Company filing revises the reported figures
Watcher.Guru said on Nov. 9 that Michael Saylor’s Strategy had bought 1,037 bitcoin worth approximately $77 million. The company’s regulatory disclosure provides a different account.
Strategy reported in a Form 8-K that it purchased 1,036 bitcoin between Nov. 2 and Nov. 8, 2026, for a total of $81.9 million. That places the average purchase price at approximately $79,054 per bitcoin, rather than the roughly $74,300 implied by the Watcher.Guru post.
The filing said Strategy funded the acquisition with net proceeds from sales of its MSTR stock. After the transaction, the company held 850,364 bitcoin at an average purchase price of $75,456 per coin, including fees and expenses.
The difference matters because Strategy’s bitcoin program is closely tied to its capital markets activity. The company does not simply use operating cash to build its reserve. It also sells securities to raise funds, giving investors exposure to bitcoin through Strategy’s equity and preferred instruments while allowing the company to expand its holdings.
The reported purchase occurred alongside other capital allocation activity. In a Nov. 9 post, Strategy said it had acquired 1,036 BTC and repurchased $188 million of STRC, a preferred security issued by the company. Strategy also said it held $4.9 billion in US dollar assets as of Nov. 8.
Bitcoin treasury strategy expands
The latest purchase follows an earlier acquisition disclosed for Nov. 2. Strategy’s Bitcoin Ledger lists an 811 BTC purchase on that date, which brought the company’s holdings to 849,327 BTC before the latest transaction. The ledger had not yet reflected the Nov. 9 purchase when accessed.
This sequence illustrates the operating model behind Strategy’s treasury strategy. The company periodically raises capital, allocates part of the proceeds to bitcoin, and manages its other securities and cash assets alongside the cryptocurrency reserve. Each transaction therefore affects not only the number of bitcoin held, but also the company’s financing structure and the claims that different investors have on its assets.
At 850,364 BTC, Strategy remains one of the largest corporate holders of bitcoin. Its purchases can also influence how public-market investors access the asset. Rather than buying bitcoin directly, shareholders can buy MSTR and other Strategy-linked securities, accepting the potential benefits and risks of a company whose balance sheet is heavily exposed to cryptocurrency prices.
The scale of the latest purchase is unlikely to change bitcoin’s global supply dynamics on its own. Its significance is cumulative. Repeated corporate buying supports the broader idea that bitcoin can function as a treasury reserve asset, not only as a trading instrument. At the same time, the financing required to pursue that strategy means investors must evaluate dilution, debt, preferred securities and bitcoin volatility together.
Financing draws criticism
BeInCrypto’s Lockridge Okoth took a critical view of the transaction’s structure. BeInCrypto reported that Strategy raised $283.8 million through MSTR sales, then used approximately $81.9 million for bitcoin purchases and $188.3 million for STRC buybacks.
Okoth argued that the bitcoin purchase price exceeded Strategy’s existing average cost and that MSTR shareholders absorbed dilution from the stock issuance. That criticism focuses on the tradeoff at the center of Strategy’s model: expanding the company’s bitcoin holdings may increase its potential upside, but the capital raising used to fund acquisitions can change the ownership position of existing shareholders.
No opposing analysis was identified among the supplied sources. Investors will likely focus on Strategy’s next disclosures for more detail on its financing mix, its preferred securities and whether the company continues buying bitcoin at prices above its aggregate cost basis. Those factors will help determine how the latest acquisition changes the risk and potential reward of Strategy’s long-running bitcoin treasury strategy.
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Read and checked by admin on 11/9/2026
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