Strategy (MSTR) announced an additional $217 million purchase of 1,955 BTC on Monday, bringing the tech company’s total holdings up to 638,460 BTC, according to the SEC.
The most recent purchase was made at $111,196, increasing the average purchase price to BET Bitcoin, which is up to $73,880.
The announcement saw the price just go down to $111,800 after BTC rose from $110,500 to $112,200 on Monday morning, breaking the news.
The move is due to MSTR recently facing some criticism from shareholders, particularly due to MNAV’s promises. The company said in July that if MNAV falls below 2.5 times, it would not issue shares just to remove its promise in a month.
The metric, a ratio that shows stock valuations compared to Bitcoin Holdings’ value, has recently been knocked down by about 1.5 times as the MSTR stock price plunged. The stock is currently trading at $335 and has lost 26% of its value since July.
It also comes with new purchases as a strategy that missed the strategy last week about the possibility that it would be added to the S&P 500 index, broken by Robin Hood (Hood), despite MSTR expecting it to post one of the strongest quarters in history and include it after meeting all criteria for joining the index.
Read more: Michael Saylor’s strategy snubbed by the S&P 500 amid the Robinhood surprise inclusion
