TL;DR
- Strategy bought 430 BTC for $51.4M at an average price of $119,666, raising its total holdings to 629,376 BTC valued at $46.15B.
- The company adjusted its MSTR Equity ATM issuance program with a NAV-based framework that defines when to issue shares, allocate funds to debt, or repurchase stock.
- MSTR shares fell from $366 to $358 over the past week but remain up 22% in 2025 and 174% year-over-year, in line with Bitcoin’s performance.
Strategy added 430 Bitcoins to its corporate treasury between August 11 and 17. The purchase amounted to $51.4 million, with an average cost of $119,666 per coin.
Following this acquisition, the company now holds 629,376 BTC, with a market value of roughly $46.15 billion. The purchase came as Bitcoin slipped nearly 5% in the past week, dropping below $115,000.
Strategy Adjusts Its Share Issuance Program
Alongside the acquisition, the firm updated the guidelines for its MSTR Equity ATM issuance program. The new framework ties share issuance to the relationship between the stock price and its adjusted NAV.
When MSTR trades above 4.0x NAV, the company will actively issue shares to buy more Bitcoin. In the 2.5x to 4.0x range, issuance will be selective and aimed at accumulation. If the ratio drops below 2.5x, proceeds will be directed mainly toward debt payments and other internal needs. Should the stock fall under 1.0x NAV, the company may use credit to repurchase its own shares.
The implied prices associated with these multiples range between $210 and $1,000, based on current estimates. This guidance provides a clearer view of how the company balances debt, equity, and Bitcoin depending on MSTR’s market valuation.
Shares Under Pressure
Strategy’s stock performance mirrored Bitcoin’s downturn. MSTR fell more than 2% in premarket trading and is down over 6% across the last five days. During the past week, the stock dropped from $366 to $358, underscoring its tight correlation with Bitcoin’s price.
Despite the recent pullback, the company remains up 22% year-to-date and 174% compared to last year. Bitcoin has also gained 22% in the same period, showing that both the digital asset and the stock continue to maintain strong long-term momentum
