Strategy Adds $217M BTC, Now Holding 638,460 Coins

Key Insights:

• Michael Saylor’s Strategy purchases 638,460 Bitcoin, valued at $ 217 million.
• A SEC filing indicates that Strategy primarily funded the purchase by selling MSTR shares.
• Strategy’s stock is up 2.54% on TradingView, trading near last week’s close of $335.

Michael Saylor’s Strategy, formerly known as MicroStrategy, announced another weekly Bitcoin purchase after missing out on the S&P 500 last week. Bitcoin has bounced back above $112,000 today, with MSTR experiencing a 2.54% increase over the last 24 hours.

Bitcoin Whale Strategy Adds 1,955 Bitcoin Worth $217 Million

The company stated that it purchased 1,955 BTC last week for $217.4 million, at an average price of $111,196 per coin. Its BTC holdings are up 25.8% year-to-date, and it now owns 638,460 BTC, purchased for a total of $41.17 billion at an average price of $73,880.

The SEC filing indicates that Bitcoin whale primarily funded the purchase by selling MSTR shares. It raised $200.5 million from 591,606 MSTR shares, plus $11.6 million from STRF and $5.2 million from STRK.

This latest purchase follows the company’s failure to make the S&P 500 last week. It met the requirements for inclusion, but the Committee chose Robinhood, AppLovin, and Emcor instead.

Yesterday, Saylor hinted at the purchase in an X post, sharing a picture of Strategy’s Bitcoin portfolio tracker with the caption, “Needs More Orange.”

This is the company’s sixth straight week of buying Bitcoin. Last week, it added 4,048 BTC for $444 million, and with the latest purchases, Strategy now holds more than 3% of the total supply.

MSTR Went Up By 2.54%

The Bitcoin whale’s stock is up 2.54% on TradingView, trading near last week’s close of $335 after the latest Bitcoin purchase.

MSTR stock fell after the S&P 500 Committee’s decision, announced late Friday. It traded flat last week but is still down more than 10% over the past month.

This came as Saylor’s company resumed selling MSTR shares to fund Bitcoin purchases, reversing its earlier pledge not to do so when the mNAV is below 2.5x. Last month’s Bitcoin purchase was much smaller than earlier ones, such as 31,466 BTC in July and 17,075 BTC in June.

According to Strategy’s Form 8-K filing, the latest purchase was funded through three at-the-market equity offerings: Series A Perpetual Strife Preferred Stock (STRF), Series A Perpetual Strike Preferred Stock (STRK), and its Common A stock (MSTR).

Strategy’s stock rose today in sync with Bitcoin’s ascent above $112,000.