New weekly bitcoin purchases are no longer new to Michael Saylor’s (MSTR) strategy, but large purchases had been mostly off the table for some time.
However, last week the company acquired an additional 8,178 BTC for $835.6 million, or an average price of $102,171 each.
This major purchase was primarily funded through the sale of the company’s latest preferred offering, STRE or Steam, which brought Strategy’s high returns to European investors, raising around $715 million earlier this month. The company also raised $131.4 million through its preferred series STRC, or Stretch, according to a Monday morning filing.
Total holdings are now 649,870 BTC purchased for $48.37 billion, or $74,433 each.
Lately, Strategy’s bitcoin purchases had been mostly very incremental, as the sharp decline in the company’s stock price (roughly 56% in just the last four months) had virtually ruled out any major common stock offerings.
Priced at $199 early Monday, MSTR’s enterprise value now sits just above the value of bitcoin on its balance sheet, making the issuance of common shares dilutive for existing holders.
Bitcoin is trading at $94,500 on Monday, slightly below Friday’s levels.
