The acquisitions, made between August 11 and August 17, were done at an average price of $119,666 per Bitcoin.
Michael Saylor’s Strategy (MSTR) said Monday it had bought another 430 Bitcoin (BTC) for about $51 million last week.
The acquisitions, made between August 11 and August 17, were done at an average price of $119,666 per Bitcoin. That brings the company’s total holdings to 629,376 BTC, acquired at an average price of $73,320. The latest purchases were funded through proceeds from its STRK, STRF, and STRD at-the-market (ATM) equity offerings.
MSTR’s stock was in the red during pre-market trade on Monday, but had trimmed its losses from earlier in the morning, down only 1%. Meanwhile, Bitcoin’s price continued to dip, down as much as 2.3% in the last 24 hours. On Stocktwits, retail sentiment around the large-cap stock remained in ‘bullish’ territory over the past day, even as chatter dipped to ‘normal’ from ‘high’ levels.
The company also announced that it has updated its plan for how it will use money raised from selling shares through its Common ATM offering, setting a clear threshold for dilution risk. If the company’s modified Net Asset Value (mNav) metric falls below 2.5x, it will selectively issue new MSTR shares to cover interest payments on its debt, pay dividends owed to preferred shareholders, and support the company’s finances when management believes it makes sense.
The mNAV is Strategy’s metric that compares the value of its Bitcoin holdings to its stock price. When mNAV is above 2.5x, it means investors are valuing MSTR’s stock at more than 2.5 times the underlying Bitcoin per share, and when it’s below 2.5x, the premium is smaller.
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