MicroStrategy announced on Monday that it completed a purchase of 1,955 BTC for $217 million, according to an SEC filing. The transaction brings the company’s total bitcoin holdings to 638,460 BTC.
The recent lot averaged about $111,196 per bitcoin, raising MicroStrategy’s overall average cost to roughly $73,880 per BTC. Bitcoin’s market price moved modestly on the announcement, trading near $111,800 after briefly touching about $112,200.
The buy comes amid heightened shareholder scrutiny over the firm’s capital policy. MicroStrategy had earlier pledged not to issue shares if its mNAV fell below 2.5x, but it revised that guidance in August, allowing for potential dilution. The company’s mNAV — a ratio comparing equity valuation to the value of its bitcoin holdings — has slid to roughly 1.5x as MSTR shares fell; the stock trades near $335, down about 26% since July.
MicroStrategy also missed a potential S&P 500 inclusion last week, losing out to Robinhood despite posting one of its strongest quarters. That result, combined with the updated dilution guidance, has amplified investor focus on how the company balances bitcoin accumulation with shareholder dilution risks.
Why this matters: purchases of this scale by a public company keep institutional bitcoin demand in focus and can signal continued corporate conviction in BTC as a treasury asset. This MicroStrategy bitcoin purchase underscores continued corporate demand for BTC, but investors should weigh risks — including share dilution, concentrated exposure to bitcoin price swings, and ongoing volatility in MSTR stock — when assessing shareholder value.
Source: SEC filing. Read the original coverage for full details.