Quick Read
- Strategy acquired 1,955 Bitcoin worth $217.4 million between September 2-7, 2025.
- The company now holds 638,460 BTC, making it the largest corporate Bitcoin holder.
- Despite meeting criteria, Strategy was excluded from the S&P 500 index.
- The purchase was funded through equity sales, including $200.5 million from MSTR stock.
- Strategy’s Bitcoin holdings have delivered a 25.8% return year-to-date in 2025.
Strategy, formerly known as MicroStrategy, made headlines once again with its recent acquisition of 1,955 Bitcoin worth $217.4 million. The purchase, conducted between September 2 and September 7, 2025, at an average price of $111,196 per Bitcoin, underscores the company’s unwavering commitment to its Bitcoin accumulation strategy. As of September 7, Strategy’s total Bitcoin holdings stand at a staggering 638,460 BTC, valued at over $71 billion at current market prices. This move, however, comes on the heels of the company’s exclusion from the S&P 500 index, a decision that has sparked discussions across financial and cryptocurrency circles.
Expanding Bitcoin Holdings Amidst Market Volatility
The latest acquisition marks Strategy’s sixth consecutive weekly Bitcoin purchase, further cementing its status as the largest corporate holder of the cryptocurrency. According to CryptoRank, the firm now controls approximately 3% of Bitcoin’s total supply. This aggressive accumulation strategy has been funded through equity sales, including $200.5 million raised from the issuance of 591,606 shares of MSTR stock, as well as proceeds from its at-the-market equity programs, Strife (STRF) and Strike (STRK).
Michael Saylor, Strategy’s co-founder and chairman, has consistently championed Bitcoin as “digital property.” In a social media post on September 8, he hinted at the company’s latest move, sharing a snapshot of their Bitcoin portfolio tracker. Saylor’s long-term vision for Bitcoin as a hedge against inflation and a transformative asset for corporate treasuries continues to drive the firm’s strategy, even as it navigates market volatility and institutional skepticism.
S&P 500 Exclusion Sparks Debate
Despite meeting all technical criteria for inclusion, Strategy was notably absent from the latest S&P 500 additions, announced earlier this month. Instead, Robinhood, AppLovin, and Emcor Group were selected, with changes set to take effect on September 22. According to Parameter, analysts attribute this exclusion to the unique nature of Strategy’s business model, which resembles an ETF or closed-end fund rather than a traditional operating company. This distinction, coupled with the firm’s earnings volatility—largely driven by Bitcoin price fluctuations—poses a challenge for its inclusion in major stock indices.
The company’s Q2 earnings report highlighted this volatility, with $14 billion of its $14.03 billion earnings stemming from unrealized Bitcoin gains. Benchmark analyst Mark Palmer suggested that the S&P committee may be waiting for more consistent earnings before reconsidering Strategy’s inclusion. Nevertheless, the exclusion has not deterred the company from its Bitcoin-focused mission, as evidenced by its continued investments.
Corporate Bitcoin Adoption: A New Paradigm
Strategy’s relentless Bitcoin purchases signal a broader shift in corporate attitudes toward cryptocurrency. By holding 638,460 BTC at an average acquisition cost of $73,880 per coin, the company has effectively positioned itself as a major player in the Bitcoin ecosystem. According to BTC Times, the firm’s holdings have delivered a year-to-date return of 25.8% in 2025, significantly outperforming traditional asset classes.
Interestingly, Strategy’s latest acquisition coincided with a broader trend of corporate treasuries capturing a dominant share of newly mined Bitcoin. Alongside Tokyo-listed Metaplanet, Strategy accounted for 66% of all Bitcoin mined during the first week of September. This trend highlights the growing role of institutional players in shaping Bitcoin’s supply-demand dynamics.
Looking Ahead: Challenges and Opportunities
While Strategy’s Bitcoin strategy has yielded impressive returns, it also comes with risks. The company’s reliance on equity sales to fund its purchases has raised concerns about shareholder dilution, particularly as MSTR stock has faced downward pressure. As of September 8, the stock was trading at $327, down from $335 the previous week.
Moreover, the firm’s exclusion from the S&P 500 underscores the challenges of integrating a Bitcoin-centric business model into traditional financial frameworks. However, Michael Saylor remains optimistic about the long-term prospects of both Bitcoin and Strategy. Speaking to CNBC, he described the company’s approach as a “novel concept” and emphasized the transformative potential of Bitcoin for corporate treasuries.
As Strategy continues to push the boundaries of corporate Bitcoin adoption, its journey serves as both a case study and a catalyst for broader discussions about the intersection of traditional finance and cryptocurrency. Whether or not it secures a place in the S&P 500, the company’s bold strategy is undoubtedly reshaping the landscape of institutional investment in digital assets.