The strategy has just purchased an additional 13,627 BTC with a total value of approximately $1.25 billion, at an average price of $91,519/BTC, according to the 8-K filing submitted to the SEC. The transaction was executed during the period from January 5 to 11, increasing the company’s total Bitcoin holdings to 687,410 BTC, valued at approximately $62.3 billion. The total purchase cost is estimated at around $51.8 billion, equivalent to an average price of $75,353/BTC, resulting in an unrealized profit of about $10.5 billion at current prices.
The capital comes from the sale of (MSTR) Class A common stock and perpetual preferred stock (STRC). Last week, the strategy sold over 6.8 million MSTR shares for about $1.13 billion and more than 1.19 million STRC shares for approximately $119.1 million. After these sales, the company still has significant issuance capacity remaining in ATM programs.
The strategy currently holds more than 3% of the total 21 million BTC supply. However, shares of many Bitcoin treasury companies, including the strategy, are under pressure as the market capitalization ratio to net asset value (mNAV) narrows; the mNAV of the strategy is currently around 0.81. Last week, MSTR shares experienced significant volatility following MSCI’s decision not to immediately remove asset-holding companies from the global index.
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