Strategy's $32 billion MSTR gain includes about $6.3 billion in new share sales

MSTR saw a $32 billion boost in market cap over three months, an 80% increase, Strategy told followers Monday night.

About $6.3 billion of that was from selling new shares to investors, not from the stock climbing.

Class A stock count climbed from 359 million to 421 million

“Last 3 months for $MSTR: +$32B (+80%),” Strategy wrote on X on September 21.

The graphic put Strategy’s market cap at $39.3 billion as of June 22 and at $70.9 billion as of September 21, a $31.6 billion increase.

Its Class A shares jumped about 54% in that span, to $168.50 from $109.46. Market cap is the price times shares outstanding.

Strategy spent the summer fattening up the second number.

Weekly SEC filings show at-the-market sales in most weeks from late June into August. An ATM sale is when a company sells new shares straight into the open market.

August 17-23 was the heaviest stretch, with 18,261,118 shares sold, yielding net proceeds of $2.0 billion. The week ending June 28 added 12,669,017 shares for $1.15 billion.

The filings add up to about 61.5 million new Class A shares and about $6.3 billion raised from June 22 through August 30.

$39.3 billion at $109.46 implies about 359 million shares. $70.9 billion at $168.50 implies about 421 million.

Almost a fifth of the headline $31.6 billion “gain” was capital raised from new buyers, not value given to holders who already owned the stock.

Phong Le’s jets ranked STRC at 11% and bitcoin at 35%

“$STRC is a passenger jet. $BTC is a fighter jet. $MSTR is a rocket ship. Buckle up,” CEO Phong Le wrote on X an hour before the chart was published.

STRC, Strategy’s variable-rate perpetual preferred stock, rose about 11% over the same three months, to $98.78 from $88.79.

At the daily close, Bitcoin went from $64,020 to $86,620, or about 35%. MSTR rose 54%.

Near the posts, Bitcoin hit an intraday high of $87,395, its highest since late January. MSTR ended the session at $168.50.

Strategy sold Bitcoin three times this year while building a dollar reserve, including 1,638 BTC between July 27 and August 2 at an average of $63,957.

That sale was close to the bottom of the ensuing rally. The company also relied on buybacks of STRC, the preferred stock Le refers to as the passenger jet.

Between September 14 and 20, Strategy sold no shares under its ATM program and bought 950 BTC for $75.7 million, Cryptopolitan reported.

It also bought back 1,771,238 STRC shares for $174 million. Holdings now stand at 846,000 BTC purchased for $63.80 billion, an average of $75,416 per coin.

The company said it had $5.04 billion in its USD Reserve and $1.05 billion in USD Cash. STRC finished Monday at $98.78, still below its $100 par.

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