Strategy adds 1,955 BTC to treasury portfolio, leading this week's BTC acquisition trend

Strategy announced another 1,955 BTC purchase, following a Michael Saylor update. Treasuries are still scooping BTC off the market, as even smaller companies compete for more coins. 

Strategy announced its usual weekly acquisition, this time adding 1,955 BTC, to its balance at an average price of $111,196. Over the past week, Strategy continued with its purchases, even as BTC weakened below $110,000.

Following the announcement, BTC maintained its recovery, trading at $112,004. The latest Strategy purchases happened during a week of relative weakness. 

Michael Saylor announced the latest purchase after signaling an “orange dot day” late on Sunday. 

Metaplanet also bought BTC this Monday. The Japanese firm also typically announces its treasury additions at the beginning of the new week. 

Strategy returned to MSTR issues

For the latest BTC purchase, the bulk of liquidity came from MSTR issuance. A little over $200M for BTC purchases came from the latest MSTR addition. 

This is the second week Strategy has returned to its MSTR ATM facility, following a period of relying on preferred stocks. The new issuance happened after Strategy changed the rules for mNAV values, allowing it to mint more MSTR for purchases or other costs related to its BTC acquisition model. 

During the latest purchase period, Strategy also used $5.2M from the STRK ATM facility, for now reserving other preferred shares for ongoing acquisitions. 

The entire treasury is now at 638,460, which is still below the level of leading ETFs. Currently, Strategy operates with a mNAV ratio of 1.55, which would require more cautious MSTR additions to avoid dilution. At this level, the ratio still shows confidence in MSTR and its ability to transform fiat into BTC, but also signals a weakening exuberance from peak levels. 

Following the latest issue, MSTR traded at $335.87, while STRF preferred shares traded at $111.50. STRC traded close to its nominal value at $97.60. STRK traded at $95.55, while STRD offered the biggest discount at $78.50. Strategy continues to offer different tiers of risk, potentially drawing in diverse investors. 

Competition for treasury status increases

Within the top 100 treasury companies, the minimal BTC holding is now at 78 BTC, up from just 20 BTC a few months ago. Smaller acquisitions continue, either with available cash or through special fundraising facilities. 

Public companies now own 1,005,879 BTC, with the bulk still held by the top 5 entities. However, smaller buyers and new financing facilities are still emerging. Firms like Capital B announce small raises of up to EUR 5M ($5.86M) to pursue their own treasuries. 

For now, the buying has not materialized into the expected BTC supply crunch. However, the smaller buyers add to the predictable demand for more BTC, even when Strategy and Metaplanet slow down their buying. 

ETFs still hold the bulk of BTC, at 1.5M coins, but are also active sellers. Treasuries for public and private companies either hold BTC passively or sell in extremely rare cases. For now, treasury companies have not reported liquidating their BTC, with most showing long-term confidence. While some of the smaller BTC corporate treasuries are a vanity item, the general trend contributes to the BTC holding structure.

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