Strategy Lifts Bitcoin Holdings to 636,505 BTC With $450M Purchase
Strategy (MSTR), the bitcoin-focused company led by Michael Saylor, acquired 4,048 BTC last week in another round of buying, pushing its total holdings to 636,505 coins. At current prices near $110,785, the stash is valued at just under $70 billion.
The latest purchase, worth close to $450 million, was made at an average cost of $110,981 per bitcoin. Funding came largely from sales of common stock, with additional capital raised through preferred share offerings.
Equity financing has become a point of contention among investors. Earlier this year, Strategy pledged it would not issue new shares if its market-to-net-asset value (mNAV) ratio dipped below 2.5x. With MSTR stock sliding in recent weeks, the ratio has fallen toward 1.5x, leaving the company with limited funding options.
Critics argue the share sales risk diluting existing investors at relatively low premiums to net asset value. Still, supporters see the move as consistent with Strategy’s commitment to expand its bitcoin treasury regardless of market conditions.
MSTR shares were trading modestly lower in premarket activity on Tuesday.
