Key takeaways
Strategy’s latest $2.46 billion BTC bid was the largest since March. However, the bid has raised more questions than praise in Crypto Twitter.
Strategy (formerly MicroStrategy) has acquired 21,021 Bitcoin [BTC], worth over $2.46 billion, marking its second-largest bid in 2025.
The latest purchase was made at an average price of $117.256K, suggesting that the pioneer in BTC corporate treasury capitalized on the recent dip below $117K.
Now, the firm’s stash has increased to 628.79K BTC, about 3% of the overall BTC supply.
Source: CryptoQuant
Strategy’s latest purchase was made possible by the recent $2.52 billion raised after selling 28 million shares of the new preferred perpetual stock, Stretch (STRC).
The firm had initially targeted $500 million but upsized then offering to $2.52 billion. But the massive bid has raised more eyebrows than praise across Crypto Twitter (CT).
A risk or bold BTC bet?
Strategy has four perpetual preferred stock offerings beyond the common stock, MSTR, for capital raising plans.
They include Strike [STRK], Strife [STRF], Stride [STRD], and Stretch [STRC], all earning different dividends. Each also includes a conversion feature linked to MSTR stock.
However, at-the-market (ATM) stock offerings increase supply through direct sales. This added supply causes share dilution.
As a result, Bitcoin per share drops, so does the premium investors earn from MSTR—called the modified net asset value (mNAV).
However, more at-the-market (ATM) stock offerings (sales) increase supply and lead to share dilution, reducing the BTC per share or the premium investors get for buying MSTR, known as mNAV (modified net asset value).
According to the renowned BTC analyst Willy Woo, the share dilution could be a preparation for a likely market cycle top.
“My working thesis is that they are lowering mNAV via ATMs in preparation for a cycle top in coming quarters. It’s not his first bear market anymore.”
Source: Woo/X
In fact, per the attached chart, it was much safer to buy BackRock’s BTC ETF(IBIT) than MSTR for BTC exposure after the MSTR/IBIT ratio broke a key multi-month trendline, according to Willy Woo.
That said, a higher mNAV also tracks BTC market sentiment and is perceived by investors as a bullish cue to jump on the BTC treasury stock.
But MSTR’s mNAV topped out at 3.89x last November and has been on a downward trend since.
Source: Strategy Tracker
However, Jeff Walton, a MSTR analyst, downplayed Woo’s concerns, stating that he was ‘missing the big picture.’
He added that the firm’s BTC holdings ($74 billion at market prices) have made it a sovereign power with ‘supreme financial strength.’
Meanwhile, BTC outperformed MSTR by 8% in July. But on a year-to-date (YTD) basis, MSTR was up 31% while BTC gained 26%.
Source: MSTR vs BTC, TradingView
