Strategy accelerates its strategy yet again. Led by Michael Saylor, the company purchased 13,627 bitcoins last week for a total of $1.25 billion, marking its largest acquisition since July. This massive transaction, amidst a hesitant market, reaffirms the company’s accumulation strategy.
A significant purchase funded by dilution and perpetual equity
According to reports on Monday, Strategy paid an average of about $91,519 per bitcoin for this latest batch, though a simple calculation brings the price to over $94,000. The financing was a mix of $1.1 billion raised through the issuance of common stock and $119.1 million from its perpetual preferred equity, Stretch (STRC).
This strategy allows the company to bolster its exposure to bitcoin without resorting to traditional debt. However, it entails regular dilution of existing shareholders, a topic increasingly debated as the amounts involved grow.
A bitcoin treasury reaching new heights
With this purchase, Strategy raises its total holdings to 687,410 BTC. The company has invested a total of $51.80 billion to build this reserve, translating to an average acquisition price of $75,353 per bitcoin.
At these levels, Strategy remains comfortably in unrealized gains, despite recent market volatility. Bitcoin was trading around $90,000 at the time of the announcement, a significant psychological threshold for investors.
This marks the third consecutive week of purchases for the company, a pace that stands out from the more spaced-out periods seen in recent months. The message is clear: Strategy deems current levels attractive enough to continue strengthening its position.
A strong signal sent to the market
This new purchase comes as the bitcoin market undergoes a consolidation phase after the early-year rebound. Flows into ETFs have recently dwindled, and several institutional players are adopting a more cautious short-term stance.
In this context, Strategy’s decision acts as a signal of conviction. The company continues to position itself as an almost exclusive vehicle for bitcoin exposure, fully embracing the role of a stock market proxy for investors who prefer not to hold the asset directly.
An increasingly polarizing strategy
While the coherence of Michael Saylor’s strategy is no longer in question, its magnitude remains divisive. Supporters see it as exemplary accumulation discipline and a long-term interpretation of the monetary cycle. Critics, however, highlight the risk of perpetual dilution and the growing dependence of the company’s valuation on a single asset.
In the short term, the market seems to applaud the operation. MSTR shares were slightly up in pre-market trading, while bitcoin held above $90,000. Yet, as Strategy’s bitcoin treasury grows, each new purchase also reinforces the central question: how far can this strategy be pushed without altering the group’s financial balance?
For now, Michael Saylor continues steadily forward. And the market, whether supporting or challenging him, can no longer afford to ignore Strategy’s colossal weight in the bitcoin ecosystem.
