- Strategy purchased 4,603 bitcoins for $370 million on August 31, raising its holdings to approximately 845,050 BTC.
- The company’s bitcoin holdings are valued at roughly $68.5 billion, above its reported $47.3 billion market capitalization and $50.3 billion enterprise value.
- MSTR closed up almost 18% at $144.82 as bitcoin rallied, but investors still face risks from leverage, preferred-funding costs, equity dilution and elevated Treasury yields.
- Strategy’s proprietary Total Reserve Capital measure combines bitcoin holdings and cash, but critics note that the metric is nonstandard and does not fully reflect senior claims against assets.
Quotes
“cover its preferred dividends and reduce its debt”
“Total Reserve Capital”