Strategy has stepped back into the market with another high-impact purchase. The firm acquired 8,178 BTC in a single move, paying roughly $835.6 million at an average price of ~$102,171 per coin.
The timing is deliberate. Bitcoin sits in a downtrend, liquidity has thinned, and volatility has picked up, but Strategy is still buying. Hard.
The company’s playbook hasn’t changed. Accumulate through weakness. Hold through volatility. Scale when others hesitate.
And so far, it’s working.
A Year of Growth and a Deepening Bet
With steady accumulation and rising market prices, the firm has already locked in a 27.8% BTC yield year-to-date in 2025. Few corporate strategies in the market today match that output.
As of Nov. 16, Strategy’s total holdings sit at 649,870 BTC. Its historical cost basis stands at ~$48.37 billion, giving the company an average acquisition price of ~$74,433 per BTC.
It’s one of the largest Bitcoin treasuries on the planet. And it’s still growing.
For quick context (CoinMarketCap-style snapshot):
- BTC: ~$93,000 (market under pressure)
Bitcoin Dips, But Sell-Side Pressure Begins to Ease
Bitcoin hasn’t been friendly to buyers this week. The downtrend pulled prices as low as $93K, tagging oversold levels. But conditions are shifting. Sell-side pressure is fading. Flows are slowing. On-chain activity is softening. Early hints of stabilization are appearing.
Right now, Bitcoin is circulating in the $94K–$100K range, a zone traders are watching closely. If the market holds this area, it sets the stage for a potential rebound. If it fails, volatility returns.
And into that uncertainty, Strategy just added another 8,178 BTC.
Market Discounts Strategy for the First Time Since the Treasury Boom
One of the more important signals this weekend didn’t come from the Bitcoin chart, it came from Strategy’s valuation.
The firm’s mNAV premium fell below 1, slipping into discount territory for the first time since the start of the corporate crypto treasury boom. In simple terms, the market is valuing Strategy lower than the net value of its Bitcoin holdings minus its liabilities.
That’s rare.
And it’s telling.
It means investors are pricing the company at a discount compared to the value of the Bitcoin it holds. That disconnect reflects caution. Or uncertainty. Or, depending on perspective, an opportunity.
This has happened before, the last time was in early 2024, but today the context is different. Strategy has become the de facto benchmark for public companies operating with large Bitcoin reserves. Its premium (or lack of one) now acts as a barometer of sentiment in the entire sector.
A discount here doesn’t just signal a hesitating market. It signals a hesitating narrative.
Saylor Responds: “We Are Not Selling. We Are Buying.”
The market didn’t wait long before asking questions. Wallet movements linked to Strategy sparked speculation. Transfers between addresses triggered rumors that the company might be selling coins into the downturn.
Michael Saylor shut that down immediately.
He went to X and addressed the speculation head-on. First, he denied that Strategy was offloading any of its holdings. Then he revealed the opposite: the company had been buying Bitcoin daily throughout the week of the market dip.
He hinted that the upcoming announcement would “surprise many.” And now the results are public, 8,178 BTC added.
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
That message clarifies the firm’s stance: Strategy does not sell Bitcoin. It accumulates.
Critics Push Back: Schiff Calls the Model “Fraud”
Not everyone is convinced.
Long-time Bitcoin critic Peter Schiff continues to challenge the strategy entirely.
He didn’t pull back after Saylor’s latest comments. Schiff repeated his position that Strategy’s business model is “outright fraud”, framing it as structurally unsound and dependent on speculative appreciation. He also publicly challenged Saylor to a debate.
It’s the same rift the market has watched for years:
- One side building the largest corporate Bitcoin treasury in history.
- The other arguing the model collapses under pressure.
- With Strategy now trading at a discount to its holdings, critics see affirmation. Supporters see mispricing.
But regardless of sentiment, the firm continues to buy.
What Strategy’s Move Signals to the Market
Strategy’s accumulation at these levels sends several clear signals:
1. Long-Term Conviction Remains Unshaken
The company is buying into oversold momentum. That shows conviction. Not just verbal conviction, capital-level conviction.
2. The mNAV Discount Matters
A discount suggests disconnect between Bitcoin’s value and Strategy’s equity valuation. Historically, such gaps rarely last long.
3. Institutional Posture Is Diverging
While some investors step back during uncertainty, Strategy is stepping forward. That divergence can shape sentiment.
4. Bitcoin Stabilization Zone Is Critical
The $94K–$100K range is emerging as a soft floor. A hold here strengthens the bullish accumulation narrative. A breakdown puts pressure on leveraged positions.
5. The Debate Around Strategy Isn’t Going Away
Between Saylor’s buying spree and Schiff’s fraud accusations, the conversation around Strategy continues to define market psychology.
Outlook: Accumulation Into Weakness
No matter how the next week unfolds, one reality stands out: Strategy is in full accumulation mode. The firm is not waiting for clearer skies. It’s buying into the dip, expanding its already enormous position, and anchoring its long-term strategy deeper into Bitcoin’s market cycles.
Prices may be down. Sentiment may be shaky. But Strategy is treating this environment as an opportunity, not a risk.
And with 649,870 BTC now under its belt, every move it makes continues to influence the broader market narrative.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
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