Michael Saylor's $73B Bitcoin Bet Just Got Bigger -- And He's Not Done Yet

Strategy MSTR is ramping up its Bitcoin (BTC-USD) play once again. In its latest SEC filing, the company revealed it added 4,225 BTC last week for roughly $472 millionat an average price of $111,827 per coin. That pushes its total Bitcoin stash to 601,550 BTC, now valued at over $73 billion. That's roughly 2.8% of all Bitcoin that will ever exist. The company's stock has risen more than 3,300% since Saylor began buying Bitcoin in 2020, compared to Bitcoin's ~1,000% gain and the S&P 500's (SPY) ~115%.

What's funding this buying spree? Not common shares. Strategy is now issuing three types of preferred stock via its at-the-market offering. These instruments, which trade like stocks and pay dividends, brought in $472 million last week alonethe exact amount spent on BTC. It's a playbook shift, but one that aligns with Saylor's long-game thesis: convert yield-bearing capital into hard money. So far this year, Strategy has deployed over $7.24 billion into Bitcoin across 13 separate purchases, generating a year-to-date BTC yield of 20.2%.

With Bitcoin recently hitting a record $123,000 before settling at $121,696, the firm is likely staring down a multi-billion-dollar accounting gain for the quarter. A recent change in fair value accounting rules could significantly amplify the impact of these unrealized gains on Strategy's upcoming earnings. While the stock has already gone parabolic, the company's asset-heavy balance sheet, new financing model, and BTC accumulation strategy suggest the momentum could continueespecially if crypto markets remain strong into year-end.