Strategy Inc. (NASDAQ:MSTR) has expanded its Bitcoin (CRYPTO: BTC) holdings to 640,418 BTC valued at roughly $71 billion after purchasing 168 BTC at an average price of $112,051, according to a filing on Monday.
Strategy Adds To Record Bitcoin Treasury
The company financed its latest acquisition by raising $18.8 million through the issuance of perpetual preferred shares and common stock.
The purchase cements Strategy's position as the world's largest corporate Bitcoin holder, far exceeding public peers like Tesla and Block.
At current prices, Strategy's Bitcoin portfolio is worth more than $71 billion, purchased at an average cost of $74,010 per coin.
The move underscores Michael Saylor's continued conviction in Bitcoin as a reserve asset, even as market volatility tests broader sentiment.
MSTR shares climbed 3% in pre-market trading to just below $300 following the disclosure, though the stock remains down year-to-date compared with Bitcoin's 19% gain.
"Shadow ETF" Comparison Emerges
Strategy's persistent Bitcoin accumulation has increasingly drawn comparisons to a "shadow ETF," functioning as a publicly listed proxy for direct Bitcoin exposure.
The MSTR-to-BlackRock iShares Bitcoin Trust (NASDAQ:IBIT) ratio currently stands at 4.74, its lowest since October 2024, reflecting how IBIT has outperformed MSTR over the past year.
The ratio peaked near 8.0 in November 2024 before narrowing as institutional flows shifted to regulated ETFs.
This divergence is a sign that Saylor's leverage-heavy approach is facing competition from lower-cost ETF vehicles like BlackRock's IBIT and Fidelity's FBTC, which offer simpler access to spot Bitcoin exposure.
Technical Setup For MSTR
MSTR Key Technical Analysis (Source: TradingView)
MSTR Technical Analysis: MSTR trades near $303 after rebounding sharply from the $290 zone, where its rising trendline provided critical support.
The 0.236 Fibonacci retracement at $304 remains the near-term pivot, while resistance aligns at the 200-day EMA near $316 and clustered EMAs around $333–$335.
A sustained move above $335 could open a path toward $350 and $387, corresponding to the 0.382 and 0.5 retracement levels.
Conversely, a daily close below $290 would expose $270 and $240 as the next major downside zones.
The Parabolic SAR has turned positive, suggesting a short-term shift in momentum, but sustained strength depends on maintaining support above the EMA cluster.
Bitcoin Stabilizes After Rebound
BTC Price Analysis (Source: TradingView)
BTC Technical Analysis: Bitcoin trades near $110,400 after rebounding from its $106,000–$107,000 demand zone, where the 200-day EMA at $108,098 aligned with key horizontal support.
The bounce keeps BTC price within its broader ascending trendline, but resistance near $113,000–$114,000 remains a hurdle.
A breakout above that range could extend gains toward $121,400 and $126,000, while losing $108,000 would risk a slide back to $100,000.
The Parabolic SAR remains above price, indicating lingering bearish pressure despite the short-term recovery.
Bitcoin price consolidation between $106,000 and $114,000 continues to define the near-term setup.
Read Next:
Image: Shutterstock
