TLDR
- Strategy purchased 8,178 Bitcoin for $835 million, marking its largest buy since July and a massive increase from recent weekly purchases of 400-500 BTC
- The company now holds 649,870 BTC worth approximately $61.7 billion, maintaining the largest Bitcoin treasury in the world
- The purchase happened during a sharp market pullback, with Bitcoin falling 11% in the prior week to $94,191
- Strategy funded the buy through a €620 million preferred share offering that closed last week, raising $703.9 million after fees
- MSTR stock dropped over 16% in five days to $197.03, while the company’s market-to-net-asset value fell from above 2.5 to about 1.2
Strategy returned to massive Bitcoin buying on Monday. The company acquired 8,178 BTC for roughly $835 million.
The purchase represents a sharp increase from recent weeks. Strategy had been buying about 400-500 Bitcoin per week in October and early November.
The timing caught attention across crypto markets. Bitcoin dropped 11% in the seven days before the announcement, trading around $94,191.
MicroStrategy Incorporated, MSTR
Strategy filed the disclosure with the Securities and Exchange Commission on Monday. The company now controls 649,870 Bitcoin worth about $61.7 billion.
This marks the largest Bitcoin purchase by Strategy since July. The buy came during one of the sharpest drawdowns Bitcoin has seen this year.
Executive chair Michael Saylor has maintained the company’s Bitcoin-buying strategy since August 2020. The recent pullback did not change that approach.
Funding the Purchase
Strategy completed a €620 million preferred share offering last Thursday. The sale raised approximately $703.9 million after fees.
The company issued 7.75 million shares of its 10% Series A Perpetual Stream Preferred stock. This more than doubled the initial €350 million target.
The proceeds helped fund the Bitcoin acquisition. The timing aligned with thinner market liquidity and reduced retail buying activity.
MSTR stock fell over 16% in the five days leading up to the filing. Shares traded at $197.03 at the time of the announcement.
The company’s market-to-net-asset value dropped from above 2.5 to roughly 1.2. This compression reflects how the stock’s premium to its Bitcoin holdings has narrowed.
Market Context
Bitcoin fell below the six-figure psychological level during the selloff. The token dropped nearly 30% from its early October peak.
Order books across major exchanges showed lighter activity. Retail wallets remained quiet during the downturn.
Digital-asset treasury companies typically face amplified pressure when liquidity dries up. Their stocks function as levered exposure to the tokens they hold.
Strategy maintains the largest Bitcoin position among public companies. BitMine Immersion Technologies holds the most Ether, while Forward Industries has the biggest Solana position.
Gold investor Peter Schiff challenged Saylor to a debate over the weekend. Schiff called Strategy’s business model a fraud and proposed meeting on stage at Binance Blockchain Week in Dubai.
Saylor has not publicly responded to the challenge.
Wall Street analysts remain optimistic about the stock. Fourteen analysts issued ratings in the past three months, with 12 calling it a buy and two recommending a hold.
The average 12-month price target stands at $524.08. This implies roughly 164% upside from recent levels.
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