Strategy has bought roughly $2 billion worth of Bitcoin this week, adding nearly 25,000 tokens to its already massive hoard. The purchase was bankrolled by raising billions through preferred stock sales under the company's ATM programs — a move that comes even as its market net asset value metric faces headwinds.
How the deal got done
The company tapped its at-the-market equity offerings, selling preferred shares to raise the cash. Those ATM programs let Strategy dribble out stock over time rather than in one block, which helps avoid tanking the share price. This time the proceeds went straight into Bitcoin — a now-familiar pattern for the firm once known as MicroStrategy.
mNAV pressure didn't stop them
What's notable is that the purchase happened while Strategy's mNAV — the ratio of its market cap to the net asset value of its Bitcoin holdings — has been under scrutiny. A shrinking mNAV means the market is less willing to pay a premium for the company's stock relative to the Bitcoin it owns. That hasn't deterred Michael Saylor's team from continuing to accumulate.
What comes next
Strategy now holds more than 500,000 Bitcoin in total. The company is expected to file an updated shareholder deck detailing the exact cost basis and timing of the latest buys within days. Investors will be watching to see whether the mNAV metric stabilizes — or if the market starts pricing the stock closer to its Bitcoin stash.
