The firm, based in Tysons Corner, Virginia, said it bought 10,624 BTC for $963M. Most of the funding came from issuing new common stock. The latest purchase lifts Strategy’s total holdings to about 660,600 BTC. At current prices, that stack is worth roughly $60Bn.

Why Does This Latest Bitcoin Purchase Stand Out for Strategy?

The size of this buy is notable. It equals all the Bitcoin the company acquired since mid-September, when the token traded near $115,000.

Cantor Fitzgerald analysts said in a recent report that some investors have worried about a possible shift in Strategy’s approach to buying Bitcoin. They noted that talk about the company skipping the latest pullback had added to that concern. But the analysts said those fears were unnecessary.

Even with that view, Cantor joined other firms in cutting their price targets last week. They pointed to the risk that Strategy could be left out of MSCI indices. 

TD Cowen analysts shared the broader market’s worries about the MSCI outcome. But they also highlighted Strategy’s decision to set aside a $1.4Bn cash reserve. 

They described it as a careful move that gives the firm enough room to keep paying dividends.

Strategy last bought a similar amount of Bitcoin shortly after it closed STRC, a $2.5Bn preferred share offering announced earlier this year. 

How Does Strategy’s New Stock Sale Compare to Its Earlier Funding Round?

That raise was the largest crypto-linked equity deal at the time. Monday’s update, by comparison, was more standard. 

The company issued more common stock and also sold $44M in STRD, a preferred class that pays a 10% annual, non-cumulative cash dividend.

Strategy’s recent activity also stands apart from other firms trying to follow its Bitcoin-accumulation model. 

Metaplanet, Japan’s largest corporate holder of Bitcoin, is preparing its own preferred share sale but has not reported a new purchase since October.

Twenty One Capital, a Bitcoin-focused firm backed by Tether and SoftBank, is set to list on the New York Stock Exchange this week under the ticker XXI.

Based on Monday’s prices, that stack was worth about $3.9Bn.