Michael Saylor’s Strategy announced a fresh $217 million bitcoin purchase on Monday, acquiring 1,955 BTC at an average price of $111,196. The acquisition raises the firm’s total bitcoin holdings to 638,460 BTC, with its overall average purchase cost climbing to $73,880.
Bitcoin briefly traded as high as $112,200 before retreating to $111,800 following the disclosure. The news comes amid growing shareholder frustration with Strategy’s shifting mNAV guidance, which was first promised as a safeguard against dilution but later abandoned.
The mNAV ratio, which tracks stock value against bitcoin holdings, has dropped to about 1.5x, pressuring MSTR shares, which are now trading at $335 — down 26% since July.
Adding to the disappointment, the company was recently overlooked for S&P 500 index inclusion despite meeting the required criteria and reporting one of its strongest quarters. Rival Robinhood took the slot instead, compounding investor concerns even as Strategy doubles down on its bitcoin-first strategy.
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