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yesterday

Strategy Buys 390 BTC With Preferred ATM Proceeds, Lifting Holdings to 640,808

Compressed issuance premiums are steering the company toward preferred‑share funding with a slower cadence.

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Strategy Acquires 390 BTC

Overview

  • A Form 8-K shows the company acquired 390 BTC between October 20 and 26 for about $43.4 million at roughly $111,000 per coin.
  • Total holdings rose to 640,808 BTC acquired for approximately $47.44 billion, with an average cost basis near $74,032 per bitcoin; BTC traded above $115,000 and MSTR ticked higher after the disclosure.
  • The purchase was financed via at‑the‑market preferred share sales under the STRF, STRK and STRD programs, reflecting a shift away from recent common‑stock issuance.
  • Analysts highlight a marked slowdown in weekly buys to the low hundreds of BTC as the company’s equity issuance premium fell from about 208% to single digits, constraining accretive capital raising.
  • American Bitcoin reported buying and mining 1,414 BTC to lift its reserve to 3,865 BTC and introduced a Satoshis‑per‑Share metric to show bitcoin backing per share.