Strategy's Bitcoin Stash Hits 629,376 BTC—More Than Tesla, Coinbase, Marathon Digital Combined

by Murtuza J Merchant Benzinga Staff Writer

Zinger Key Points

Strategy’s holdings now represent more than 3% of Bitcoin’s circulating supply, underscoring its outsized influence among corporate holders.
The company continues to link equity issuance strategy to its mNAV metric, balancing debt servicing, dividends, and Bitcoin acquisition.
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Strategy Inc. MSTR has added 430 Bitcoin BTC/USD to its corporate treasury for approximately $51.4 million at an average price of $119,666 per Bitcoin, according to its Aug.18 SEC filing.

The company now holds 629,376 BTC acquired at an aggregate purchase price of $46.15 billion, translating to an average cost of $73,320 per Bitcoin.

Year-to-date, Strategy's Bitcoin yield stands at 25.1%.

The purchase was funded through proceeds from its at-the-market preferred stock programs, reflecting the company's continued approach of leveraging capital markets to expand its Bitcoin position.

Strategy's treasury update underscores its role as the world's largest corporate holder of Bitcoin, far surpassing other publicly listed firms.

For comparison, Tesla TSLA reported holding roughly 11,509 BTC valued at $1.32 billion.

Coinbase COIN, the largest U.S. cryptocurrency exchange, owns 11,776 Bitcoin, 0.056% of the global supply.

Marathon Digital Holdings MARA, one of the biggest Bitcoin miners, holds 50,000 Bitcoin, 0.238% of all Bitcoin in existence.

Also Read: BitMine’s Crypto Holdings Surpass 1.52 Million ETH To Become Second-Biggest Crypto Treasury

While other firms maintain positions measured in the thousands, Strategy's accumulation of more than 629,000 BTC highlights the scale of its conviction.

The company's strategy has increasingly tied its equity performance to Bitcoin's price action, a linkage it acknowledges through its disclosed "mNAV" (market-adjusted net asset value) guidance framework.

Strategy said it would continue tactically issuing common stock when its mNAV is below 2.5x to service debt and dividends, while opportunistically or actively issuing equity to acquire Bitcoin when its mNAV is higher.

This flexible policy allows management to balance capital markets activity with its Bitcoin acquisition objectives.

As of the Aug. 17 cut-off date, Strategy's holdings amount to over 3% of Bitcoin's total circulating supply, reinforcing its role as a key institutional force in the market.

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