5 Key Facts from Strategy’s Biggest Bitcoin Buyout: Rp14 Trillion In, Stocks Go Down?

Jakarta, Pintu News – Strategy, the company led by Michael Saylor, has stolen the spotlight of the crypto market yet again with a massive accumulation spree. The firm just bought $835 million worth of Bitcoin (BTC), making it their biggest purchase in the last five months.

However, ironically, the company’s shares have actually declined, reflecting the complexity between the value of crypto assets and capital market perceptions.

1. Strategy adds 650,000 BTC worth Rp1,021 trillion

In an official release, Strategy announced that they now own nearly 650,000 Bitcoin, with a valuation of around $61 billion or equivalent to Rp1,021 trillion. This purchase comes amidst an 11% drop in BTC price in the past week.

The move confirms the company’s long-term accumulation strategy, following the philosophy of Michael Saylor who views Bitcoin as the “ultimate reserve asset” in the modern monetary era.

Also Read: Robert Kiyosaki Remains Optimistic, Plans to Buy More Bitcoin!

2. Strategy shares fall 31% in a month

Despite aggressively buying BTC, Strategy’s shares fell 1.5% on the day of the announcement, and recorded a 31% drop in the past month. Based on Yahoo Finance data, the stock is trading below $197 or around Rp3.3 million.

According to research from firm 10x, this decline was triggered by investor concerns over potential dilution due to the issuance of preferred shares and additional debt to fund Bitcoin purchases.

3. Funding Supported by Euro Preferred Share Issuance

Strategy introduced preferred shares traded in Luxembourg under the code STRE. From this instrument, the company raised $700 million (IDR 11.7 trillion) in additional funds.

In total, Strategy has issued four types of preferred shares during 2025. These additional funds help reduce the reliance on issuing common shares, which is considered less effective because the valuation of the shares is close to the net value of the BTC they hold.

4. Valuation Strategy Discounts the Value of the Bitcoin It Holds

As of November 17, 2025, Strategy’s market capitalization was $56.7 billion, which is lower than its BTC value, creating a multiple-to-NAV (Net Asset Value) of 0.93x. This means that Strategy’s stock is trading below its Bitcoin value.

Some analysts, including those from TD Cowen, believe that concerns over excessive debt are exaggerated. They emphasized that Strategy’s debt will only mature from 2028, with the preferred stock dividend burden of $735 million per year still relatively manageable.

5. Michael Saylor denies BTC sale rumors

On his X account, Michael Saylor confirmed that Strategy has continued to buy Bitcoin every day over the past week, dismissing rumors that it was divesting. He emphasized that the company remains committed to making BTC the core of its financial strategy.

The crypto market itself is in a pressure phase, with BTC prices briefly dropping to $93,000. However, in Myriad’s prediction market, 60% of participants expect the price to drop to $85,000 rather than rise to $115,000 in the near future.

Also Read: 10 Most Popular Coin Memes of November 2025: The talk of the town!

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FAQ

Q1: How much was the latest Bitcoin purchase by Strategy?

A1: Strategy bought $835 million worth of Bitcoin, the biggest purchase in five months.

Q2: Why did Strategy’s stock drop despite buying more BTC?

A2: Investors are concerned about the potential dilution due to the issuance of preferred shares and debt to fund Bitcoin purchases.

Q3: What is STRE that Strategy publishes?

A3: STRE is a euro-denominated preference share traded in Luxembourg, used by Strategy to raise additional funds.

Q4: Is the Strategy selling some BTC holdings?

A4: No. Michael Saylor confirmed that they continued to buy BTC every day during the last week.

Q5: Is the Strategy’s debt a short-term risk?

A5: TD Cowen analysts say no, because the new debt starts maturing in 2028 and the preferred stock dividend can still be covered.

Reference:

• Decrypt. Strategy Shares Dip Despite $835 Million Bitcoin Purchase-Its Largest in 4 Months. Accessed on November 18, 2025