strategy is better positioned to continue acquiring Bitcoin now than before, citing improved liquidity and stabilized preferred-stock financing. The company’s balance sheet remains robust, with combined USD assets standing at roughly $4.9 billion as of November 1. This includes a $4.79 billion USD Reserve and $132.7 million in USD Cash, which provides a buffer for future purchases and debt obligations.
Key financial updates
Beyond its Bitcoin holdings, Strategy made several other financial adjustments during the reporting period:
Preferred Stock Repurchases: The company spent $208.2 million to repurchase nearly 2.1 million shares of its STRC preferred stock. This amount was more than three times the amount spent on Bitcoin.
Dividends: Strategy paid $43.4 million in preferred stock dividends from its USD Reserve.
Earnings: The company reported net income of $19.5 billion for the third quarter, a significant increase from $2.79 billion in the same period last year. A $20.9 billion gain in the value of its Bitcoin holdings drove this surge.
Leadership Change: CFO Andrew Kang is set to step down this week, with COO Reza Virasteh expected to assume the role in January.
What happens next
Investors will be watching to see if Strategy continues its weekly buying streak. The company has a history of using equity offerings to fund its Bitcoin treasury, and its current cash reserves suggest it has the capacity to do so. However, the broader market remains sensitive to security risks in the crypto sector. The FBI has identified North Korea as the principal perpetrator of the Binance hack, with the stolen $1.4 billion in Bitcoin remaining untouched across 19 wallets. This ongoing investigation adds a layer of uncertainty to the digital asset landscape.
For now, Bitcoin is trading around $77,000, having recovered from a low of $76,326 on October 30. Analysts suggest that holding above the $75,000 level is crucial for maintaining the current upward trend. As Strategy continues to adjust its balance sheet, the interplay between its Bitcoin accumulation and its preferred stock operations will remain a key factor for shareholders and market observers alike.
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