Saylor-Led Strategy Adds $450M in Bitcoin, Pushing Holdings to 636,505 BTC
Strategy (MSTR), the company led by executive chairman Michael Saylor, expanded its bitcoin (BTC) treasury last week with the purchase of 4,048 coins, raising total holdings to 636,505 BTC. At current prices near $110,785, the stash is valued at just under $70 billion.
The latest acquisition cost just under $450 million, with an average purchase price of $110,981 per bitcoin. Funding came primarily through sales of common stock, supplemented by proceeds from preferred share offerings.
Stock sales have drawn criticism in recent weeks, as Saylor’s team had previously pledged not to issue shares when the company’s market-to-net-asset value (mNAV) ratio dropped below 2.5x. With MSTR’s recent pullback dragging the mNAV closer to 1.5x, and limited appetite for preferred stock or convertible debt, the company moved ahead with equity issuance to maintain its aggressive bitcoin buying program.
Skeptics warn that selling stock at a modest premium to mNAV risks diluting existing shareholders. Even so, the company continues to prioritize bitcoin accumulation as its core strategy.
MSTR shares were modestly lower in premarket trading on Tuesday.






