Strategy, formerly MicroStrategy, has expanded its Bitcoin treasury with the purchase of 430 BTC between August 11–17, spending $51.4 million at an average of $119,666 per coin.
This raises its total holdings to 629,376 BTC, worth $46.15 billion at today’s market prices. The acquisition came as Bitcoin slid nearly 5% in a week, briefly falling below $115,000.
In addition, Strategy revised its capital allocation strategy by tying MSTR equity issuance to net asset value multiples. When MSTR trades above 4.0x mNAV, the company will issue shares to buy more Bitcoin.
At 2.5x–4.0x mNAV, issuance will be opportunistic, while below 2.5x, it will focus on debt and internal needs. If trading drops below 1.0x mNAV, Strategy may use credit to repurchase its own stock.
The implied share prices for these NAV multiples range from $210 to $1,000 as of August 17, 2025, reflecting a highly dynamic financial roadmap.
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