For the first time, Strategy (NASDAQ: MSTR) has pushed its total Bitcoin holdings past 850,000 coins, a milestone that one prominent crypto analyst says the financial press has largely overlooked.

The company added 1,036 Bitcoin to its balance sheet and simultaneously repurchased $188 million worth of MSTR shares, according to figures dated November 8, 2026.

Strategy’s treasury now stands at 850,364 Bitcoin alongside $4.9 billion in USD-denominated assets, underscoring the scale of its ongoing accumulation program.

Scott Melker, host of the daily crypto program “The Daily Wolf with Scott Melker,” argues that mainstream coverage has focused on the wrong number entirely.

Much of the recent reporting has centered on Bitcoin dipping below Strategy’s $75,451 average cost basis, with outlets framing the situation as a meaningful setback for the firm.

Melker pushed back sharply on that framing, noting that Michael Saylor has historically spent most of his accumulation period buying Bitcoin at prices below his average entry point.

In his view, the cost basis headline is a distraction, given that a genuine liquidity crisis would only materialize under extreme and prolonged price collapse.

“He’s never getting liquidated, he’s never getting margin calls unless Bitcoin goes down to 10, 15, $1,000 and stays there for a few years,” Melker said.

To fund the latest round of purchases, Strategy sold approximately 2.05 million MSTR shares, generating $283.8 million in proceeds.

Of that total, $81.9 million went directly toward Bitcoin acquisition, while $188.3 million was allocated to MSTRc, a preferred instrument that has been trading near par on a daily basis.

A portion of the remaining capital was directed into the company’s USD reserve, giving management additional flexibility for future transactions.

Melker described the Bitcoin portion of the purchase as “still small” relative to Strategy’s typical activity, suggesting that roughly 1,000 coins per week represents a modest rather than aggressive deployment.

The analyst framed the continued buying as a positive signal for broader market structure, arguing that consistent institutional demand provides a meaningful floor for Bitcoin prices.

With Strategy’s holdings now comfortably above the 850,000-coin mark, attention will likely turn to whether the pace of accumulation accelerates as market conditions evolve.