MicroStrategy Buys 3,081 Bitcoin for $356.9M, Lifts Total Holdings to Over 632K BTC
MicroStrategy (MSTR) continued its accumulation of Bitcoin last week, purchasing 3,081 BTC at an average price of $115,829 per coin, according to a company disclosure. The total spend came to approximately $356.9 million, with most of the funding raised through common stock sales.
The company’s total Bitcoin holdings now stand at 632,457 BTC, acquired for $46.5 billion at an average cost of $73,527 per coin. At Monday morning’s spot price near $111,000, the stash is currently valued at around $70.2 billion.
MicroStrategy raised $300.9 million from equity issuance last week, supplementing the remaining amount with modest sales from three of its four outstanding preferred stock offerings.
However, the move stirred criticism among some shareholders after the firm backtracked on an earlier pledge not to sell common equity when its share price was trading below 2.5x the company’s market-adjusted net asset value (mNAV). With mNAV now well below 2x, the deviation has drawn scrutiny.
MSTR shares were trading more than 4% lower in pre-market action, mirroring Bitcoin’s recent slide.
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