Keynote
- The strategy added 196 btc for $22.1 million, bringing its holdings to 640,031 BTC worth $473.5 billion.
- This purchase is one of the recent small acquisitions of strategies funded through stock issuance.
- Analysts say Bitcoin has moved from accumulation to distribution, with the fourth quarter being historically bullish.
Strategy (MSTR), the world’s largest company, has added a massive reserve despite BTC’s short $108,000.
The company announced the purchase of 196 BTC
BTC
$113 689
24-hour volatility:
1.5%
Market Cap:
$2.27 t
Vol. 24H:
59.60 b
It averages around $22.1 million with an average price of $113,048 per coin, and its total holdings amount to 640,031 BTC, worth around $473.5 billion at an average cost of $73,983 per BTC.
The strategy acquired 196 BTC for $22.1 million at ~$113,048 per Bitcoin. As of 9/28/2025, we have 640,031 $ BTC It was acquired for ~$473.5 billion at $73,983 per Bitcoin. $MSTR $ strc $ strk $ strf $ strd
– Michael Saylor (@saylor) September 29, 2025
Smaller, but strategic addition
The acquisition, funded through the AT-The-Market (ATM) program and common stock issued under the permanent preferred shares, has marked one of the company’s weekly purchases in recent months.
Strategy co-founder Michael Saylor continues to see Bitcoin as a long-term valued storage, suggesting that despite macro headwinds, BTC can see new strength heading towards the end of the year.
“As we overcome resistance and macro headwinds, I think we’ll actually see Bitcoin start to rise smartly towards the end of the year again,” Saylor said in a recent CNBC interview.
Accumulation approaches distribution
Cryptoquant analysts note that Bitcoin is entering the fourth quarter, a seasonally bullish quarter of digital assets, but is often marked by sophisticated volatility.
They argue that Bitcoin has been in the accumulation cycle since early 2023 and that the market is now approaching a distribution phase where it sees both price expansion and sharp swings.
Bitcoin Accumulation/Distribution Cycle | Source: Cryptoquant
Demand for the institution remains strong, and strategy purchases serve as a key indicator of trust. In the exchange of derivatives, funding rates remain relatively low, indicating that the market is not overheating.
Whales are reportedly long in OKX, BYBIT and HTX, but valuation models such as Bitcoin’s “energy value” and the electricity law suggest a fair price of over $130,000-145,000, indicating that BTC is still undervalued.
Short-term buyer stress signal
Despite institutional confidence, on-chain data shows pressure building between retail and short-term holders.
GlassNode reported that Bitcoin short-term holder NUPL has slipped into the area of loss. This is a sign of stress and surrender among new buyers.
#bitcoin Short-term holder NUPL signaled stress among buyers these days and rolled into the area of loss.
STH surrender events have historically been prominent periods of market resets, often laying the basis for the renewal of accumulation.
🔗 pic.twitter.com/pkblulo8hm– GlassNode (@GlassNode) September 29, 2025
Historically, such surrender events have often paved the way for market resets and updated accumulation.
The long-term outlook for the BTC remains constructive as the strategy continues to signal trust between the Treasury and the agency.
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A crypto journalist with over five years of experience in the industry, Perth has worked with leading media outlets in the Crypto and Finance world, gathering experience and expertise in this field after surviving the bear and bull market for many years. Perth is also the author of four self-published books.
Parth Dubey on LinkedIn