Strategy’s $2.46B Bitcoin buy brings total holdings to 628K BTC!
Key takeaways
Technique’s newest $2.46 billion BTC bid was the biggest since March. Nevertheless, the bid has raised extra questions than reward in Crypto Twitter.
Technique (previously MicroStrategy) has acquired 21,021 Bitcoin [BTC], value over $2.46 billion, marking its second-largest bid in 2025.
The most recent purchase was made at a median value of $117.256K, suggesting that the pioneer in BTC company treasury capitalized on the current dip under $117K.
Now, the agency’s stash has elevated to 628.79K BTC, about 3% of the general BTC provide.
Supply: CryptoQuant
Technique’s newest buy was made potential by the current $2.52 billion raised after promoting 28 million shares of the brand new most well-liked perpetual inventory, Stretch (STRC).
The agency had initially focused $500 million however upsized then providing to $2.52 billion. However the huge bid has raised extra eyebrows than reward throughout Crypto Twitter (CT).
A threat or daring BTC wager?
Technique has 4 perpetual most well-liked inventory choices past the frequent inventory, MSTR, for capital elevating plans.
They embody Strike [STRK], Strife [STRF], Stride [STRD], and Stretch [STRC], all incomes totally different dividends. Every additionally features a conversion function linked to MSTR inventory.
Nevertheless, at-the-market (ATM) inventory choices enhance provide by way of direct gross sales. This added provide causes share dilution.
Because of this, Bitcoin per share drops, so does the premium buyers earn from MSTR—known as the modified web asset worth (mNAV).
Nevertheless, extra at-the-market (ATM) inventory choices (gross sales) enhance provide and result in share dilution, lowering the BTC per share or the premium buyers get for getting MSTR, often called mNAV (modified web asset worth).
In accordance with the famend BTC analyst Willy Woo, the share dilution may very well be a preparation for a probable market cycle prime.
“My working thesis is that they’re decreasing mNAV by way of ATMs in preparation for a cycle prime in coming quarters. It’s not his first bear market anymore.”
Supply: Woo/X
The truth is, per the connected chart, it was a lot safer to purchase BackRock’s BTC ETF(IBIT) than MSTR for BTC publicity after the MSTR/IBIT ratio broke a key multi-month trendline, in line with Willy Woo.
That mentioned, the next mNAV additionally tracks BTC market sentiment and is perceived by buyers as a bullish cue to leap on the BTC treasury inventory.
However MSTR’s mNAV topped out at 3.89x final November and has been on a downward pattern since.
Supply: Technique Tracker
Nevertheless, Jeff Walton, a MSTR analyst, downplayed Woo’s issues, stating that he was ‘lacking the massive image.’
He added that the agency’s BTC holdings ($74 billion at market costs) have made it a sovereign energy with ‘supreme monetary power.’
In the meantime, BTC outperformed MSTR by 8% in July. However on a year-to-date (YTD) foundation, MSTR was up 31% whereas BTC gained 26%.
Supply: MSTR vs BTC, TradingView
