Strategy buys 6,220 bitcoin for $739.8 million, raising total holdings to 607,770 BTC as buying streak continues

Bitcion treasury titan Strategy said it bought 6,220 Bitcoin for $739.8 million in cash at an average price of $118,940 per coin between July 14 and July 20, extending its weekly accumulation campaign as the largest publicly listed buyer of crypto’s leading asset by market capitalization.

The latest purchase, disclosed in a Form 8‑K filing with the U.S. Securities and Exchange Commission, pushes Strategy’s holdings to 607,770 BTC acquired for about $43.61 billion in total for an average price of $71,756, and implies paper gains of around $28.1 billion as of July 21.

Strategy last tapped capital markets when it disclosed the purchase of 4,225 BTC for $472.5 million on July 14, mainly funded with proceeds from the company’s February convertible‑note sale and surplus operating cash. Monday’s filing said the latest acquisition was financed in part with at‑the‑market (ATM) sales of Strategy’s Class A common stock (MSTR) and three series of perpetual preferred shares.

The company sold 1,636,373 MSTR shares for about $736.4 million, while $17.04 billion of outstanding capacity remains under the $21 billion common‑stock ATM program as of July 20. It sold 5,441 STRK shares for roughly $0.7 million and 2,000 STRF shares for $0.2 million. Strategy also offloaded 31,282 STRD shares for $3.0 million in proceeds, with about $4.18 billion still available under the $4.2 billion shelf filed earlier this month.

STRD carries the highest coupon but offers no conversion upside. STRK balances yield with potential equity accretion, while STRF provides investors the most conservative option via cumulative dividends.

The ATM arsenal complements Strategy’s two supersized preferred-stock programs — $21 billion for STRK and $2.1 billion for STRF — and its “42/42” capital plan, which targets $84 billion in combined equity offerings and convertible notes for Bitcoin purchases through 2027.

Competing with TradFi bluechips

Last week, the company’s Bitcoin trove was worth roughly $71 billion, a sum that would place it in the top 10 largest cash-and-cash-equivalent piles held by S&P 500 companies, according to Strategy’s internal analysis shared by executive chairman Michael Saylor.

A bar chart the company released last week shows its BTC hoard would place ninth if stacked against the cash-and-cash-equivalent positions of blue-chip giants such as Berkshire Hathaway, Amazon, and Alphabet, just behind General Motors’ $89 billion and ahead of ExxonMobil’s $67 billion. The data illustrates how a once‑niche crypto bet has grown to match or exceed the liquidity cushions of blue‑chip industrial and energy firms.

Strategy's Bitcoin holdings rank 9th vs S&P 500 companies. Images: Strategy

Saylor has long argued that Bitcoin represents “digital property” and a superior store of value compared with cash or Treasurys. Strategy has announced BTC buys nearly every Monday, funding the aggressive roadmap with operating cash, at-the-market share sales, and, on occasion, convertible note offerings.

Bitcoin treasuries

Corporate bitcoin treasuries have grown in number, as Strategy’s accounting maneuver has inspired a handful of public companies to adopt similar balance‑sheet plays. About 141 corporations boast a form of BTC treasury, including names like MARA, Twenty One, Riot platform, and Metaplanet, according to The Block’s data dashboard.

Still, Strategy’s stash dwarfs all peers, accounting for just under 3% of Bitcoin’s 21 million total supply.

TD Cowen analysts raised their Strategy price target to $680, up from $590 per share. The upside revision bets that the firm will benefit from future BTC price increases as the investment bank expects Bitcoin to reach $155,000 by December 2025.

Bitcoin changed hands at about $118,670, roughly flat on the session, The Block’s price page shows. Strategy shares edged up almost 2% to trade at $429 in pre-market hours following its BTC acquisition filing.