Key Takeaways
- Strategy raised $427 million between May 19 and 25 through three at-the-market (ATM) programs.
- The firm used the proceeds to buy 4,020 BTC at an average price of $106,237.
- MSTR stock has dropped 7.5% over two days to $366.27, though longer-term performance remains strong.
Strategy (formerly MicroStrategy) continued to double down on its Bitcoin accumulation strategy, raising hundreds of millions in fresh capital and putting it straight into BTC.
The company now holds more than $40 billion worth of Bitcoin, solidifying its position as the largest corporate holder of the asset by a wide margin.
Despite short-term pressure on MSTR stock, Strategy’s aggressive capital allocation strategy shows no signs of slowing.
Strategy Raises $427 Million Through ATM Programs
Between May 19 and 25, Strategy raised roughly $427 million via three separate at-the-market equity offerings.
That included $348.7 million from 847,000 Class A Common Shares, $67.9 million from 678,970 STRK Shares, and $10.4 million from 104,423 newly created STRF Shares.
The total available capacity across these offerings exceeds $44 billion, with $18.63 billion remaining for MSTR, $20.72 billion for STRK, and $2.09 billion for STRF.
Despite the influx of capital, MSTR shares dipped 0.9% to $366.27 following a larger 7.5% drop the day before.
Strategy Buys 4,020 BTC With ATM Proceeds
Using the newly raised funds, Strategy acquired 4,020 BTC at an average price of $106,237, totaling $427.1 million.
That brings the company’s total holdings to 580,250 BTC, valued at $40.61 billion based on purchase cost, with an average acquisition price of $69,979 per coin.
This cements Strategy’s place as the world’s largest corporate Bitcoin holder and reinforces its identity as the original Bitcoin Treasury Company.
By comparison, Marathon Digital holds 48,237 BTC (0.2% of the total supply), and Riot Platforms holds 19,211 BTC (less than 0.1%). Strategy alone now controls 2.7% of Bitcoin’s circulating supply.
Stock Performance and Metrics
MSTR’s current market cap sits at $103.2 billion, down $8.37 billion, but its long-term performance tells a different story: the stock is up 31% over the past three months, 139% over the past year, and a staggering 2,889% since adopting its Bitcoin strategy.
The company’s enterprise value stands at $113.3 billion. Trading volume surged to $7.93 billion, well above the 30-day average of $5.79 billion.
Its modified net asset value (mNAV) is 1.78, reflecting a 7.29% decline. Leverage remains relatively conservative: total debt and preferred stock account for just 10% of market cap and 16% of Bitcoin NAV.
MSTR’s implied volatility is currently at 76%, while 30-day historical volatility sits at 50%. Options open interest is a massive $73.97 billion, a sign of intense market focus and speculation around the stock.
Giuseppe Ciccomascolo began his career as an investigative journalist in Italy, where he contributed to both local and national newspapers, focusing on various financial sectors.
Upon relocating to London, he worked as an analyst for Fitch's CapitalStructure and later as a Senior Reporter for Alliance News. In 2017, Giuseppe transitioned to covering cryptocurrency-related news, producing documentaries and articles on Bitcoin and other emerging digital currencies. He also played a pivotal role in establishing the academy for a cryptocurrency exchange website. Crypto remained his primary area of interest throughout his tenure as a writer for ThirdFloor.
