“Buy All Peaks” Strategy Continues: MicroStrategy Raises Bitcoin Holdings to Over 600,000 BTC in $472 Million Deal
Despite near-all-time highs, MicroStrategy continues to pursue its “relentless Bitcoin accumulation” strategy by spending $472.5 million to buy an additional 4,225 BTC in the second week of July 2025. With this new transaction, the company’s total Bitcoin holdings have surpassed 601,550 BTC, equivalent to more than 2.8% of the digital asset’s maximum supply.
Buying the Peak Not with Profits, but with Equity
Instead of relying on profits from holdings, MicroStrategy continues to use its strategy of raising capital through the stock market to finance additional Bitcoin purchases. In the latest tranche, the company issued a total of 797,008 MSTR shares along with STRK, STRF, and STRD preferred shares, all purchased by institutional investors and hedge funds seeking dividend yields of 8% to 10%.
The use of preferred shares with an immediate non-dilutive mechanism has allowed MicroStrategy to turn its equity into a powerful Bitcoin accumulation vehicle, virtually unaffected by market conditions.
The “Bitcoin Treasury” is growing
With a total of more than $17.78 billion in remaining authorized common shares and an additional $26.5 billion from preferred stock programs, MicroStrategy has essentially built a self-renewable “war chest.”
Last week, the company also announced a new $4.2 billion capital raising program from STRD shares, showing no signs of slowing down in its plans to amass BTC, even at prices above $110,000.
A profitable but not risk-free strategy
Since the beginning of 2025, MicroStrategy has added 88,062 BTC to its treasury, equivalent to $10.9 billion, for a return of about 20.2%. This is a figure that is superior to the returns from traditional assets such as bonds or cash on corporate balance sheets.
However, the strategy is not risk-free. If Bitcoin prices stagnate or decline sharply, maintaining dividend payments on its huge preferred stock could put a huge financial strain on MicroStrategy.
In particular, the “42/42” capital plan, meaning that the total resources raised could reach $84 billion, depends on the market’s strong belief in both Bitcoin and the company’s financial capacity.
The question is no longer “will we buy more?”, but “how long will the market continue to fund it?”
With 601,550 BTC in hand, MicroStrategy is now the world’s largest non-government Bitcoin holder. The company has clearly demonstrated that it is not hesitant to buy at all-time highs, betting on Bitcoin’s long-term scarcity as the ultimate store of value.
However, the big question now is no longer: Will MicroStrategy continue to buy?
But: Will the market continue to “fund” this strategy?
If the company’s ability to issue shares as a primary vehicle to fund its Bitcoin purchases is limited by rising interest rates or a shift in investor sentiment, its BTC-accumulating strategy could face serious obstacles.
Conclusion: Wall Street’s Biggest Bitcoin Bet Continues to Take It to the Next Level
Michael Saylor and MicroStrategy are at the forefront of digitalizing corporate assets. With over 600,000 BTC secured, they’ve placed a global bet on the future of decentralized currencies.
The real question for investors now is: Is this strategy financial genius or a corporate-scale asset bubble?
Meanwhile, Bitcoin continues to inch closer to $130,000, and MicroStrategy’s deep pockets seem to have no intention of stopping.
