Strategy (MSTR), the largest corporate holder of bitcoin reported on Monday that it purchased $45.6 million in BTC over the past week, bringing its stash to 641,205 coins worth more than $69 billion.
According to the company document, last week it acquired 397 BTC at an average price of $114,771. The strategy financed the purchase primarily through the sale of common stock, although small amounts of the company’s various preferred shares were also issued. A late weekend and Monday morning drop has the price of bitcoin trading below $108,000 at the time of this publication.
Along with its third-quarter earnings report late last week, Strategy issued guidance that it would not raise money through the sale of common stock when the value of its company was less than 2.5 times the value of the bitcoin on its balance sheet (so-called mNAV).
However, MSTR’s relentless share price decline in recent months has left its mNAV at just over 1x, so it is highly likely that further share sales (and therefore sizable bitcoin purchases) are off the table for the foreseeable future.
MSTR is lower by 1.7% in pre-market trading.
Read more: The strategy aims at global credit expansion with a focus on international markets
