In a market currently gyrating enough to make a roller coaster pale, Strategy (MSTR) decided it’s business as usual, namely, buying more Bitcoin. The company picked up 3,081 coins last week, shelling out $356.9 million in total (a nervous whisper of $115,829 per coin). It’s like paying for a lavish holiday right before the cruise ship starts listing.

That brings MSTR’s grand total to 632,457 BTC, acquired for a cool $46.5 billion. Crunch the numbers, and you find they’ve been paying an average of $73,527 per coin, proof that consistency is key, even if it occasionally looks like clinging onto a live wire.

Cue the punchline: Bitcoin has shackled itself to a gravity field, falling to roughly $111,000 over just 24 hours. Suddenly, the $73,527 average cost makes those 632,457 coins worth about $70.2 billion; impressive on paper, but only if one ignores the small print about volatility giving everyone vertigo.

As for the funding, it wasn’t conjured by chanting incantations; Strategy raised around $300.9 million through the sale of common stock, with a supporting act of modest sales from three of its four preferred-stock issues—presumably so they had a tidy excuse when it all looks dicey.

Then came the eyebrow-raising twist: Michael Saylor and company quietly backtracked on their promise not to sell common stock unless the price hit 2.5× mNAV, because mNAV (market NAV multiple) has been stubbornly below the 2× mark for weeks. It’s the kind of revision that feels like casually rearranging your exit strategy during a dumpster fire: bold, confusing, and liable to cost you your friends.

Unsurprisingly, the market responded with all the enthusiasm of a hangover, the stock tumbled more than 4% in pre-market trading, in step with Bitcoin’s own tumble. In short: MSTR is once again doubling down, perhaps driven by conviction, or maybe just that peculiar impulse to run toward the chaos rather than away from it.

👉Join our Trading Community’s newsletter!👈

Finally, if you learned something, give us some love 💗 and SHARE. 🔁