Fresh weekly purchases of bitcoin are no longer news for Michael Saylor’s ( MSTR ) strategy, but large purchases had mostly been off the table for some time.
However, the company last week bought another 8,178 BTC for $835.6 million, or an average price of $102,171 each.
This sizeable purchase was largely funded through the sale of the company’s latest preferred offering, STRE or Steam, which brought Strategy’s high dividend to European investors, raising around $715 million earlier this month. The company also raised $131.4 million via its STRC, or Stretch, preferred series, as of Monday morning.
Total holdings are now 649,870 BTC acquired for $48.37 billion, or $74,433 each.
The strategy’s bitcoin purchases of late had mostly been very incremental, as the steep decline in the company’s share price — down about 56% over the past four months — had largely ruled out any major stock offering.
Trading at $199 early Monday, MSTR’s enterprise value now sits just barely above the value of bitcoin on its balance sheet, making the issuance of common stock dilutive for existing owners.
Bitcoin traded at $94,500 on Monday, down slightly from Friday’s level.
