Amid sizable volatility in prices, Strategy (MSTR) continued building its bitcoin (BTC) stack last week, buying 3,081 coins for $356.9 million, or an average price of $115,829 each. The company's holdings are now 632,457 BTC acquired for $46.5 billion, or an average price of $73,527 each. Bitcoin's plunge to $111,000 over the past 24 hours makes those holdings worth about $70.2 billion in U.S. Monday morning hours. Last week's bitcoin buys were mostly funded via sales of common stock, from which the company raised $300.9 million. Modest sales of three of the four MSTR preferred stock issues accounted for the rest of funding. Michael Saylor and Strategy last week drew the ire of at least some of their fans, revising a pledge to never sell common stock when the price was below 2.5x mNAV. MSTR, of course, has been under considerable pressure over the past few weeks and mNAV — a measure of the multiple of the company valuation versus its bitcoin holdings — has been well under 2x for some time. MSTR is lower by more than 4% premarket alongside the steep slide in bitcoin.
