Strategy, the company formerly known as MicroStrategy, has purchased 21,021 Bitcoin worth approximately $2.46 billion, representing its second-largest acquisition of 2025. The purchase was executed at an average price of $117,256 per Bitcoin, indicating the company took advantage of the recent price decline below $117,000.
This massive acquisition brings Strategy’s total Bitcoin holdings to 628,790 BTC, which represents roughly 3% of the entire Bitcoin supply. The purchase was funded through proceeds from a $2.52 billion capital raise, achieved by selling 28 million shares of their new preferred perpetual stock called Stretch (STRC).
Funding Structure Raises Questions
The company had originally planned to raise $500 million but significantly increased the offering to $2.52 billion. Strategy now operates four different perpetual preferred stock offerings alongside their common stock MSTR to support their capital raising activities. These include Strike (STRK), Strife (STRF), Stride (STRD), and Stretch (STRC), each offering different dividend structures and conversion features tied to MSTR stock.
However, the aggressive use of at-the-market stock offerings has sparked debate within the cryptocurrency community. These offerings increase share supply, leading to dilution that reduces Bitcoin holdings per share and affects the premium investors receive from MSTR, known as the modified net asset value (mNAV).
🚨 Michael Saylor announces Strategy acquired another 10,100 Bitcoin for $1.05 billion
They now HODL 592,100 BTC acquired for $41.84 billion. pic.twitter.com/i80pYwgsJ5
— Swan (@Swan) June 16, 2025
Analyst Perspectives Diverge
Bitcoin analyst Willy Woo expressed concerns about the strategy, suggesting the share dilution might indicate preparation for a potential market cycle peak. He noted that buying BlackRock’s Bitcoin ETF (IBIT) has become safer than MSTR for Bitcoin exposure after the MSTR/IBIT ratio broke a significant multi-month trendline.
The mNAV metric, which tracks Bitcoin market sentiment and serves as a bullish indicator for the treasury stock, reached a peak of 3.89x in November but has been declining since. Conversely, MSTR analyst Jeff Walton dismissed these concerns, arguing that Strategy’s $74 billion Bitcoin holdings at current market prices have established the company as a sovereign financial power.
Performance data shows Bitcoin outperformed MSTR by 8% in July, though MSTR maintained a slight edge year-to-date with 31% gains compared to Bitcoin’s 26% increase.
Broader Market Considerations
Strategy’s substantial Bitcoin acquisition demonstrates continued institutional confidence in cryptocurrency, though the funding methodology has generated mixed reactions among market participants. The company’s growing influence in the Bitcoin ecosystem reflects the ongoing evolution of corporate treasury strategies in the digital asset space.
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