MSTR
Orange you glad it’s back?
Strategy is back doing what Strategy does: piling more Bitcoin onto the balance sheet and turning capital markets into a sort of never-ending funding machine. According to a Monday 8-K, the company bought 1,665 BTC for $142.7 million between Sept. 21 and Sept. 27 at an average price of $85,681 per coin.
That brings its total stash to 847,666 Bitcoin, acquired for $63.95 billion at an average cost of $75,437. In plain English: this is no longer just a software company with a side quest. It’s a giant, very public Bitcoin wrapper with a ticker.
How it paid for the coins
Unlike the previous buy, Strategy didn’t dip into its cash reserve this time. Instead, it sold 1.47 million MSTR shares through its at-the-market program, raising $246.2 million in net proceeds. It then used the money to:
- buy $142.7 million of Bitcoin
- repurchase $103.5 million of STRC preferred shares
It also repurchased 1.53 million STRC shares for $151.7 million total, with the remaining $48.1 million coming from cash. The company says its USD reserve still sits at $5.02 billion, plus another $1 billion in additional cash.
Why investors care
This is the second straight weekly Bitcoin buy after a brief pause, following last week’s 950 BTC purchase. Add those together and Strategy has snapped up 2,615 BTC for $218.4 million in two weeks. That matters because the company’s equity story is still tightly tied to Bitcoin’s price, its ability to keep selling stock, and whether investors are still willing to keep playing along.
Big picture: Strategy is basically running a live experiment in corporate treasury-as-crypto-trading-desk — and for better or worse, the market still hasn’t looked away.