Core Insights - Strategy made its third smallest Bitcoin purchase of the year, acquiring 168 Bitcoin for $18.8 million, funded by preferred shares, resulting in a total holding of approximately 640,400 Bitcoin valued at around $71 billion [1] - The firm's stock price increased by 5.3% to $305, despite an 11.5% decline over the past month, indicating a slight recovery from a January price of $300 [2] - Bitcoin's price has decreased by 3.4% to $111,250 over the past week, while Strategy paid an average of $112,000 per Bitcoin last week [2] Purchase Activity - In September, Strategy purchased 7,574 Bitcoin, but only 387 Bitcoin so far this month, indicating a 94% sequential decrease in purchases [3] - The firm has not issued any common shares this month, opting instead for preferred shares introduced this year, which may involve dividend payments [3] Market Position - Strategy traded at a 1.21x premium to its Bitcoin holdings, a decrease from a 1.32x premium since late September, suggesting a less lucrative funding mechanism [4][5] - More than 90% of respondents believe that Strategy will not sell its Bitcoin holdings, reflecting confidence in the firm's long-term strategy [2] Strategic Adjustments - Earlier this year, Strategy modified its policy on common share issuance to enhance flexibility, although this change may lead to less predictability in future actions [5] - Co-founder Michael Saylor emphasized the importance of ongoing Bitcoin purchases, indicating a focus on future acquisitions [6]