Strategy once again scooped up 4,603 $BTC last week at an average purchase price of 80,318. It was their first buy since June. Total holdings are back to 845,050 coins, with total cost basis at 63.3 billion and an average cost of 75,413, putting the investment back in the green. For Bitcoin holders, this is of course good news, but as a shareholder of $MSTR , you need to be especially careful: over the past two months they sold Bitcoin around 60,000, built up a large cash reserve, and then bought back in at 80,000, missing a 30% gain in between. What gets diluted is the interests of MSTR shareholders. Of the 602 million USD raised in this latest issuance, 151.8 million was used to buy back $STRC shares, and only about 370 million was used to buy the dip. Clearly, Strategy's current priority is STRC; how to maintain STRC investors' confidence is what they care about most, not maximizing the interests of MSTR shareholders. It is truly a puzzling move.