MicroStrategy Expands Bitcoin Holdings as New Preferred Stock Fuels Acquisition Push

• MicroStrategy’s Bitcoin holdings reached $71.8B, with an all-time profit of $28.17B.
• The firm’s stock trades at a 76% premium to its underlying Bitcoin net asset value.
• “Stretch” preferred stock raised $2.8B, fueling continued Bitcoin acquisitions and portfolio growth.

MicroStrategy’s ongoing Bitcoin accumulation continues to set a new record in corporate digital asset exposure. The company’s latest filings and portfolio tracker show a long-term accumulation strategy, supported by recent fundraising initiatives and a strong approach to balance sheet management.

MicroStrategy’s Bitcoin holdings now total ₿607,770, valued at $71.8 billion, with an all-time unrealized profit of $28.17 billion. Since the company’s first Bitcoin purchase in 2020, the dashboard records a dollar-cost average that remains below the current spot price of $118,533.

Throughout 2024 and 2025, a series of large purchases are recorded during periods of market rallies. The company’s acquisition activity remains constant, resulting in a 64.58% cumulative gain and a large reserve above its cost basis. Additionally, periods of price stabilization in 2021–2022 and 2023 are shown by limited movement in the average purchase price, while next rallies point to continued accumulation.

Stock Performance and Financial Metrics Reflect Bitcoin Exposure

Shares of MicroStrategy closed at $405.89, marking a 2.18% decrease on the day. The company’s market capitalization reached $115.1 billion, with enterprise value reported at $126.8 billion. Over the past three months, the stock has gained 10%, and over the past year, it is up 153%. The BSE return stands at 3,183%.

Trading volume registered $3.4 billion, while the 30-day average reached $5.3 billion. Open interest was $83.3 billion. Shares currently trade at an mNAV of 1.76, recording a 76% premium to the company’s underlying Bitcoin NAV, which stands at $72.0 billion. However, debt is reported at $8.2 billion, or 11% of the Bitcoin NAV, while preferred equity totals $3.5 billion, equal to 5% of the NAV.

“Stretch” Preferred Stock Offering Boosts Funds for Further Bitcoin Acquisitions

Adding to this sentiment, MicroStrategy has launched a new preferred stock offering, known as “Stretch,” aiming to raise $2.8 billion for further Bitcoin acquisitions. The Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), priced at $90 per share and offering a 9% annual payout, was sold at a discount.

Net revenue from the offering total approximately $2.474 billion, with settlement scheduled for July 29, 2025. The structure will allow for share redemption at $101 plus accrued dividends under certain events. Implied volatility is reported at 55%, with 30-day historical volatility at 51% and one-year historical volatility at 93%.