James Richardson
Strategy Inc. (formerly MicroStrategy) has added 1,955 BTC worth $217.4 million between September 2 and 7, according to its latest SEC 8-K filing. The coins were acquired at an average price of $111,196 per Bitcoin.
This move lifts the firmโs total stash to 638,460 BTC, valued at nearly $71 billion. Co-founder and executive chairman Michael Saylor confirmed that Strategyโs Bitcoin has been purchased at an average price of $73,880 per BTC, amounting to $47.2 billion in total costs. With todayโs market value, the company sits on more than $24 billion in unrealized gains, holding over 3% of Bitcoinโs fixed 21 million supply.
The latest buys were funded through sales of MSTR common stock and Strategyโs four classes of perpetual preferred shares:
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STRD โ non-convertible, 10% non-cumulative dividend, highest risk/reward.
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STRK โ convertible, 8% non-cumulative dividend, offering equity upside.
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STRF โ non-convertible, 10% cumulative dividend, the most conservative option.
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STRC โ variable-rate, cumulative dividend with adjustable monthly payouts.
These offerings align with Strategyโs ambitious โ42/42โ plan, which targets $84 billion in capital for BTC accumulation through 2027. This strategy was doubled from its initial โ21/21โ blueprint after exhausting the equity allocation.
S&P 500 Snub Sparks Market Debate
Despite meeting all financial criteria and ranking among the top three U.S. firms by market cap outside the index, Strategy was excluded from the S&P 500 in the latest reshuffle. Instead, AppLovin, Robinhood, and EMCOR Group secured spots.
Analysts noted that S&P inclusion could have triggered billions in passive inflows, given that $22 trillion is benchmarked against the index. Following the decision, Saylor responded with a cryptic post: โThinking about the S&P right nowโฆโ alongside a chart highlighting Strategyโs outperformance versus the index and Bitcoin.
Corporate Bitcoin Treasury Trend Faces Challenges
According to BitcoinTreasuries data, 171 public companies now hold BTC as part of their balance sheets. Notable players include MARA (52,477 BTC), Twenty One (43,514 BTC), Bitcoin Standard Treasury Company (30,021 BTC), and Trump Media (15,000 BTC), among others.
However, the bitcoin treasury trade is losing steam for many firms. Shares of Metaplanet are down 64%, NAKA plunged 84%, and even Strategyโs stock has dropped 26% from summer highs.
Adding pressure, Nasdaq tightened oversight last week, requiring shareholder approval for some crypto-related fundraising and mandating stricter disclosures. Saylor downplayed the move, stating Strategyโs ATM programs and treasury operations remain unaffected.
Market Reaction
Strategyโs stock closed Friday at $335.87, up 2.5%, while Bitcoin gained 1.9% during the same week. Still, MSTR is down nearly 12% year-to-date, lagging behind Bitcoinโs 18.7% gain in 2024.
