Strategy Inc. (MSTR), formerly called MicroStrategy, said in a September 8 filing that its Bitcoin holdings have risen to 638,460 BTC, worth about $71 billion. This makes the company one of the world’s largest corporate treasuries, putting it ahead of big tech names such as Nvidia (NVDA) with $57 billion in cash, Apple (AAPL) with $55 billion, Meta Platforms (META) with $47 billion, and Tesla (TSLA) with $37 billion. Only Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), and Berkshire Hathaway ($BRK.A) hold larger cash positions.
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In addition, Strategy said that it has purchased 1,955 Bitcoin for about $217 million, at an average price of $111,196 per coin, raising its all-time average cost basis to $73,880. The announcement came just as Bitcoin briefly topped $112,200, before easing lower.
MSTR Stock Declines Despite Crypto Windfall
Bitcoin has climbed about 415% over the past three years, boosting the value of Strategy’s massive holdings. But the company’s own stock has not kept pace. MSTR shares are down roughly 26% since mid-July, trading near $328.53.
One reason for the weakness is concern over share dilution. Strategy had earlier promised not to issue more stock if its market value compared to Bitcoin holdings—known as “mNAV”—fell below 2.5x. That pledge has now been dropped, raising fears that the company could turn to equity sales again to fund Bitcoin purchases.
The mix of a volatile crypto market and the risk of dilution has made investors cautious, even as Strategy continues to grow its Bitcoin portfolio. For shareholders, the gap between Bitcoin’s gains and the company’s falling stock price has become harder to ignore.
MSTR Missing Out on the S&P 500 Adds Pressure
In another setback, Strategy was not selected for inclusion in the S&P 500 Index (SPX) even though it met the basic requirements.
Instead, Robinhood (HOOD) secured the spot and will join the S&P 500 Index before the market opens on September 22, 2025, as part of the quarterly rebalancing. The expected entrance shows how Robinhood has moved from a pandemic trading app to a steady player in U.S. finance.
The index decision reflects concerns about Strategy’s heavy reliance on Bitcoin rather than core software operations, which still generate a fraction of its overall valuation.
Is MSTR Stock a Buy?
The stock of Strategy has a consensus Strong Buy rating among 13 Wall Street analysts. That rating is based on 12 Buy and one Sell recommendations made in the last three months. The average MSTR price target of $564.15 implies 71.72% upside from current levels.
