Strategy’s market capitalisation increased by $31.6bn, or 80%, between 22 June and 21 September, although the company’s Class A share price rose by about 54% over the same period.
The bitcoin-focused firm published a chart on X on Monday night showing its market value rising from $39.3bn on 22 June to $70.9bn on 21 September.
The post followed comments from chief executive Phong Le, who had used a metaphor that attracted considerable attention. The figures also emerged as bitcoin reached an intraday high of $87,395, its highest level since late January. MSTR closed the session at $168.50.
Measured over the same three-month period, the performance of the company’s shares broadly matched the order outlined by Le.
However, the rise in market capitalisation was not driven solely by an increase in the value of existing shares. Market capitalisation is calculated by multiplying the share price by the number of shares in circulation, and Strategy issued substantial amounts of new stock during the summer.
The company’s weekly SEC filings show that it conducted at-the-market (ATM) sales of MSTR shares in almost every week from late June to August. Under an ATM programme, a company sells newly issued shares directly into the open market.
The largest recorded sale came during the week from 17 August to 23 August, when Strategy issued 18,261,118 shares and received $2.0bn in net proceeds. In the week ending 28 June, it sold 12,669,017 shares for $1.15bn.
Taken together, the filings from 22 June to 30 August indicate that Strategy issued about 61.5 million new Class A shares and raised approximately $6.3bn.
Those figures are consistent with the company’s market-capitalisation chart. A value of $39.3bn at a share price of $109.46 implies about 359 million shares, while $70.9bn at $168.50 implies about 421 million.
That means roughly one-fifth of the reported $31.6bn increase came from newly issued stock rather than gains on shares already held by investors.
Bitcoin purchases and reserve strategy
Not all of the money raised was used immediately to buy bitcoin. Strategy sold bitcoin three times this year while building a US dollar reserve, including 1,638 BTC between 27 July and 2 August at an average price of $63,957.
The company also used funds to repurchase STRC, its preferred stock. Le refers to STRC as the “passenger jet”, and the decision to fund those buybacks partly through bitcoin sales prompted debate.
The latest filing showed a similar pattern on a smaller scale. Between 14 September and 20 September, Strategy made no ATM share sales, but bought 950 BTC for $75.7m and spent $174m repurchasing 1,771,238 STRC shares.
Strategy’s holdings now stand at 846,000 BTC, acquired for $63.80bn at an average cost of $75,416 per coin. The company reported $5.04bn in its USD Reserve and $1.05bn in USD Cash.
STRC closed on Monday at $98.80, below its $100 par value. A daily STRC tracker recorded 1.8 million shares traded and no ATM activity.
