Large-Scale Bitcoin Buying Returns to the Strategy, With $835M Added Over the Last Seven Days

With its stock price too depressed to support meaningful common equity sales, Strategy has turned to preferred shares to fuel its latest major bitcoin accumulation.

Michael Saylor’s Strategy (MSTR) has made routine weekly BTC purchases for months, but sizable buys had largely paused—until now. The company disclosed that it acquired 8,178 BTC last week for $835.6 million, paying an average of $102,171 per coin.

The bulk of the purchase was funded through Strategy’s newest preferred-share issuance, the STRE (“Steam”) series, which attracted strong demand from European investors and raised approximately $715 million earlier this month. An additional $131.4 million came from the company’s STRC (“Stretch”) preferred series, according to a Monday filing.

Following the transaction, Strategy’s total bitcoin holdings have climbed to 649,870 BTC, accumulated at a combined cost of $48.37 billion, or an average entry price of $74,433.

The company had been limited to minor incremental purchases in recent months as MSTR’s share price plunged—down 56% over the past four months—effectively eliminating the feasibility of issuing common shares. At Monday’s early session price of $199, Strategy’s enterprise value is now barely above the market value of its bitcoin reserves, making any new common stock issuance heavily dilutive.

Bitcoin itself traded around $94,500 on Monday, slightly lower than levels seen on Friday.

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