After Bitcoin reclaimed $80,000, Strategy's stock price strengthened significantly last Friday. Data shows that the stock closed at $153.92 on that day, rising 16.39% for the session; over the past month, the cumulative gain reached 47.65%, ranking first among Nasdaq-100 components.
Achieved the highest monthly gain among the Nasdaq 100
According to the Historical Market data cited, the Strategy closed at $104.25 on August 19 and rose to $153.92 one month later, representing a near-one-month return of 47.65%. During the same period, its one-week gain was 17.52%.
Reuters noted that during volatile trading hours in the U.S. market, Bitcoin's rally drove widespread gains in cryptocurrency-related stocks, with the Nasdaq also closing higher. Bitcoin rose more than 5% on the day, breaking above $80,000 intraday and reaching a high of $81,258.
However, the article also notes that Strategy’s stock price movements cannot be fully explained by Bitcoin alone. In addition to Bitcoin exposure, the market simultaneously factors in the company’s debt, preferred securities, cash levels, common stock structure, and investor expectations regarding future financing and capital activities.
The position remains at 845,050 tokens.
As of September 13, Strategy holds 845,050 bitcoins, with a cumulative purchase cost of approximately $63.73 billion. Based on the total bitcoin supply of 21 million, this holding exceeds 4% of the total supply.
Under public disclosure guidelines, Strategy remains the publicly traded company with the largest holding of Bitcoin. The company did not make any additional Bitcoin purchases in the next two disclosure periods. Filings submitted to the U.S. Securities and Exchange Commission on September 8 and September 14 showed no buying or selling of Bitcoin, nor any issuance of shares at market price during those two weeks.
This means that, despite no change in the company’s Bitcoin exposure, MSTR’s stock price still experienced significant volatility, indicating that the market’s valuation of the company is not solely based on its Bitcoin holdings.
Funds are being redirected to STRC buyback
During the pause in Bitcoin accumulation, the Strategy allocated a portion of its funds to repurchase Series A variable-rate perpetual preferred shares (STRC).
The company has not committed to a fixed size or schedule for future buybacks. It stated that whether to continue buybacks will depend on market prices, liquidity, available capital, and other capital allocation considerations.
In terms of elasticity, Strategy's gain over the past month has significantly outpaced Bitcoin's performance during the same period. On September 18 alone, MSTR rose 16.39%, while Bitcoin's gain during the same timeframe was approximately 5% to 6%. This continues the stock’s established pattern: when the price of Bitcoin, its core treasury asset, experiences increased volatility, the stock tends to exhibit even greater synchronized movements.
Additional information: The article also notes that Bitcoin ETF fund flows had turned positive prior to last Friday’s rally; meanwhile, the U.S. Securities and Exchange Commission announced a five-year innovation exemption for eligible tokenized U.S. stock trading, and the U.S. Commodity Futures Trading Commission has submitted its proposed cryptocurrency market rules to the White House for review.