In a decisive market maneuver, Strategy has made another substantial investment in Bitcoin (BTC), acquiring 8,178 BTC in a single transaction valued at approximately $835.6 million. This purchase was executed at an average price of about $102,171 per coin, demonstrating the firm”s commitment to its accumulation strategy even amid a challenging market.
Currently, Bitcoin is experiencing a downturn, with liquidity decreasing and volatility on the rise. However, Strategy”s approach remains unchanged: they continue to accumulate during market weakness, hold through periods of volatility, and scale their investments while others may be hesitant. This strategy has proven effective, as evidenced by a 27.8% yield on BTC year-to-date in 2025.
As of November 16, Strategy”s total Bitcoin holdings have reached 649,870 BTC, with a historical cost basis of approximately $48.37 billion, which translates to an average acquisition price of around $74,433 per BTC. This positions Strategy among the largest Bitcoin treasuries worldwide, and they show no signs of slowing down.
In the current market, Bitcoin has faced headwinds, dipping as low as $93,000 recently, touching oversold levels. Nevertheless, early indicators suggest that sell-side pressure is easing, and on-chain activity is softening. Currently, Bitcoin is trading within the $94,000 to $100,000 range, a critical zone being closely monitored by traders. A sustained hold in this area could pave the way for a rebound, while a failure could lead to increased volatility.
This weekend brought attention not only to Bitcoin prices but also to Strategy”s market valuation. For the first time since the corporate crypto treasury boom, the firm”s market net asset value (mNAV) premium has dipped below 1, indicating that the market is valuing Strategy at a discount relative to the net value of its Bitcoin holdings minus liabilities. Such a disconnect typically reflects investor caution but could also present an opportunity.
Michael Saylor responded to market speculation regarding potential sell-offs by confirming that the company has been actively purchasing Bitcoin throughout the recent dip. He emphasized that Strategy”s strategy is not to sell but rather to accumulate, reinforcing the firm”s long-term outlook.
Despite ongoing criticisms, particularly from Bitcoin skeptics like Peter Schiff, who labeled Strategy”s business model as “outright fraud,” the firm”s continuous accumulation indicates strong conviction in its strategy. This divergence in institutional behavior illustrates a broader sentiment within the market, where some investors are retreating while others, like Strategy, are stepping forward.
As Strategy continues to bolster its position in the market, several key signals emerge:
- Long-Term Conviction: Strategy”s purchases during market downturns reveal a strong belief in the future of Bitcoin.
- mNAV Discount: The current discount highlights a gap that historically does not last long.
- Institutional Divergence: Strategy”s actions may influence broader market sentiment as they differ from more cautious investors.
- Critical Stability Zone: The $94,000 to $100,000 range could establish a support level for future price movements.
- Ongoing Debate: The discourse surrounding Strategy and its strategies continues to shape market psychology.
In summary, Strategy is fully committed to its accumulation strategy, viewing current market conditions as an opportunity rather than a setback. With significant holdings in Bitcoin, the firm”s actions will undoubtedly influence the overall market narrative moving forward.
Disclosure: This article does not constitute trading or investment advice. Always conduct thorough research before making any cryptocurrency investments.
