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Strategy Buys 390 Bitcoin, Funding via Preferred ATMs During Common Issuance Pause

The latest filing details a pivot to preferred-stock at-the-market programs, reflecting compressed equity premiums that have curbed common-share financing.

Overview

  • The company acquired 390 BTC between Oct. 20 and Oct. 26 for about $43.4 million at an average price near $111,053 per coin, according to its Form 8-K.
  • Total holdings now stand at 640,808 BTC purchased for roughly $47.44 billion, implying a portfolio-wide average cost of $74,032 per bitcoin.
  • The buy was financed by preferred-share ATMs—about $19.4 million from STRF, $17.0 million from STRK, and $7.0 million from STRD—while MSTR common issuance was skipped for a fourth straight week, leaving $15.909 billion in unused capacity.
  • Bitcoin traded above $115,000 and MSTR shares rose around 2–3% on Monday following the disclosure.
  • Analysts highlight a slower weekly cadence—now a few hundred BTC—while Michael Saylor signaled the move with his customary “It’s Orange Dot Day” post before the filing.