Strategy buys another $2bn in Bitcoin despite mNAV pressure

Strategy Inc. purchased another 24,869 Bitcoin, worth roughly $2.01 billion, last week. This signals that the company remains firmly committed to its aggressive accumulation strategy despite growing scrutiny over compressed mNAV multiples and balance-sheet sustainability.

In a new Form 8-K filing released on 18 May, Strategy disclosed that the purchases were made between 11 May and 17 May at an average price of approximately $80,985 per Bitcoin.

The acquisition pushes Strategy’s total Bitcoin holdings to:

• 843,738 BTC

• acquired for approximately $63.87 billion
• at an average purchase price of roughly $75,700 per BTC.

That further strengthens the company’s position as the world’s largest public corporate Bitcoin holder.

Strategy financed purchases through ATM share sales

The filing also revealed that the Bitcoin purchases were funded through proceeds raised under the company’s at-the-market [ATM] offering programs.

Most of the capital came from the sale of:

• approximately 19.5 million shares of STRC preferred stock,
• generating roughly $1.95 billion in net proceeds.

By comparison, the company raised:

• approximately $83.7 million through MSTR common stock sales.

The structure suggests Strategy is increasingly relying on preferred-style financing instruments rather than heavily diluting common equity to fund Bitcoin purchases.

Filing contrasts with recent debt management concerns

The latest filing comes just days after Strategy disclosed plans to repurchase roughly $1.5 billion of convertible debt. Also, it noted that future funding sources could potentially include Bitcoin sales.

That earlier filing raised questions about whether compressed mNAV multiples and changing financing conditions were beginning to pressure the broader corporate Bitcoin treasury model.

However, the newest disclosure appears to send the opposite signal.

Rather than reducing exposure, Strategy used newly raised capital to expand its Bitcoin holdings further.

The filing also explicitly stated that the latest Bitcoin purchases were funded using ATM proceeds, not through the sale of existing BTC holdings.

Treasury strategy evolves as mNAV compresses

Strategy’s mNAV multiple has recently traded closer to 1.0, reflecting a narrower premium between the company’s market value and the value of its underlying Bitcoin holdings.

Lower mNAV premiums can make traditional equity issuance less attractive. This is because investors are no longer assigning the large treasury premiums seen during earlier phases of the Bitcoin accumulation trade.

The company’s heavier reliance on preferred stock issuance may reflect an evolving financing approach designed to preserve capital access while continuing large-scale Bitcoin accumulation.

Final Summary

• Strategy purchased another 24,869 BTC worth roughly $2.01 billion, bringing total holdings to 843,738 BTC.
• The company funded most of the purchases through preferred stock issuance, signaling an evolving treasury financing strategy amid mNAV pressure.