Key Takeaways
- Strategy Acquires 430 BTC: The company purchased 430 additional bitcoins for $51.4 million, bringing its total holdings to 629,376 BTC, valued at approximately $46.15 billion.
- Strong YTD Performance: Strategy reported a 25.1% year-to-date return on its Bitcoin strategy, with an average acquisition price of $73,320 per coin.
- Updated Stock Framework: Strategy introduced a structured stock issuance model based on its market-to-net-asset-value (mNAV) ratio, guiding how and when it may issue or repurchase MSTR shares.
- Issuance and Buyback Triggers: Under the new policy, the company will actively issue shares if MSTR trades above $1,000 and may consider stock buybacks if it drops below $210.
Table of Contents
Strategy, the largest corporate holder of Bitcoin, has acquired an additional 430 BTC for approximately $51.4 million, the company said on Monday. The purchase, made at an average price of $119,666 per bitcoin, brings its total holdings to 629,376 BTC as of August 17.
In a post on X, the company announced plans to continue growing its Bitcoin treasury, and reported a 25.1% year-to-date return on its strategy.
The full reserve, now totaling roughly $46.15 billion and acquired at an average price of $73,320 per coin, reflects Strategy’s steady commitment to Bitcoin, even in the face of ongoing market volatility.
Strategy Puts a Price Tag on Its Capital Plan
Strategy’s latest Bitcoin purchase was accompanied by an update to its capital markets guidance, aimed at giving management greater flexibility in how and when it issues or repurchases shares of its common stock, $MSTR.
In a follow-up post on X, the company introduced a new framework based on its market-to-net-asset-value (mNAV) ratio.
According to the company, if MSTR trades above 4.0 times its market-to-net-asset-value ratio (mNAV), which would imply a share price above $1,000, Strategy said it would actively issue new stock to fund further Bitcoin purchases. If the ratio falls between 2.5 and 4.0 times mNAV, the company may still issue shares, but on a more selective, opportunistic basis.
At lower valuation levels, below 2.5 times mNAV, the company noted that any issuance would be used more cautiously. In these cases, proceeds may go toward paying interest on debt, funding preferred stock dividends, or meeting other corporate needs. If the stock falls below 1.0 times mNAV, which is roughly $210, Strategy said it may consider raising debt instead in order to buy back its own shares.
The updated framework signals a more disciplined approach to capital management, aiming to balance Bitcoin accumulation with shareholder value. By tying stock issuance to valuation thresholds, Strategy helps avoid unnecessary dilution, offering investors greater transparency and confidence in how new shares are deployed.
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