This addon continues the company's plan to tactically improve its financial position during liquidity windows.
After the transaction was completed, as of August 17, 2025, the total holding stood at 629,376 BTC. Management also stated that the BTC yield from the beginning of 2025 to date is 25.1%, indicating how balance sheet exposure contributed to performance during this year's rebound.
Cost basis and bet size.
This update brings Strategy's total Bitcoin cost to $46.15 billion, equating to an average purchase price of $73,320 per token over the plan's lifecycle.
Based on this historical cost basis, the latest batch—purchased for nearly $120,000—indicates the company continues to accumulate at higher market levels while maintaining its long-term argument.
The company's approach remains straightforward: expand core holdings when funds are available and market conditions allow, expecting Bitcoin's multi-cycle appreciation to exceed recent price fluctuations.
ATM Playbook: Issue triggers below 2.5 times mNAV.
In addition to the Treasury update, Strategy has also refined its guidance on how to utilize its general ATM equity plan. When mNAV (definition found on Strategy.com) falls below 2.5×, the company may tactically issue MSTR stock to the following parties:
Paying debt interest.
Fund preferred stock dividends.
"Deploy capital when deemed favorable for the company."
This formalizes how stock issuance fits into the company's balance sheet toolkit. In practice, it provides management with a rules-based trigger to raise cash when market conditions pressure multiples, thereby preserving liquidity for debt repayment and opportunistic fiscal actions.
Saylor updates MSTR equity guidance to enhance capital flexibility.
Strategy launched updated MSTR Equity ATM guidance, providing investors with clearer insight into how management will approach capital allocation.
The latest acquisition scale from Strategy is modest but consistent with its long-standing argument: using corporate financing leverage—debt, equity, and cash flow—to compound large, low-cost Bitcoin positions.
With a clear ATM framework and transparent disclosure cadence, the company indicates it will continue to selectively increase while managing obligations and market cycles.
Last week, Saylor explained on X (formerly known as Twitter) why MSTR's stock trades above the net asset value (NAV) of Bitcoin.
In his post, Saylor attributed this advantage to four key factors: credit amplification, options advantage, passive liquidity, and superior institutional access—equity and credit instruments have advantages over commodity assets like Bitcoin.
