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The last BTC bid of $ 2.46 billion of strategy was the largest since March. However, the bid has asked more questions than praise in Crypto Twitter.
Strategy (formerly micro strategy) has bought 21,021 Bitcoin [BTC]worth more than $ 2.46 billion, which are the second largest bid in 2025.
The last purchase was made at an average price of $ 117,256K, suggesting that the pioneer in BTC Corporate Treasury had capitalized the recent dip under $ 117k.
Now the stock of the company has increased to 628.79k BTC, about 3% of the total BTC delivery.
Source: Cryptuquant
The last purchase of the strategy was made possible by the recent $ 2.52 billion elevated After selling 28 million shares of the new preferred shares, Stretch (STRC).
The company initially focused on $ 500 million but weakened Then offer at $ 2.52 billion. But the enormous offer has raised more eyebrows than praise for Crypto Twitter (CT).
A risk or daring BTC bet?
Strategy has four eternal preference stock offers that go beyond the ordinary shares, MSTR, for floor plans for capital increase.
They include a strike [STRK]Conflict [STRF]Step [STRD]and stretch [STRC]Earn all different dividends. Each also contains a conversion function linked to MSST shares.
However, AT-the-Market (ATM) Sharing offering increases the offer through direct sales. This added offer causes the dilution of shares.
As a result, Bitcoin drops per share, which also applies to the premium investors of MSTR – has achieved the modified net asset value (MNAV).
More on the market (ATM) shares supply (sales), however, increase the supply and lead to dilution of shares, reducing the BTC per share or the premium investors receives MNAV, known as MNAV (modified net asset value).
According to the renowned BTC analyst Willy WooThe dilution of shares can be a preparation at a likely top cyclust top.
“My working thesis is that they reduce MNAV through ATMs in preparation for a cyclust top in the upcoming neighborhoods. It is no longer his first bear market.”
Source: WOO/X
In fact, according to the attached graph, it was much safer to buy Backrock BTC ETF (IBIT) than MSTR for BTC exposure after the MSTR/IBIT ratio broke an important trend line for several months, according to Willy Woo.
That said, a higher MNAV also follows BTC market sentiment and is seen by investors as a bullish cue to jump on the BTC Treasury shares.
But MSTRs MNAV ended up at 3.89 times last November and has had a downward trend since then.
Source: Strategy Tracker
Jeff Walton, a MSST analyst, tried the worries of Woo, however, entry That he ‘missed the big whole’.
He added that the company’s BTC companies ($ 74 billion at market prices) made it a sovereign power with ‘highest financial force’.
In the meantime, BTC surpassed 8% in July by 8%. But on the basis of year-to-date (YTD), MSTR had risen by 31%, while BTC won 26%.
Source: MSTR vs BTC, TradingView