Strategy Added Another 4,408 Bitcoin for $450M Last Week

Strategy (MSTR) continued its relentless bitcoin (BTC) purchases, acquiring another 4,048 coins last week and bringing company holdings to 636,505 ￰0￱ week's buys were made for just under $450 million, or an average cost of $110,981 ￰1￱ were funded mostly through sales of common stock, with sales of the company's various preferred shares making up the ￰2￱ common stock sales have been somewhat controversial of late as Saylor and team not long ago promised to never issue shares when the stock's mNAV — the ratio of the stock valuation compared to value of bitcoin holdings — fell below ￰3￱ rough ride for the stock of late though, has brought the mNAV to the 1.5x ￰4￱ apparently just modest demand for preferred stock and none for convertible debt, the company — if it wanted to continue to make sizable bitcoin purchases — had little choice but to scrap the mNAV 2.5x ￰5￱ problem with sales of common stock at such a modest premium to mNAV, say the naysayers, is that the issuance risks being dilutive to existing ￰6￱ company's bitcoin holdings are worth just under $70 billion at bitcoin's current price of $109,400.

MSTR shares are modest lower in premarket trading.