Strategy and Trump Media Double Down on Bitcoin with $739.8M Purchase and $2B Treasury

Public companies are adopting Bitcoin in their treasury strategies—not just to hedge inflation, but as a key pillar of financial autonomy and long-term value. What started with early adopters like Strategy has grown into a wider corporate trend, with firms from tech to media turning to Bitcoin as a reserve asset.

In a week that underscores this growing institutional conviction, Strategy has significantly expanded its Bitcoin holdings, while Trump Media & Technology Group updated the scale of its crypto treasury, reaffirming its crypto-first treasury approach launched in May 2025.

Strategy Deepens Bitcoin Bet with $739.8 Million Acquisition

Strategy (NASDAQ:MSTR), the leading public company holding Bitcoin, has acquired an additional 6,220 BTC for approximately $739.8 million, increasing its total holdings to 607,770 BTC—now worth over $71.8 billion. According to a July 21 Form 8-K filing with the U.S. Securities and Exchange Commission, the purchases were made between July 14 and July 20, at an average price of $118,940 per Bitcoin.

The acquisition was funded through at-the-market (ATM) offerings of Strategy’s Class A common stock (MSTR) and three classes of perpetual preferred stock (STRK, STRF, STRD).

Additionally, Strategy announced a new issuance of 5 million shares of Variable Rate Series A Perpetual Preferred Stock (STRC) to further support future Bitcoin purchases, the fourth such offering from the corporate bitcoin treasury pioneer.

Following this move, Strategy’s Bitcoin reserve now ranks ninth among S&P 500 companies in terms of cash-equivalent holdings—surpassing ExxonMobil’s reported $67 billion in liquidity.

Trump Media’s Bitcoin Treasury Hits $2 Billion

Meanwhile, Trump Media & Technology Group (Nasdaq, NYSE Texas: DJT), parent company of Truth Social, revealed that its Bitcoin treasury program has reached a combined value of approximately $2 billion, including both spot Bitcoin and Bitcoin-related securities. This milestone comes after a $24.4 billion private placement in May 2025, of which $23.2 billion was allocated to establish a dedicated Bitcoin reserve.

In addition, the company has earmarked $300 million for structured options tied to Bitcoin-linked equities, with the potential to convert those into spot BTC depending on market conditions.

Devin Nunes, CEO and President of TMTG, said: “We’re rigorously implementing our publicly announced strategy and fulfilling our bitcoin treasury plan. These assets help ensure our Company’s financial freedom, help protect us against discrimination by financial institutions, and will create synergies with the utility token we’re planning to introduce across the Truth Social ecosphere.”

Following the announcement, TMTG’s stock jumped from around $18.8 to over $20.2 on July 21, marking a short-term surge of approximately 7.5%, reflecting strong investor enthusiasm for the company’s ongoing crypto strategy, widely regarded as modeled after Strategy’s successful Bitcoin-first treasury playbook.

Broader Institutional Activity Reinforces Structural Support for Bitcoin

Beyond Strategy and Trump Media, other public companies have also expanded their Bitcoin positions in recent days, further validating the digital asset’s growing role in corporate treasury planning:

• Semler Scientific (Nasdaq: SMLR) On July 17, the company disclosed it had purchased an additional 210 BTC between July 3 and July 16, spending approximately $25 million at an average price of $118,974 per BTC. Earlier, on July 7, Semler acquired 187 BTC for around $20 million. The firm now holds a total of 4,846 BTC, valued at over $570 million based on current market prices.

• London BTC Company Limited (London Stock Exchange) On July 21, the firm announced a fresh acquisition of 20.94 BTC, investing $2.48 million at an average price of $118,433 per BTC. Its total Bitcoin holdings have reached 85.97 BTC, making it one of the few U.K.-listed firms with publicly reported BTC reserves.

While these purchases did not result in an immediate breakout in Bitcoin's price, they collectively contribute to a structural foundation of support for the asset. As more institutions adopt long-term Bitcoin treasury strategies and continue to accumulate BTC, the market has shown increasing resilience.

As of July 22, Bitcoin is trading around $118,000, holding steady despite increased volatility across risk assets. Though its market dominance has slipped below 60%, and there's no immediate sign of retesting all-time highs, Bitcoin has demonstrated notable strength in absorbing sustained selling pressure.

This steady positioning suggests that Bitcoin is no longer just a speculative asset on corporate books—but a maturing store of value, backed by a growing ecosystem of institutional holders.