Strategy Acquires $835 Million in Bitcoin Before Price Drop

Strategy acquired 8,178 BTC for $835.6 million, raising reserves to 649,870 BTC.

Between November 10 and 16, Strategy acquired 8,178 BTC for a total of $835.6 million. The company’s bitcoin reserves have reached 649,870 BTC.

Strategy has acquired 8,178 BTC for ~$835.6 million at ~$102,171 per bitcoin and has achieved BTC Yield of 27.8% YTD 2025. As of 11/16/2025, we hodl 649,870 $BTC acquired for ~$48.37 billion at ~$74,433 per bitcoin. $MSTR $STRC $STRK $STRF $STRD $STREhttps://t.co/72HMHUH2fa

— Strategy (@Strategy) November 17, 2025

The average price of the firm’s recent purchases was $102,171 per coin. 

On Friday, November 14, the price of the leading cryptocurrency fell below $99,000, and at the start of the new week, it dropped below $94,000. At the time of writing, the asset is trading near this mark (CoinGecko).

Since August 2020, Strategy has been implementing a strategy of accumulating digital gold on its balance sheet, becoming a pioneer among public companies. The average cost of acquiring 1 BTC by the firm over time is $74,433. 

The corporation has spent approximately $48.37 billion to form its crypto reserve. The current value of Strategy’s bitcoin fund is about $60.7 billion, while the company’s market capitalization is $56.7 billion.

The metric used by analysts for crypto treasury companies, mNAV, has decreased to about 1.2. Investors believe that a value of at least 2 indicates the strategy’s stability.

Strategy’s Impact on Bitcoin Raises Concerns 

Amidst this, well-known cryptocurrency critic and gold advocate Peter Schiff once again criticized Strategy’s business model. The founder and President of Euro Pacific Capital called it “fraudulent.” 

Schiff reiterated arguments he presented in November 2024. In his view, Michael Saylor’s company will be unable to pay dividends to preferred shareholders and interest on convertible bonds if bitcoin’s price falls. As a result, Strategy faces a “death spiral” and inevitable bankruptcy, Schiff believes.

On Friday, the analytical platform Lookonchain noted the movement of 58,915 BTC by the company to new wallets. This led to concerns within the community about asset sales. However, most experts considered the transactions to be related to asset storage rebalancing.

Saylor also sought to dispel panic rumors about Strategy liquidating positions, writing:

“We bought bitcoin every day this week.”

We bought bitcoin every day this week.

— Michael Saylor (@saylor) November 14, 2025

Schiff commented: 

“Interesting how low it would fall without your purchases.”

Arca’s Chief Investment Officer Jeff Dorman called concerns about the potential liquidation of Strategy’s crypto reserves “stupid and inaccurate.” However, he emphasized that he does not share the enthusiasm for Saylor’s strategy.

I will never understand the fascination with Michael Saylor / $MSTR nor will I understand how people can confidently spout such stupid, inaccurate takes that are so easily disprovable.

It takes <5 minutes talking to any debt/equity expert to understand that he will never have to…

— Jeff Dorman (@jdorman81) November 16, 2025

“It takes less than five minutes talking to any debt/equity expert to understand that he will never have to sell his BTC unless the price drops so much that it becomes an irrelevant belated idea,” Dorman stated.

In his opinion, the company has no obligations forcing it to sell digital assets. Saylor, known as a bitcoin enthusiast, holds a 42% stake in Strategy, so the board of directors would not make such a decision. Dorman also cited the firm’s low interest payment expenses and positive cash flow from its core business of providing business analytics software.

CIO Arca also criticized concerns about Strategy ceasing bitcoin purchases as the main driver of institutional demand. Dorman believes that this role is already being played by other entities such as spot ETFs.

Earlier, from November 10 to 15, investors withdrew $2 billion from cryptocurrency exchange-traded products, marking the largest outflow since February 2024.