Core Insights - Michael Saylor's Strategy Inc. has acquired 1,955 Bitcoin for $217.4 million, increasing total holdings to 638,460 BTC with an average purchase price of $111,196 per coin [1][3] - The company's average cost across all Bitcoin purchases stands at approximately $73,880 per Bitcoin, indicating significant unrealized gains as Bitcoin prices rise [1][2] - The recent acquisition was funded through equity programs, including Series A preferred shares and common stock, raising over $217 million in net proceeds [3][4] Financial Strategy - The latest purchase follows a $2.5 billion raise in July, which funded the acquisition of 21,021 BTC at an average price of $117,256 each, pushing total holdings to around 629,000 BTC at that time [4][6] - The company's strategy has been consistent, using equity raises to build one of the largest corporate Bitcoin treasuries globally [4][6] - Year-to-date returns are in the range of 25.8% to 26%, linking the company's financial outlook closely to Bitcoin's volatility [5] Market Position - The company has been adding to its Bitcoin reserves for eight consecutive weeks, indicating a strong commitment to its Bitcoin-centric strategy [3][4] - In August, the firm purchased about 7,714 BTC, a smaller amount compared to previous larger acquisitions, suggesting a more measured approach [5][6] - The company was recently passed over for inclusion in the S&P 500 index, highlighting its reliance on Bitcoin as a financial anchor compared to peers more aligned with traditional equity benchmarks [7]