Just when the market thought MicroStrategy’s buying spree had cooled, the company is back with a vengeance. Michael Saylor’s firm, now known simply as Strategy, unleashed a massive $835.6 million purchase last week, acquiring an additional 8,178 Bitcoin. This move, one of its largest in recent history, shatters the company’s recent pattern of small, incremental buys.
The real story, however, isn’t just the size of the purchase, but how it was funded. With its own common stock (MSTR) slumping, the company has pivoted to a creative new financing strategy to continue its relentless acquisition, tapping into European capital markets for the first time with a high-yield offering.
A Change in Tactics
For the past several months, Strategy’s famous Bitcoin buys had been reduced to a trickle. The reason was simple: the company’s stock price (MSTR) has been in a painful dive, falling 56% over the last four months.
This presented a serious problem. Strategy’s primary method of raising cash was selling its own stock. But with the stock price trading so close to the actual value of the Bitcoin on its balance sheet, selling more common stock would have been “dilutive”—a bad deal for existing shareholders, as it would effectively water down their stake. The market was watching, and the company needed a new playbook.
Tapping Europe With ‘Steam’
That new playbook was revealed in a Monday morning filing. The $835.6 million purchase was financed almost entirely by a new, creative set of preferred offerings. The vast majority of the cash, around $715 million (€620 million), was raised through the company’s new “STRE” or “Steam” preferred stock.
This 10.00% Series A Perpetual Stream stock was a first for the company, as it was denominated in euros and targeted specifically at European investors. By offering a high yield, Strategy successfully found a new pool of capital eager for exposure, bypassing its reliance on the U.S. common stock market.
Stacking at a Premium
The company’s conviction in its “buy-and-hold” strategy has never been more apparent. The filing revealed that Strategy paid an average price of $102,171 per Bitcoin for this new batch.
This price point is significant. As of Monday morning, the broader cryptocurrency market was in a dip, with Bitcoin trading around $94,500. This means Strategy wasn’t just buying; it was buying at a price significantly above the current market rate, a clear signal that Michael Saylor’s firm is not interested in timing the bottom and is instead focused on long-term accumulation, regardless of short-term volatility.
The Whale’s Hoard Grows
This latest purchase cements Strategy’s position as the undisputed king of corporate Bitcoin holders. The company’s total treasury has now swelled to a staggering 649,870 BTC.
While the recent purchase was expensive, the company’s overall financial position remains deeply in the black. The total cost for its entire Bitcoin hoard now stands at $48.37 billion, which breaks down to an average price of just $74,433 per coin. With Bitcoin trading at $94,500, the company is sitting on a paper profit of more than $13 billion.
The Strategy Remains Unchanged
This move is a powerful statement to Wall Street. It proves that even with its common stock under pressure, Strategy’s core mission to acquire and hold Bitcoin is non-negotiable. Michael Saylor has effectively engineered new financial tools to continue his quest.
By turning to preferred stock and European debt markets, the company has shown it will find a way to fund its treasury. For investors, the message is clear: the spigot is back open, and the world’s largest corporate Bitcoin whale is still hungry.
