MSTR Heads for Fourth Straight Gain as Bitcoin Rally Adds an Estimated $12.2 Billion in Market Value

Strategy (MSTR) shares advanced more than 34% from their August 18 close as Bitcoin’s recovery increased the value of the company’s 840,447 BTC holdings by approximately $11.1 billion.

Strategy Inc. (Nasdaq: MSTR) traded at $124.20 on Monday, up 4.15% and heading toward its fourth consecutive positive session.

The August 24 price was an intraday quote not an official closing price. MSTR must finish above Friday’s $119.25 close for the four-session winning streak to be confirmed.

MSTR Advances 34% in Four Sessions

MSTR entered the current run after closing at $92.52 on August 18. Its subsequent performance was:

The stock gained $31.68 per share, or 34.24%, from the August 18 close to Monday’s quoted price. Historical market data confirms the first three completed gains.

Using the latest published estimate of 384.23 million shares outstanding, the $31.68 increase represents approximately $12.17 billion in additional equity value on a constant-share basis.

At $124.20, the same calculation places Strategy’s market capitalization near $47.72 billion. Strategy’s share statistics list approximately 384.23 million total shares outstanding.

The $12.17 billion figure is an estimate rather than a reported accounting amount. Strategy issued millions of additional shares during the filing period, and the company did not disclose how many shares were sold on each day. Therefore, its exact market-capitalization change cannot be calculated from the publicly available data.

Bitcoin Adds About $11.1 Billion to Strategy’s Holdings

MSTR’s advance coincided with a major Bitcoin recovery.

Bitcoin closed near $64,681 on August 18 before rising to approximately $77,846 on August 24, an increase of more than 20%. The cryptocurrency also reached a three-month high near $79,464 on August 21. Bitcoin historical data confirms the price movement.

Strategy reported holding 840,447 BTC as of August 23. Applying the August 18 and August 24 Bitcoin prices produces the following estimated values:

• Value at $64,681 per BTC: approximately $54.36 billion
• Value at $77,846 per BTC: approximately $65.43 billion
• Increase: approximately $11.07 billion

Strategy acquired its Bitcoin for an aggregate cost of approximately $63.36 billion, equivalent to an average purchase price of $75,385 per token.

At a Bitcoin price of $77,846, the holdings were worth approximately $2.07 billion more than their reported acquisition cost.

The company made no Bitcoin purchases or sales between August 17 and August 23, leaving its entire 840,447-BTC position exposed to the market recovery, according to Strategy’s August 24 SEC filing.

Bitcoin ETFs Record Five Consecutive Inflow Sessions

Demand for US spot Bitcoin exchange-traded funds also strengthened during the rally.

The funds recorded five consecutive sessions of net inflows from August 17 through August 21:

• Aug. 17: $297.6 million
• Aug. 18: $189.3 million
• Aug. 19: $517.2 million
• Aug. 20: $606.3 million
• Aug. 21: $307.5 million

Combined inflows reached approximately $1.92 billion. August’s month-to-date total stood near $2.4 billion across the first 15 trading sessions, according to August Bitcoin ETF flow data.

Bitcoin’s advance from approximately $64,700 to more than $78,000 occurred during those five consecutive ETF inflow sessions.

MSTR Rallies Despite $2 Billion in New Share Sales

Strategy’s latest filing disclosed that the company sold 18,261,118 MSTR shares through its at-the-market program between August 17 and August 23.

The sales generated approximately $2.0065 billion in net proceeds, equivalent to an average of roughly $109.88 per share.

The shares sold represented approximately 4.75% of Strategy’s latest estimated total share count. However, the filing did not provide a daily breakdown showing exactly when the shares entered the market.

Strategy allocated the proceeds as follows:

• $136.4 million funded the repurchase of 1,431,212 STRC preferred shares.
• $300 million was added to the existing USD Reserve.
• The remaining proceeds were placed in a newly established USD Cash account.

As of August 23, Strategy reported a $5.10 billion USD Reserve and $1.59 billion in USD Cash.

The new cash account may be used for Bitcoin purchases, securities repurchases, debt repayments, preferred dividends or other corporate treasury purposes.

MSTR’s price advance therefore occurred during the same reporting period in which Strategy raised more than $2 billion by issuing common shares.

MSTR Trading Volume Nearly Triples

Participation increased substantially during the three completed positive sessions.

MSTR recorded approximately:

• 49.18 million shares traded on August 19
• 46.99 million shares traded on August 20
• 45.08 million shares traded on August 21

The three-session average reached approximately 47.08 million shares per day. That was about 2.8 times the 16.91 million shares traded on August 18.

MSTRB Tokenized Stock Follows the Rally

Strategy Tokenized bStock, trading as MSTRB, was quoted near $120.14 at the captured market time.

The token traded between $116.46 and $121.76 over 24 hours and generated approximately $9.59 million in volume. Its token market capitalization stood near $27.03 million, based on roughly 225,053 MSTRB in circulation, according to CoinMarketCap.

MSTRB can also be traded against USDT on Binance.

MSTRB provides economic exposure linked to Strategy shares but trades under different hours and liquidity conditions. Its quoted price and 24-hour percentage change can therefore differ temporarily from the underlying Nasdaq-listed stock.

The Verdict

MSTR’s advance from $92.52 to $124.20 represents a 34.24% increase and an estimated $12.17 billion rise in market value on a constant-share basis.

Over the same period, Bitcoin’s recovery added approximately $11.1 billion to the value of Strategy’s 840,447-BTC position. The rally coincided with $1.92 billion in five-day spot Bitcoin ETF inflows and occurred despite Strategy raising $2.01 billion through the sale of 18.26 million common shares.

The fourth consecutive MSTR gain will only become official if the stock closes Monday above Friday’s $119.25 closing price.