Strategy Expands Bitcoin Treasury to 636,505 BTC With $450M Purchase
Michael Saylor’s Strategy (MSTR) added another 4,048 bitcoin (BTC) last week, bringing its total holdings to 636,505 coins worth nearly $70 billion at current market prices. Bitcoin was recently trading at $110,785.
The latest accumulation, valued at just under $450 million, was executed at an average price of $110,981 per BTC. Funding came mainly through common stock sales, with additional support from preferred share offerings.
The approach has sparked debate among investors. Strategy had previously pledged not to issue new equity if its market-to-net-asset value (mNAV) ratio slipped below 2.5x. With recent weakness in MSTR stock driving the ratio closer to 1.5x, the company opted to proceed with equity issuance, citing limited demand for preferred stock or convertible debt as alternatives.
Critics argue that issuing shares so close to net asset value risks diluting existing holders, while supporters see the move as consistent with the company’s long-term bitcoin accumulation strategy.
As of Tuesday’s premarket session, MSTR shares were trading slightly lower.
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