Strategy Inc. (NASDAQ: MSTR) continues to cement its position as one of the largest institutional holders of Bitcoin, ranking fifth among U.S. corporate treasuries with approximately $80 billion in digital assets, according to company data and recent regulatory filings.
A chart published by the firm compares Strategy’s Bitcoin holdings to the cash reserves of leading corporations including Berkshire Hathaway, Amazon, Google, and Microsoft.
Only those four companies hold larger total treasuries, with Strategy’s $80 billion Bitcoin position outpacing the cash and short-term investments of major players such as NVIDIA, Apple, Meta, and Tesla.
Bitcoin Holdings and Valuation
According to the company’s latest Form 8-K filing with the U.S. Securities and Exchange Commission, Strategy’s aggregate Bitcoin holdings stood at 640,031 BTC as of October 5, with a total fair value of $47.35 billion.
The firm did not purchase additional Bitcoin during the reporting period from September 29 to October 5, maintaining its average purchase price of $73,983 per BTC.
The company’s balance-sheet carrying value for digital assets totaled $73.21 billion as of September 30, while fair-value appreciation for the third quarter reached $3.9 billion, marking one of the company’s largest unrealized quarterly gains to date.
The appreciation reflects Bitcoin’s sustained rally through Q3 2025. Strategy also recorded a $1.12 billion deferred tax expense, highlighting the accounting implications of its Bitcoin-centric balance sheet.
ATM and Preferred Stock Programs
The filing further detailed updates to Strategy’s extensive at-the-market (ATM) equity programs, which collectively represent about $63.9 billion in potential capital issuance. These include:
• $2.1 billion of 10% Series A Perpetual Strife Preferred Stock (STRF)
• $4.2 billion of Variable Rate Series A Perpetual Stretch Preferred Stock (STRC)
• $21 billion of 8% Series A Perpetual Strike Preferred Stock (STRK)
• $4.2 billion of 10% Series A Perpetual Stride Preferred Stock (STRD)
• $21 billion of Class A common stock (MSTR)
The company reported no new share issuances during the period, noting that any proceeds from potential future sales would be presented net of commissions.
Financial Position and Oversight
As of the end of Q3 2025, Strategy’s digital-asset carrying value remained $73.21 billion, with a corresponding deferred-tax liability of $7.43 billion. The figures reaffirm Strategy’s unwavering commitment to Bitcoin as its core corporate reserve asset.
The financial disclosures were internally prepared and reviewed by KPMG LLP, the company’s independent registered public accounting firm. With Bitcoin’s market value continuing to climb, Strategy’s holdings now place it firmly among the top five U.S. corporations by total treasury size — a rare achievement for a firm whose reserves consist primarily of digital assets.
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