Strategy Tops Bitcoin Stash With New $51M Purchase

Michael Saylor’s bitcoin-buying enterprise is back with its weekly update. This time, the business intelligence company spent about $51.4 million increasing its BTC stash to 623,376 coins.

According to an announcement from Strategy, the latest purchase added 430 BTC to their holdings. Although the newest batch has contributed to the firm’s Bitcoin stash growth, it is one of the lowest in recent weeks.

Strategy Buys $51M BTC

Saylor revealed that Strategy bought the bitcoins at approximately $119,666 each. This move increased the company’s year-to-date (YTD) BTC yield to 25.1%; as of the last purchase, the yield was 25%.

The money used for the BTC acquisition came from Strategy’s STRK, STRF, and STRD at the market programs (ATM). Since March, the business intelligence entity has launched stock offerings seeking to raise billions of dollars targeted toward buying more BTC.

Although the company could not sell its MSTR and STRC shares this time, it made over $50 million from offloading STRK, STRF, and STRD stock. Strategy sold $19.3 million, $19 million, and $12.1 million worth of STRK, STRF, and STRD shares, respectively.

Following the latest purchase, Strategy’s holdings are now worth $46.15 billion, with each BTC bought at an average of $73,320.

New Guidance For MSTR Issuance

In addition to announcing the latest acquisition, the company updated its MSTR Equity ATM program. Strategy said the guidance provides greater flexibility in executing its capital markets strategy. 

With a focus on raising capital for more BTC purchases, Strategy will either issue additional MSTR shares or repurchase the stock, depending on its market Net Asset Value (mNAV). The company uses an mNAV scale of 0.5x-5.0x, which tells whether the stock’s price is below $210 or above $1,000. 

“When mNAV (as defined on Strategy.com) is below 2.5x, Strategy will tactically issue MSTR Shares to (1) pay interest on debt obligations, (2) fund preferred equity dividends, and (3) when otherwise deemed advantageous to the Company. A copy of the presentation slide issued in connection with the announcement is attached and furnished as Exhibit 99.1 to this Current Report on Form 8-K and incorporated herein by reference,” the company stated in its filing with the U.S. Securities and Exchange Commission (SEC).

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