Overview
- An SEC filing shows Strategy bought 8,178 BTC for about $835.6 million at an average price of $102,171, lifting disclosed holdings to 649,870 BTC purchased for $48.37 billion at an average of $74,433.
- Funding came primarily from preferred stock, including roughly $715 million raised via the new STRE issue and about $131.4 million from STRC, as large common equity sales have become less viable.
- MSTR shares traded near $195–$199, with enterprise value close to the firm’s bitcoin reserves and the market net asset value multiple hovering around parity or below, reflecting investor dilution concerns.
- Criticism intensified as Peter Schiff labeled the model a fraud and challenged Michael Saylor to a Dubai debate, while Arca’s Jeff Dorman and other analysts argued forced bitcoin sales are highly unlikely given the balance sheet and lack of liquidation covenants.
- Saylor reiterated that the company does not intend to liquidate its core position and said it could withstand a severe downturn, noting a theoretical 90% price drop threshold in a recent interview.