Weekly new Bitcoin purchases are no longer news for Michael Saylor (MSTR) Strategy, but large purchases had been mostly ruled out for some time.
However, last week the company acquired an additional 8,178 BTC for $835.6 million, an average price of $102,171 each.
This significant purchase was financed primarily by the sale of the company’s latest preferred offering, STRE, or Steam, which brought Strategy’s high returns to European investors, raising approximately $715 million earlier this month. The company also raised $131.4 million through its favorite series STRC, or Stretch, according to a filing Monday morning.
Total holdings now stand at 649,870 BTC acquired for $48.37 billion, or $74,433 each.
Strategy’s recent purchases of Bitcoin have mostly been very incremental, as the steep decline in the company’s stock price — lower by about 56% in the last four months alone — had all but ruled out any significant offering of common stock.
Trading at $199 early Monday, MSTR’s company value now sits barely above the value of bitcoin on its balance sheet, making issuing common stock dilutive to existing holders.
Bitcoin is trading at $94,500 on Monday, down slightly from Friday’s levels.
