Saylor's Bitcoin Buying Spree Resumes as Strategy Shares Recover

Strategy's shares have recovered after Michael Saylor resumed buying Bitcoin for his company. In a recent purchase, Strategy acquired 4,603 BTC at an average price of $80,318.

The company's holding now stands at 845,050 BTC, with a total value of over $63.73 billion. The share price has risen to $132.94, up from its summer lows.

Under Strategy's framework, issuing shares via ATM is only allowed when the market net asset value (mNAV) exceeds 1.00x. Below this threshold, the company switches to repurchasing its own shares or buying Bitcoin.

The company has three independent levers: ATM, share buybacks, and bitcoin purchases. The choice of lever depends on the trading price of Strategy's shares relative to their face value.