Michael Saylor’s Strategy Buys Another 1,955 BTC for $217M

Strategy (MSTR) announced another 1,955 BTC purchase for $217 million on Monday, bringing the technology company’s total holdings up to 638,460 BTC, according to an SEC filing.

The recent buys were made at $111,196, lifting the average purchase price up to $73,880 bet bitcoin.

The announcement comes as BTC rose from $110,500 to $112,200 on Monday morning, with prices sliding slightly to $111,800 after the news broke.

The move comes as MSTR has recently faced some criticism from its shareholders, notably because of its mNAV promise. The firm said in July that it won’t issue any shares if its mNAV went below 2.5X, only to scrap the promise a month later, saying that it has modified the guidance, allowing potential dilution to its holders.

The metric, which is a ratio that shows the stock valuation compared to the value of bitcoin holdings, has been brought down to about 1.5x of late alongside a plunge in MSTR share prices. The stock currently trades at $335, having lost 26% of its value since July.

The new purchases also come as Strategy missed out last week on the potential to be added to the S&P 500 index, beaten by Robinhood (HOOD), despite hopes of inclusion after MSTR posted one of the strongest quarters in its history and met all criteria for joining the index.

Read more: Michael Saylor’s Strategy Snubbed by S&P 500 Amid Robinhood’s Surprise Inclusion