Strategy (MSTR), the largest company holding Bitcoin reported Monday that it purchased $45.6 million worth of BTC last week, bringing its stash to 641,205 coins worth more than $69 billion.
According to the company filing, the company acquired 397 BTC last week at an average price of $114,771. The strategy financed the purchase primarily through the sale of common stock, although small amounts of various company preferred shares were also issued. A late weekend and Monday morning slide showed the bitcoin price trading below $108,000 at press time.
Alongside its third-quarter earnings report, late last week Strategy released guidance that it would not raise money through the sale of common stock when its enterprise value was less than 2.5 times the value of bitcoin on its balance sheet (the so-called mNAV).
However, MSTR’s relentless share price decline over the past few months has left its mNAV barely above 1x, so it is very likely that further stock sales – and therefore large bitcoin purchases – are out of the question for the foreseeable future.
MSTR is down 1.7% in pre-market trading.
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