Strategy (MSTR), the largest corporate holder of bitcoin , reported on Monday it purchased $45.6 million in BTC through last week, bringing its stash to 641,205 coins worth over $69 billion.
According to the firm’s filing, the company acquired 397 BTC at an average price of $114,771 last week. Strategy funded the purchase mostly via the sale of common stock, though small amounts of the company’s various preferred shares were also issued. A late weekend and Monday morning slide has the price of bitcoin trading below $108,000 at press time.
Alongside its third quarter earnings report late last week, Strategy issued guidance that it would not raise money through common stock sales when its enterprise value was less than 2.5 times the value of the bitcoin on its balance sheet (the so-called mNAV).
The unrelenting slide in MSTR’s share price in recent months, though, has left its mNAV at barely more than 1x, so its highly likely that any more share sales — and thus sizable bitcoin buys — are off the table for the foreseeable future.
MSTR is lower by 1.7% in premarket trading.
Read more: Strategy Eyes Global Credit Expansion With Focus on International Markets
