Strategy (MSTR), the largest corporate holder of bitcoin reported on Monday that it bought $45.6 million in BTC over the past week, bringing its stash to 641,205 coins worth over $69 billion.
According to the company’s filing, the company acquired 397 BTC at an average price of $114,771 last week. Strategy financed the purchase mostly through the sale of common stock, although small amounts of the company’s various preferred stocks were also issued. A late weekend and Monday morning has the price of bitcoin trading below $108,000 at press time.
Alongside its third-quarter earnings report late last week, Strategy issued guidance that it would not raise money through the sale of common stock when its enterprise value was less than 2.5 times the value of bitcoin on the balance sheet (the so-called mNAV).
However, the persistent decline in MSTR’s share price in recent months has left its mNAV at just over 1x, so it’s highly likely that more share sales – and thus significant bitcoin purchases – are off the table for the foreseeable future.
MSTR is lower by 1.7% in pre-market trading.
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