Overview

• Strategy acquired 430 BTC at an average price of $119,666 per coin for $51.4 million, bringing its holdings to 629,376 bitcoins.
• The latest purchase was funded entirely by proceeds from STRK, STRF and STRD preferred-stock offerings, leaving its common-stock ATM program unused.
• Under the revised ATM guidance, Strategy can issue common shares when its market-to-NAV ratio falls below 2.5x to cover debt interest or preferred-dividend obligations.
• A pullback in Bitcoin from a peak of $124,279 to about $115,000 cut the treasury’s market value to roughly $72 billion while preserving over $26 billion in unrealized gains.
• Short-seller James Chanos criticized the guidance change as dilutive and warned that the modest buy signals weak demand for the company’s preferred-stock offerings.