Strategy (MSTR), the largest corporate holder of Bitcoin BTC$107,661.53reported on Monday that it had purchased $45.6 million in BTC as of last week, bringing its stash to 641,205 coins worth more than $69 billion.
According to the company's filings, the company acquired 397 BTC last week at an average price of $114,771. Strategy funded most of the acquisition through the sale of common stock, although small amounts of various preferred shares of the company were also issued. As of this writing, the price of Bitcoin is below $108,000 after a decline late in the weekend and Monday morning.
In conjunction with its third-quarter earnings report late last week, Strategy announced a policy not to raise funds through the sale of common stock if the company's value is less than 2.5 times the value of Bitcoin on its balance sheet (so-called mNAV).
However, due to the relentless decline in MSTR's stock price over the past few months, the company's mNAV remains at a level barely above 1x, and it is highly likely that it will be impossible to sell any more shares and subsequently purchase a huge amount of Bitcoin for the time being.
MSTR fell 1.7% in pre-market trading.
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