Strategy Adds $2.01B of Bitcoin as mNAV Premium Narrows
Strategy Inc. bought an additional 24,869 Bitcoin last week, spending about $2.01 billion as the company continues to press ahead with its accumulation strategy despite intensifying debate over a shrinking mNAV premium and balance sheet durability.
In a Form 8-K filed May 18, the company said it purchased the Bitcoin between May 11 and May 17 at an average price of about $80,985 per coin. Total Bitcoin holdings now stand at 843,738 BTC, acquired for roughly $63.87 billion at an average purchase price of about $75,700 per BTC, reinforcing Strategy's position as the largest public corporate holder of Bitcoin.
The filing said the purchases were funded with proceeds from the company's at-the-market (ATM) offering programs. Strategy raised most of the capital by selling about 19.5 million shares of STRC preferred stock, generating approximately $1.95 billion in net proceeds. It also raised about $83.7 million through sales of MSTR common stock. The mix indicates a growing tilt toward preferred-style financing rather than heavier dilution of common equity.
The disclosure follows a separate update earlier in the week in which Strategy outlined plans to repurchase about $1.5 billion of convertible debt and noted that potential future funding sources could include Bitcoin sales. Those comments fueled concerns that tighter mNAV multiples and shifting financing conditions might be pressuring the corporate Bitcoin treasury model. The latest filing points in the other direction: Strategy increased its Bitcoin exposure and stated that the purchases were funded by ATM proceeds rather than selling existing BTC.
Strategy's mNAV multiple has recently traded closer to 1.0, signaling a smaller premium between the firm's market value and the value of its underlying Bitcoin holdings. As that premium narrows, issuing equity can become less attractive because investors are less willing to pay the large treasury premiums seen earlier in the trade. The company's greater use of preferred stock may reflect an adjusted funding playbook aimed at maintaining access to capital while continuing large-scale Bitcoin accumulation.
Summary: Strategy bought 24,869 BTC for about $2.01 billion, lifting total holdings to 843,738 BTC. Most of the purchase was financed through preferred stock issuance, underscoring a shift in treasury funding strategy amid mNAV compression.
