Strategy’s $2.46B Bitcoin buy brings total holdings to 628K BTC!

Key Points

1. Strategy acquired 21,021 BTC at an average price of $117,256, marking its second-largest purchase in 2025.

2. The purchase was funded by a $2.52 billion share sale, exceeding the initial $500 million target.

3. Investors favored BlackRock’s IBIT over MSTR for BTC exposure, as the MSTR/IBIT ratio broke a key trendline.

4. MSTR’s modified net asset value (mNAV) has been declining since peaking at 3.89x in November, raising concerns about its capital-raising strategy.

5. Despite the skepticism, MSTR’s BTC holdings ($74 billion at market prices) position it as a significant player with strong financial strength.