Strategy stock (formerly known as MicroStrategy) MSTR fell 0.75% on Monday after the Bitcoin treasury company disclosed another purchase of 1,665 BTC for approximately $142.7 million.
According to a Form 8-K filing with the Securities and Exchange Commission, Strategy acquired the Bitcoin between Sept. 21 and Sept. 27 at an average price of $85,681 per BTC.
The latest purchase takes the company’s total Bitcoin holdings to 847,666 BTC.
Strategy expands Bitcoin holdings
Strategy’s Bitcoin holdings are worth around $70.6 billion based on current prices, according to co-founder and executive chairman Michael Saylor.
The company acquired the holdings at an average price of $75,437 per Bitcoin, with total costs of approximately $64 billion including fees and expenses.
The holdings represent more than 4% of Bitcoin’s 21 million supply cap.
Based on current prices, Strategy’s Bitcoin position implies around $6.6 billion in paper gains.
The latest acquisition continues the company’s strategy of accumulating Bitcoin as its primary treasury asset.
Strategy has continued to use its capital markets programmes to finance additional purchases while also managing its preferred-stock obligations.
The company’s latest purchase was funded partly through proceeds from sales of its Class A common stock.
MSTR sales fund Bitcoin purchase
Strategy sold 1,469,165 MSTR shares last week for approximately $246.2 million.
As of Sept. 27, the company had $18.84 billion of MSTR shares available for issuance and sale under its at-the-market programme.
Of the proceeds from the latest share sales, $103.5 million was used to fund the Bitcoin acquisition, while the remainder of the purchase was supported by $48.1 million from the company’s USD Cash reserve.
Strategy also repurchased 1.53 million STRC preferred shares for approximately $151.7 million during the week.
The company had $723.5 million available for additional preferred-stock repurchases and $1 billion remaining under its MSTR stock buyback programme.
As of Sept. 27, Strategy reported a USD Reserve balance of $5.02 billion and USD Cash of $1 billion.
The company also used $22.1 million from its USD Reserve to fund dividend payments on its preferred stock during the period.
Strategy’s latest purchase comes as public companies continue to adopt Bitcoin treasury strategies. According to Bitcoin Treasuries data, 195 public companies have adopted some form of Bitcoin acquisition model.
Strategy proposes daily preferred dividends
Strategy is also seeking shareholder approval to change the dividend schedules of four preferred securities: STRC, STRD, STRF and STRK.
The proposal, announced Friday, would move the preferred stocks to daily dividends, subject to a shareholder vote scheduled for Oct. 28.
The proposal would not change the dividend rates or increase the company’s total regular dividend obligations.
STRC would be the first security to move to daily dividends if approved, with an initial record date of Nov. 1 and payment scheduled for the following day. STRF, STRD and STRK would follow in January.
The latest Bitcoin purchase came after Saylor posted a Strategy Bitcoin acquisition tracker on X with the caption “A little more orange.”
Similar posts have preceded Bitcoin purchase announcements, although the company’s buying activity has varied in recent weeks.
Strategy now holds 847,666 BTC at an aggregate acquisition cost of approximately $63.95 billion.
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