Key Takeaways
- Strategy now holds 629,376 Bitcoin, valued at nearly $74 billion, after purchasing 430 more BTC.
- Michael Saylor’s firm has delivered a 25.1% year-to-date yield on its Bitcoin holdings as of mid-August.
- The company has also refined its MSTR equity issuance framework, tying it to the mNAV metric.
Strategy continues to expand its role as one of the largest corporate holders of Bitcoin.
The company has steadily combined direct purchases with capital markets activity, and its latest update highlights an increase in reserves and adjustments to how it plans to manage equity issuance tied to its Bitcoin holdings.
Strategy Adds 430 BTC, Boosting Reserves to $74 Billion
Strategy has expanded its Bitcoin reserves by purchasing 430 BTC for $51.4 million, at an average price of $119,666 per coin. The acquisition lifts the firm’s total holdings to 629,376 BTC, valued at nearly $74 billion at current market levels.
Since beginning its accumulation, Strategy has spent roughly $46.15 billion, averaging $73,320 per BTC. The company has relied on a mix of surplus cash and debt offerings to build its position, maintaining a consistent accumulation strategy regardless of short-term market fluctuations.
As of mid-August, Strategy reported a 25.1% year-to-date yield on its Bitcoin strategy, reflecting significant gains despite price swings.
Bitcoin trades around $115,000, slightly off recent highs but well above the firm’s cost basis.
Updating MSTR Equity Guidance
Strategy has updated its MSTR Equity ATM Guidance to offer more flexibility in its capital markets strategy.
The guidance is tied to a metric called mNAV, which is calculated by dividing Enterprise Value by Bitcoin NAV. The company’s strategy for issuing MSTR equity changes depends on the level of this mNAV.
When the mNAV exceeds 4.0x, the company will actively issue MSTR to acquire Bitcoin. This corresponds to an implied MSTR price of above $1,000.
If the mNAV is between 2.5x and 4.0x, the strategy shifts to opportunistically issuing MSTR to acquire Bitcoin. This corresponds to an implied MSTR price range of $600 to $1,000.
If the mNAV drops below 2.5x, the company’s Strategy for issuing MSTR becomes tactical. It will issue MSTR to pay interest on debt obligations, fund preferred equity dividends, and perform other purposes deemed advantageous to the company.
This is associated with an implied MSTR price below $600, reaching as low as $210.
Finally, when the mNAV falls below 1.0x, Strategy will consider issuing credit to repurchase MSTR. This corresponds to an implied MSTR price of below $210.
The firm specified that the implied MSTR price is needed to achieve the corresponding mNAV, with all other factors being equal as of Aug. 17, 2025.
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.
