Saylor's Strategy buys 334 more bitcoin as holdings pass 848,000

Strategy added to its bitcoin holdings again last week, though only slightly. The company bought 334 bitcoin for about $28.7 million between September 28 and October 4, at an average price near $85,839, The Block reported.

That brings the total to about 848,000 bitcoin, acquired for roughly $64 billion. Executive chairman Michael Saylor previewed the purchase on X the day before, posting a chart of the holdings with the caption "More orange than ever."

The scale is striking. The margin is less so. Strategy's average cost is about $75,441 a coin. With bitcoin near $86,000, that leaves a cushion of only around 12%. A holding of 848,000 coins sounds unassailable, but a fall of that size would put the whole position at break-even, and bitcoin is already down about 29% from a year ago.

How the purchase was paid for matters too. Part of it was funded with new share sales, the route the company depends on. That approach works best when investors value the stock above the bitcoin behind it. When that gap narrows, each share sold buys less.

A purchase of 334 coins is small by Strategy's own standards. Whether the weekly buys stay this size or scale back up will say something about how much funding the market is still willing to provide.