Strategy has once again proved that he is the undisputed leader among corporate Bitcoin owners. In the latest application to the American Commission of Securities and Stock Exchange (SEC), the company revealed the purchase of 3,081 BTC for USD 356.9 million, paying an average of $ 115,829 for a coin and raising total resources to over 632 thousand coins.
The giant bitcoin treasure is growing in strength
The latest purchase increases the total strategy resources (formerly Microstrategy) to the impressive 632 457 BTC, which at current prices means the value of about USD 70 billion. The company gathered its bitcoin arsenal at an average price of 73,527 USD per coin, spending a total of approximately USD 46.5 billion (including fees).
This means that Strategy is now unrealized profits of around USD 23.5 billion – The result, which few companies can boast in such a short time.
Complicated financing strategy
The key to success strategy is the thoughtful shopping financing strategy. The latest transactions were financed from the sale programs of the “AT-The-Market” campaign. Between 18 and 24 August, the company sold:
- 875 301 ordinary shares of MST for 309.9 million USD
- 210,100 shares of preferred steps (8% coupon) for USD 20.4 million
- 237,336 shares of preferred StF (10% coupon) for $ 26.6 million
- 944 STRD preferred shares for $ 100,000
The remaining emission capacity is still USD 47 billion In various instruments, which suggests that the company has space for further purchases.
Premium to the net value – how do the broadcast of Strategy shares work?
Strategy trads with market capitalization of approximately USD 112 billion with bitcoin resources worth 70 billion, which gives Premium 60% to the net value of assets (MNAV).
Analysts from TD Cowen maintained the target price of MST shares at USD 680, arguing that the emission strategy is “accretion” thanks to the relatively low debt of the company.
Critics question this premium, but supporters argue that it is strategic advantage. The company even updated its emission guidelines, adapting the intensity of issuing shares to the MNAV level – the higher the premium, the more actively the strategy will emit shares for the purchase of subsequent bitcoins.
Saylor does not hide his enthusiasm
The company’s co -founder, Michael Saylor, does not hide his enthusiasm. At the weekend before the announcement he wrote on X (formerly Twitter): “Bitcoin is on sale”while publishing graphics showing the company’s resources.
Earlier, he boasted that from the adoption of “Bitcoin Standard” strategy actions are doing better than the “Magnifent 7” index and other main asset classes. Today, it was he who informed the community about the company’s subsequent purchases:
Growing competition
Although Strategy remains an unrivaled leader in the BTC corporate accumulation race, more and more public companies are taking a similar strategy. Among the significant Bitcoin owners we find miners like Mara and Riot, financial companies such as Galaxy Digital, as well as Bitcoin Standard Treasury Company, Trump Media and Japanese Metaplanet.
After today’s disclosure, strategy resources are Nearly 3% from the 21-million bitcoins poolwhich makes the company one of the largest individual owners of this cryptocurrency in the world.
Therefore, the question remains – how long will the company be able to maintain the accumulation rate and will the market be able to absorb subsequent emissions of shares while maintaining the current premium?
One thing is certain – Strategy redefinches the way corporations think about Bitcoin as a tax reserve.
