What happened?
Strategy, led by Michael Saylor, bought 390 BTC between October 20–26 for about $43.4 million, bringing its total Bitcoin holdings to 640,808 BTC. The recent purchases averaged roughly $111,000 per coin and push the company’s aggregate Bitcoin investment to about $47.44 billion at an average price of $74,032. Strategy funded the buys using proceeds from its At-The-Market equity programs, avoiding new debt.
Who does this affect?
Investors in Strategy and holders of its shares are affected because the company is using ATM share issuances to fund more Bitcoin purchases, which can dilute equity but increases BTC exposure. Bitcoin markets and other institutional investors feel the impact since Strategy now holds over 3% of circulating supply, tightening available supply. Retail traders and broader market participants also react to these moves and to the IRS guidance that reduces tax uncertainty for corporate Bitcoin holdings.
Why does this matter?
This matters because large-scale corporate accumulation cuts available supply and can put upward pressure on Bitcoin’s price, especially with the 2026 halving approaching. The company’s strategy of using equity instead of debt, combined with favorable IRS guidance, lowers barriers for more firms to add Bitcoin to their treasuries and could increase institutional demand. Overall, Saylor’s continued buying is a strong institutional signal that can shift market sentiment, influence volatility, and encourage similar corporate buying programs.