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Strategy, the Bitcoin treasury firm led by Michael Saylor, has bought an additional $217.4 million worth of BTC.

According to a Sept. 8 8-K filing with the US Securities and Exchange Commission (SEC), the company bought 638,460 BTC between Sept. 2 and Sept. 7 at an average purchase price of $111,196.

Strategy’s latest Bitcoin purchase was funded by the proceeds from at-the-market sales of its Class A common stock, MSTR, perpetual Strike preferred stock, STRK, and perpetual Strife preferred stock, STRF.

Relentless Dilution, Underperformance

Saylor said on X that Strategy’s holdings now stand at 638,460 BTC, or 3% of Bitcoin’s 21 million supply, acquired for $47.17 billion. The average acquisition price for these coins is around $73,880, he added.

Strategy has acquired 1,955 BTC for ~$217.4 million at ~$111,196 per bitcoin and has achieved BTC Yield of 25.8% YTD 2025. As of 9/7/2025, we hodl 638,460 $BTC acquired for ~$47.17 billion at ~$73,880 per bitcoin. $MSTR $STRC $STRK $STRF $STRD https://t.co/QNIuAWRwEW
— Michael Saylor (@saylor) September 8, 2025

Strategy is sitting on an unrealized gain of $25.76 billion.

While Strategy’s recent buy and massive paper gains could be seen as positives for the crypto industry, several Strategy investors have shared their frustration with the company’s continued BTC accumulation.

One X user questioned the company’s buying activity, asking why their MSTR shares are being diluted “to line Strategy’s corporate pockets.” Other users replied to the comment and told the disgruntled investor to focus on the amount of BTC per share they hold instead of the dollar value of the shares.

Meanwhile, another X user who claims to be a shareholder in Strategy said investors want to hear Saylor’s thoughts on why MSTR is underperforming against BTC, adding that “the dilution is relentless.”

MSTR has recorded a gain of slightly less than 16% over the last year, according to Google Finance, while Bitcoin has soared over 105% during the same period.

MSTR share price

MSTR YTD performance (Source: Google Finance)

BTC slid around 4% compared to a 15% slide for MSTR.

Saylor said Strategy has achieved a year-to-date (YTD) gain of 25.8% on its Bitcoin holdings, but user Boris Sixson on X said that he remains disappointed.

“Yes, you made a profit…We, as investors in $MSTR stock, made a loss,” he said “What a beautiful world. You get richer. You move up in the ranking of the rich… Let us look at the increasing losses, including today.”

Adding to MSTR investors’ woes is Strategy’s recent snub from the S&P 500 index. Although Strategy met all of the requirements for inclusion in the index, it missed out to companies that included Robinhood (HOOD).

MSTR is still listed on the Nasdaq, but Bloomberg estimated that inclusion in the S&P 500 may have led to inflows for MSTR of $16 billion as funds that track it would have been forced to buy up Strategy shares.

Metaplanet And El Salvador Buy BTC As Sentiment Improves

Strategy is not the only company that has bought Bitcoin today. Japan-based Metaplanet announced earlier today that it bought 136 BTC, pushing its total holdings to 20,136 BTC worth more than $2.2 billion.

*Metaplanet Acquires Additional 136 $BTC, Total Holdings Reach 20,136 BTC* pic.twitter.com/c41t6bJg1L
— Metaplanet Inc. (@Metaplanet_JP) September 8, 2025

And El Salvador also added to its BTC hoard. President Nayib Bukele announced on X yesterday that El Salvador purchased 21 Bitcoins to celebrate the fourth anniversary of its Bitcoin Law.

The country now holds 6,313.18 BTC valued at around $701 million, according to the government’s blockchain data.

The Bitcoin buying from Strategy, Metaplanet and El Salvador comes amid improving investor sentiment in the market.

In the last 24 hours, the Crypto Fear and Greed Index, a popular tool to gauge investor sentiment, has risen from a “Fear” reading of 44 to a “Neutral” score of 51. That’s still down from a “Greed” reading of 67 a month ago.

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