Michael Saylor’s Strategy bought 3,273 Bitcoin for $255 million between April 20 and 26, bringing total holdings to 818,334 BTC.
Another piece of Strategy (MSTR) Executive Chairman Michael Saylor’s playbook looks to be taking shape after the company’s perpetual preferred share, Stretch (STRC), hit a record high of $100.10 with trading volume reaching 1 million shares.
The milestone is significant because it enables Strategy, the largest holder of bitcoin , to utilize its at-the-market (ATM) offering against STRC to buy more of the largest cryptocurrency. STRC, described by the company as a short-duration, high-yield credit instrument, currently offers an annualized 10.5% return, paid monthly in cash.
The ATM, established on July 31, had been on hold because the instrument was not trading at par. The company raised STRC’s dividend rate, initially at 9%, to help push the trading price toward the $100 par value. According to the latest 8-K filing, the company has $4.2 billion in available capacity for share issuance.
Strategy has already used ATM sales on its other three perpetual preferred products —STRK, STFR and STRD — as well as its common stock to fund bitcoin purchases.
MSTR common shares have fallen 15% this year to around $253. With the multiple to net asset value (mNAV) hovering near 1.3, Saylor’s ability to issue perpetual preferred stock successfully will be key to continuing the company’s bitcoin accumulation in a non-dilutive manner.
STRC is up 0.5% in pre-market trading at $100.50 per share, while MSTR is down 1%.
Michael Saylor has once again hinted that his company, Strategy (formerly MicroStrategy), may be preparing to buy more Bitcoin, even as corporate Bitcoin treasuries face mounting pressure from a sharp drop in net asset values (NAV).
In a Sunday post on X, Saylor shared a chart from the Saylor Bitcoin Tracker, showing Strategy’s cumulative Bitcoin (BTC) purchases. “The most important orange dot is always the next,” he also wrote.
The chart, tracking 82 separate purchase events, lists Strategy’s holdings at 640,250 BTC, worth around $69 billion at current prices, up 45.6% from its aggregate cost basis of $74,000 per coin.
The post has fueled speculation among traders that another Bitcoin purchase could be imminent. In the past, similar cryptic posts have preceded buying announcements from Strategy.
Related: Strategy added 220 BTC for $27.2M last week as Bitcoin posted new highs
Strategy leads global Bitcoin treasuries
According to data from BitcoinTreasuries.Net, Strategy remains the world’s dominant Bitcoin-holding corporation with 640,250 BTC. The firm’s holdings represent nearly 2.5% of Bitcoin’s total supply, surpassing the combined reserves of top 15 public miners and corporate treasuries.
In second place is MARA Holdings (Marathon Digital) with 53,250 BTC worth approximately $5.7 billion, followed by XXI (CEP) in third with 43,514 BTC valued at $4.7 billion. Japan’s Metaplanet (MTPLF) ranks fourth with 30,823 BTC, while the Bitcoin Standard Treasury Company (CEPO) rounds out the top five at 30,021 BTC.
The data also shows that several US-listed firms, including Riot Platforms, CleanSpark, Coinbase and Tesla, maintain smaller but still substantial Bitcoin positions. The top 15 public companies collectively hold over 900,000 BTC.
Related: Why Saylor’s Strategy keeps buying Bitcoin: The long-term bet, explained
Bitcoin treasury NAVs collapse
The post follows a turbulent year for corporate Bitcoin treasuries. In a recent report, 10x Research revealed that Bitcoin treasury firms have seen their NAVs collapse, wiping out billions in paper wealth.
Analysts said the boom in Bitcoin treasury companies, which issued shares at multiples of their actual BTC value, has “fully round-tripped,” leaving retail investors deep in losses while firms accumulated real Bitcoin.
On Tuesday, Metaplanet saw its enterprise value fall below the value of its Bitcoin holdings for the first time. The company’s market-to-Bitcoin NAV ratio dropped to 0.99, signaling that investors now value the firm at less than the worth of its underlying BTC reserves.
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Michael Saylor’s latest push to steady Bitcoin holders arrived as markets wobbled this week. A 15-second clip and a fresh corporate buy were timed closely, and both landed while investors were still digesting a sharp pullback that pushed Bitcoin near $102,000 before a rebound.
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Saylor Issues Viral Warning
According to a short cinematic video titled “Don’t Feed The [Bitcoin] Bears,” Saylor used a playful metaphor — “Ursus Bitcoinius, the Bitcoin Bear” — to urge holders not to reward bearish chatter.
Based on reports, Strategy, formerly MicroStrategy, also announced a purchase of 220 BTC for about $27.2 million. That move was presented as proof the company remains committed to its crypto holdings. Strategy’s total was reported at 640,250 BTC, valued at roughly $71.40 billion.
Don’t feed the ₿ears.pic.twitter.com/y57k5XGepj
— Michael Saylor (@saylor) October 15, 2025
Market Moves After Trade Shock
Markets had slipped earlier after renewed US-China trade tensions. The drop forced liquidations and rattled traders. Bitcoin later recovered to about $111,500, but fear lingered.
The broader crypto market cap held near $3.8 trillion. Ether traded past the $4,100, BNB at $1,180 and Solana above $190. Dogecoin outpaced many majors with a 5% gain on the day and a 20% rise for the week.
On-Chain Notes And Sentiment Readings
On-chain analysts said the pullback looked orderly. Based on reports from CryptoQuant, the sell-off was a controlled deleveraging rather than a panic exit.
Sentiment trackers offered mixed signals; the Fear & Greed index sat near 37, while some risk measures showed readings closer to 34.
“The bears seem to have had their fill,” FxPro’s Alex Kuptsikevich said. That comment reflected a view that downside pressure may be easing, but it did not mean risk had vanished.
Why The Video And Buy Matter
The combined message — public morale boost plus a buy — is designed to shore up confidence. Strategy’s purchases act as both an investment and a message to shareholders, who watch company holdings closely.
Reports show many traders now defend the $109,000–$110,000 range as a makeshift base that formed back in August.
Analyst Views And What To Watch Next
Traders and analysts are watching headlines tied to geopolitical tensions and any fresh liquidation data. If risk aversion grows again, prices could test lower ranges.
Conversely, steady buying and calmer macro news could support continued gains. Liquidity in futures markets and the pace of new inflows will be key variables.
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Public Signals
Saylor’s video won attention. So did the 220 BTC purchase. Both were public signals aimed at pushing sentiment away from fear.
The episode looked like a response to short-term turbulence rather than a definitive end to broader risks.
Investors will likely treat the actions as one piece of information among many as they decide whether to add or wait.
Featured image from Unsplash, chart from TradingView
