Michael Saylor's Strategy Added $45M in Bitcoin to Holdings Last Week

Why It Matters

The purchase underscores MSTR’s commitment to expanding its bitcoin exposure, but the mNAV constraint signals that further large‑scale buying may be curtailed, affecting both the firm’s valuation and broader corporate demand for bitcoin.

Summary

Strategy (MSTR) bought 397 bitcoin last week for $45.6 million at an average price of $114,771, lifting its total holdings to 641,205 coins valued at over $69 billion. The acquisition was financed primarily through the sale of common stock, with a modest amount of preferred shares also issued. At the time of reporting, MSTR’s shares were down 1.7% in pre‑market trading and bitcoin had slipped below $108,000. The company’s guidance limits future stock‑sale‑funded purchases unless its enterprise value exceeds 2.5 times the bitcoin balance, a threshold now far above its current mNAV of roughly 1×.