Strategy Grows Bitcoin Holdings: Can Its Treasury Scale Drive More Value?

Strategy Inc.'s MSTR Bitcoin treasury has continued to expand in 2026. As of Oct. 4, the company held 848,000 BTC, acquired for an aggregate of $63.97 billion at an average purchase price of $75,440.70 per coin. The latest purchase, disclosed Oct. 5, added 334 BTC for $28.7 million at an average price of $85,838.80 per Bitcoin.

The scale of the treasury has expanded considerably this year. Strategy ended 2025 with 672,500 BTC, meaning its holdings have increased more than 175,000 BTC, or about 26%, through Oct. 4. Earlier, the company reported that its Bitcoin holdings had grown 25% year to date by July 26.

Funding remains central to the model. By July 26, Strategy had raised $17.06 billion through at-the-market programs in 2026, while STRC issuances had raised $7.53 billion. Liquidity has also been built to meet financing obligations. As of Oct. 4, Strategy's USD Reserve stood at $4.88 billion, down from $5.02 billion on Sept. 27 after the company used reserve funds for preferred-stock dividends and interest payments.

The larger treasury has not guaranteed gains on a per-share basis. As of Oct. 4, Strategy reported a year-to-date BTC Yield of negative 3.7%, a BTC Gain of negative 24,963 and BTC dollar Gain of approximately negative $2.10 billion. These metrics indicate that Bitcoin per assumed share has declined, highlighting the importance of dilution and financing costs in Strategy's treasury model.