Overview
- Michael Saylor said the company bought 2,486 BTC for about $168.4 million at roughly $67,710 per coin, bringing its total to 717,131 BTC as of February 16.
- Strategy disclosed that the latest purchase was funded by issuing new shares, continuing a playbook that has expanded its Class A share count from 76 million in 2020 to 314 million by February 12.
- After relying heavily on common equity sales, the company has begun using preferred stock this year to fund purchases in a bid to lessen dilution.
- The firm’s bitcoin stash once peaked near a $90 billion valuation in October, sits around $47 billion now, and the stock trades about 76.5% below its November 2024 high.
- Strategy frames its model as boosting bitcoin per share, creating a leveraged exposure that can magnify swings, while the company and analysts at Bernstein and TD Cowen say it is not currently distressed.