Strategy bought 487 BTC for $49.9M today at roughly $102,463 per coin continuing weekly accumulation as MSTR stock trades 55% below highs after Chanos called time on his short.
The firm now holds 641,205 BTC worth $65.45B with $18B in unrealized gains at a $74,064 average cost basis. Saylor funds purchases through ATM equity raises across preferred and common shares, with $689M in annual obligations for dividends and interest. MSTR trades at $241.93, down from $543 peak, while Bitcoin sits near $102K. When your acquisition strategy relies on perpetual equity dilution to cover rising fixed costs, the premium-to-NAV compression from 2.5x to 1.28x signals market skepticism about sustainability regardless of Bitcoin's price performance.