Strategy just made another huge Bitcoin move. According to a July 21 SEC filing, the company spent $739.8 million to buy 6,220 BTC, paying an average of $118,940 per coin. That brings its total holdings to 607,770 BTC. The average buy-in across all purchases sits at $71,756, putting the company up nearly $28 billion on paper with Bitcoin trading near $120,000.
Stock Sales Cover the Bill
To pull it off, Strategy sold 1.64 million shares of its own stock, raising around $736.4 million. It also raised an additional $3.9 million by selling off smaller positions. Altogether, the fresh cash was funneled directly into Bitcoin. At current supply rates, this single purchase consumed almost two weeks’ worth of new Bitcoin entering the market.
🇺🇸 STRATEGY BUYS ANOTHER 6,220 #BITCOIN FOR $739.8 MILLION#cryptonews #BTC #Altcoinnews pic.twitter.com/EcP1fQu1mi
— Crypto Empire (@Cryptoempire19) July 21, 2025
Warnings Start Rolling In
Not everyone’s impressed. James Check from Checkonchain said these kinds of strategies might work for now, but things could get ugly fast if prices take a hit. Companies chasing this model could be forced to sell Bitcoin just to prop up their stock. That means added volatility for everyone involved, not just the firms holding the coins.
Matthew Sigel at VanEck agrees there’s risk. He pointed out that selling shares while they’re trading above fair value makes sense. But if prices fall too close to book value, pumping out more shares can hurt long-term investors. His view? Firms need better rules around when to raise money and when to hit pause.
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Following the Playbook
Strategy is not alone in this approach. More and more public firms are using Bitcoin as a treasury asset. They raise funds by selling shares, then buy BTC. When markets are flying, it makes them look smart. But if things stall, the same tactic could backfire. Sigel says companies need to think harder about timing and structure before turning this into a long-term playbook.
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It’s Also a Bet on Bitcoin
For all the critiques, this kind of spending shows real confidence in Bitcoin. You don’t throw $740 million into something unless you think it will last. With Bitcoin pushing past $120,000 and the overall crypto market climbing above $4 trillion, this is a signal that some investors see the space maturing.
Will It Hold?
The next few months will reveal whether this model holds up. If Strategy’s stock stays strong, others may follow. If it starts wobbling, the fallout could force buybacks or internal shakeups. Either way, markets will be watching closely.
Strategy’s giant Bitcoin haul puts it among the biggest corporate holders in the world. That $28 billion gain looks great, but it’s only real if the company can manage risk and stay liquid. This might be a turning point, or it could be a cautionary tale in the making.
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