Strategy dominates the Bitcoin treasury race

Strategy maintains its Bitcoin engine

Strategy holds 845,050 BTC. I see their dominance as absolute. They recently purchased 4,603 BTC for $370 million at an average price of $80,318. The company’s acquisition of 4,603 BTC at an average price of $80,318 pushed its total holdings to 845,050 BTC, a figure that comprises approximately 4% of the entire 21 million coin maximum supply. Their blended average cost basis is $75,700 per coin. The company uses STRC, a 11.5% dividend perpetual preferred stock, to fund these acquisitions. BlackRock’s iShares holds a $210 million position in STRC. Michael Saylor says this instrument financed 77,000 BTC in 2026. This heavy dividend burden from STRC exceeds $1 billion. The company reports $1.61 billion in cash and a $5.10 billion USD reserve. They also maintain a 0.0% net leverage. The 12.6% BTC yield year-to-date provides a performance metric. Analysts expect a $13.67 per share loss on revenue of $120.75 million. This is a sequential improvement from the prior quarter’s $42.93 per share loss. Strategy also plans to retire $1.5 billion in 2029 convertible notes. These notes allow holders to convert debt to equity. This transformation began in August 2020, when the company spent $250 million on 21,454 BTC. In May 2026, they added 24,869 BTC for $2.01 billion.

Bitcoin volatility and Tesla performance

Bitcoin is $77,345.05 this November. The market is volatile. In July 2026, the price fell to $62,813.75. In September 2026, the price reached $83,553.85. In June 2026, the price was $58,558.86. This volatility triggered $620 million in liquidations across centralized exchanges in a single 24-hour period. Of this, $134 million involved the liquidation of long positions. The total value of liquidated long positions reached $515 million. I note that Tesla’s stock price reached $398.50 in November 2026. This is an improvement from the $311.21 seen in July 2026. Bitcoin performance also beat traditional assets, as the cryptocurrency surpassed $100,000 recently. MicroStrategy recorded gains of over 500%. The market also dealt with the Liquid Network exploit. An attacker drained 4,000 BTC, worth about $320 million, from the network. This exploit used a validation bug in the Elements codebase. The attacker used a cache collision to mint 3,998 unbacked L-BTC. Elements 23.3.4 patched the bug by adding length prefixes. The attacker now claims to be a whitehat. The market also saw $428,718,083 in crypto losses during Q3. These losses included $190 million from Nomad and $160 million from Wintermute. Adrian Hetman from Immunefi says hacks account for 93% of these losses. Ether fell to $3,248 and SOL dropped by over 12%.

Square repricing and Amazon allocation

FASB fair value accounting adoption forces a massive repricing for Square. The company must adjust its 8,000 BTC reserve. This comes as Bitcoin’s price stays near $78,000. Amazon faces pressure from shareholders to diversify. The National Center for Public Policy Research (NCPPR) proposed an allocation of 5% of assets to Bitcoin. Amazon holds $88 billion in cash and marketable securities. Its total assets are $585 billion. A rumored 50,000 BTC allocation committee aims to protect shareholder value. This move would exceed the strategies of Tesla and Block. I see the scale of the Amazon proposal as a direct challenge to smaller treasury holders. The decision for Microsoft will happen on December 10. Meanwhile, the Senate prepares to vote on the CLARITY Act. Democrats want stronger conflict-of-interest language. Republicans sent a 635-page offer with revised ethics provisions. The market places the odds of CLARITY becoming law in 2026 at 32%. The Fed also expects a 25 basis point rate hike this week. OpenAI also released the public beta for its Agents API. Adam Back said the 1-to-1 peg for Liquid will be honored.

Strategy wins the treasury war

Strategy wins the treasury war. Their 845,050 BTC holdings dwarf any other corporate reserve. Amazon’s rumored 50,000 BTC allocation is large, but it cannot match Strategy’s sheer volume. Square’s 8,000 BTC reserve is negligible in comparison. Even with Bitcoin at $77,345, Strategy’s cost basis of $75,700 provides a safer cushion than the newer entrants. I would skip any argument that smaller companies can compete with the scale of Strategy’s STRC-funded engine, since you already follow these institutional moves. The scale of Strategy’s Bitcoin accumulation is unprecedented. Will the 25 basis point Fed hike dampen the momentum for these massive Bitcoin treasuries?