Strategy (MSTR) leaned straight into the market selloff last week and put another $835.6 million into Bitcoin, its most aggressive buying spree in four months. The company disclosed the purchase on Monday, confirming it added enough BTC to bring its total stash to 649,870 tokens worth about $61.7 billion. The move landed during one of Bitcoin’s sharpest drawdowns of the year, a stretch that has pulled the token nearly 30% below its early October peak.
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The filing also showed Strategy likely funded most of the buy through a euro-denominated preferred offering that closed late last week. This financing window opened just as Bitcoin liquidity thinned and retail buyers pulled back, which is a backdrop that has made each new accumulation round feel riskier than the last.
Saylor Ramps Up Buying as Market Confidence Weakens
Bitcoin’s slide below the psychological six-figure level has shaken a lot of traders, especially those who expected ETF adoption and softer regulatory noise to steady the market. Instead, retail wallets have stayed quiet and order books across major exchanges have felt noticeably lighter. Digital-asset treasury companies tend to get hit even harder when liquidity dries up because their stocks function like levered exposure to the tokens they hold.
This dynamic pushed Strategy’s valuation closer to the value of its Bitcoin reserves. It also exposed how quickly the company’s long-running premium can evaporate. Market-to-net-asset value, or mNAV, has collapsed from above 2.5 to about 1.2. The premium that once turned Strategy into a high-beta Bitcoin trade is not pulling in the same momentum crowd anymore and that has weakened the loop that powered its rise.
Preferred Offering Gives Strategy Renewed Firepower
Strategy completed a €620 million preferred share sale last Thursday, raising about $703.9 million after fees and more than doubling its initial €350 million target. The company issued 7.75 million shares of its ten percent Series A Perpetual Stream Preferred stock in the deal. Proceeds helped fund last week’s BTC buying round, which arrives at a time when the pace of Strategy’s acquisitions had slowed and Bitcoin’s price had fallen sharply.
Saylor invented the digital-asset treasury model in 2020 by turning Strategy into a Bitcoin-centric investment vehicle. But that model relied on strong confidence loops and expanding mNAV premiums. These supports have weakened this year and similar erosion can be seen across other crypto-exposed wrappers like BitMine Immersion Technologies (BMNR), Nakamoto Holdings and ETHZilla (ETHZ).
Strategy’s latest purchase is now being viewed as a test of conviction. If big players still have appetite for large accumulation rounds in this environment, the next leg of the market will hinge on how quickly liquidity returns and whether dip buyers feel brave enough to follow Saylor’s lead.
Is Strategy a Good Stock to Buy?
analyst data shows Wall Street remains firmly optimistic about Strategy despite the stock’s slide and the volatility in Bitcoin. 14 analysts have weighed in over the past three months and the consensus rating sits at Strong Buy. 12 analysts call the stock a Buy, two say to Hold, and none recommend a Sell.
The average 12-month MSTR price target comes in at $524.08, which implies roughly 164% upside from the recent close.
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