Strategy, the bitcoin treasury firm formerly known as MicroStrategy, has expanded its holdings by purchasing an additional 155 BTC for approximately $18 million at an average price of $116,401 per coin.
This brings Strategy’s total bitcoin holdings to 628,946 BTC, now valued around $76 billion, representing nearly 3% of bitcoin’s fixed 21 million supply.
The company’s average purchase price stands at $73,288 per bitcoin, with unrealized gains estimated at roughly $30 billion.
Funding and capital allocation
The latest acquisitions were financed through sales of Strategy’s perpetual Strife (STRF) and Stretch (STRC) preferred stock.
As of August 10, the firm still has $1.87 billion in STRF shares available for issuance.
The company’s “42/42” plan targets a total capital raise of $84 billion for bitcoin acquisitions through 2027, with several active at-the-market (ATM) programs underpinning this aggressive strategy.
For a detailed view of Strategy’s bitcoin reserves, see the MicroStrategy historical bitcoin holdings.
Strategic shifts and financial performance
No shares of Strategy’s common stock were sold last week, as the company maintains a policy not to issue equity below a certain market cap to net asset value (mNAV) ratio.
In its recent Q2 report, Strategy posted a record $10 billion net income, largely due to a $14 billion unrealized gain from fair value accounting on its bitcoin holdings.
Wall Street analysts have commended the firm’s mNAV-driven capital allocation.
growing competition for corporate bitcoin treasuries
With over 151 public companies now holding bitcoin, Strategy remains the dominant corporate holder, far ahead of firms like Marathon Digital, Riot Platforms, Metaplanet, and Coinbase.
Strategy’s $112 billion market cap continues to trade at a premium to its net bitcoin asset value, although its capital structure is designed to withstand prolonged downturns in bitcoin price.
According to Michael Saylor:
“If you don’t stop buying Bitcoin, you won’t stop making Money.”
