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Strategy Inc. (NASDAQ:MSTR) disclosed an $835.6 million Bitcoin (CRYPTO: BTC) purchase for the week ending Nov. 16 as Tom Lee said the company "could end up being one of the largest" in the market.
Lee said Michael Saylor is "changing the reality of the stock market," arguing that MSTR could become one of the biggest companies in the world if Bitcoin reaches seven figures.
Speaking in an interview, Lee said Saylor "will end up being the largest, potentially the largest company in the stock market, especially if Bitcoin goes to a million."
He noted that Strategy Inc. is valued almost entirely on the strength of its Bitcoin holdings rather than net income.
To illustrate the point, he compared the company to Exxon Mobil Corp. (NYSE:XOM), which dominated the S&P 500 for nearly three decades based on the value of its oil reserves rather than earnings.
"MicroStrategy is like replacing Exxon in lore," he said.
"It could be one of the biggest companies in the world and it's valued on its Bitcoin," he added.
According to a new filing, Strategy acquired 8,178 BTC between Nov. 10 and 16, using funds from its €620 million STRE preferred stock issuance.
The company also tapped its at-the-market programs for STRF, STRC, and STRK preferred lines to complete the purchase.
The company spent $835.6 million during the week at an average price of $102,171 per coin, inclusive of fees.
As of Nov. 16, Strategy holds 649,870 BTC purchased at a total cost of $48.37 billion, with a blended average price of $74,433.
The filing confirms that all net proceeds from the STRE issuance and ongoing preferred stock sales went directly into Bitcoin accumulation.
It marks another aggressive expansion round following a volatile stretch in the cryptocurrency market.
MSTR Price Action (Source: TradingView)
Despite the large purchase, Strategy Inc. shares continue to face intense selling pressure.
The stock has extended its November decline and now trades near $200 after breaking several major support levels that held the 2024–2025 structure.
The daily chart shows a consistent pattern of lower highs and lower lows since the August peak near $450.
Every bounce into the descending trendline has been rejected, and the early October rejection sparked a major break of structure that shifted market sentiment decisively.
Price lost the 20-, 50-, 100-, and 200-day EMAs in one uninterrupted slide, confirming that institutional trend indicators have turned firmly bearish.
Momentum accelerated once shares fell below $253, a key decision zone throughout the year, and the market then cut through $225 without any sustained reaction.
Shares now sit just above the weak low near $195, which is the final support before the broader demand pocket between $165 and $140.
Liquidity markers suggest the $165–$150 region is the next major magnet if current levels break, aligning with prior accumulation zones and unmitigated demand imbalances dating back to mid-2024.
There is no bullish break of structure, no momentum divergence and no successful test of the EMA cluster above price.
Every minor recovery attempt has been rejected quickly.
A hold above $195 could spark a relief bounce toward $225, but a close above $253 is needed for a meaningful shift.
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