How Strategy just snatched another $22 million in Bitcoin

Stacking sats, yes, but Saylor might ask what the hell are sats? Strategy, the Bitcoin treasury juggernaut has quietly snatched up 196 more BTC , scooping them up for a cool $22.1 million.

This is the big league, led by none other than Michael Saylor, who delights in dropping his company’s Bitcoin tally like clockwork.

On Sunday, he teased the world with a sterling portfolio update captioned “Always ₿e Stacking,” and by Monday, boom, a fresh batch of coins was in the vault.

Stocks for Bitcoin

Now, 196 BTC may sound like a flashy haul for most mortals, but for Strategy, it’s practically pocket change.

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In fact, it’s their smallest pickup since August, when they threw down $18 million for 155 BTC.

This latest spree ran from September 22nd to 28th, funded through sales of their own stock offerings, STRF, STRD, and MSTR, via what Wall Street calls at-the-market deals.

Fancy jargon aside, it means they’re just swapping some stocks for more Bitcoin.

With this latest move, Strategy’s Bitcoin hoard now tops 640,000 coins, exactly 640,031, to be precise.

Their average price per bitcoin? A modest $73,983, bringing total investment close to $47.35 billion.

Despite Bitcoin wobbling recently, Strategy’s stash is sitting pretty, with unrealized gains of over 54%, valuing their haul at around $73 billion. That’s one hell of a profit cushion.

Dumping the holdings

But while Strategy keeps quietly adding to their mountain of Bitcoin even as markets dip, other big players, known as whales, are doing the opposite.

CryptoQuant’s IT Tech shared that whales, who sport more than 1,000 BTC each, have been dumping their holdings since late August.

🐋 Whales are selling – Bitcoin whale holdings dropped by over 300k coins in just weeks.

📉 This shift from accumulation to distribution adds clear supply overhang.
👉 What does it mean for BTC’s range and year-end outlook?

Full analysis + weekly forecast inside On-chain… pic.twitter.com/K0HzoG2OOQ

— IT Tech (@IT_Tech_PL) September 29, 2025

These aren’t miners or exchanges, just the genuine, heavy-hitting crypto tycoons out there.

Whales had been on an accumulation rampage all through the year until August, then suddenly reversed course, unloading more than 300,000 BTC, valued at $34 billion.

This mass exodus is pumping a good dose of extra supply into the market and probably nudging prices lower. As IT Tech puts it, this shift from hoarding to selling signals some serious supply overhang.

Steady accumulation

Even Strategy, the king of consistent Bitcoin buys, shows signs of cooling off. Their recent purchases are smaller than the epic swoops they made earlier this year.

This slowdown in buying may be the sneaky reason Bitcoin’s not breaking out to the moon just yet.

So yes, Strategy is still stacking, just with a lighter touch, while the whales have flipped the script and are flooding the market with BTC.

For anyone watching Bitcoin’s performance, this tug-of-war between steady accumulation and mass selling is shaping the next big moves.