Strategy Boosted Its Bitcoin Position by 4,408 Coins, Spending $450M

Strategy Adds 4,048 Bitcoin, Bringing Total Holdings to 636,505 BTC

Michael Saylor’s Strategy (MSTR) continued expanding its bitcoin (BTC) reserves last week, buying 4,048 coins for just under $450 million. The purchases, made at an average price of $110,981 per BTC, bring the company’s total holdings to 636,505 coins, worth nearly $70 billion at current market levels around $110,785.

The buys were financed primarily through common stock sales, supplemented by proceeds from preferred share offerings. That decision has reignited debate among shareholders. Strategy previously pledged not to issue stock if its market-to-net-asset value (mNAV) ratio fell below 2.5x. With the stock’s recent slide pulling the ratio closer to 1.5x and little demand for alternative financing such as preferred stock or convertible debt, the company opted to move ahead with equity issuance to fund its strategy.

Skeptics warn that issuing shares so close to net asset value risks diluting existing investors. Supporters argue the approach reflects Strategy’s singular focus on growing its bitcoin balance sheet.

MSTR shares traded slightly lower in premarket activity on Tuesday.