💥 Strategy's Market Cap Jumped 80% — But Shareholders Only Got 54% $4Stock
· Market cap rose from $39.3B to $70.9B (+80%) in three months.
· The stock rose 54% ($109.46 → $168.50).
· The gap: Strategy sold ~61.5 million new shares via its ATM program, raising ~$6.3B — about one-fifth of the market-cap gain came from new capital, not price appreciation.
· Holdings: 846,000 BTC at an average cost of ~$75,416.
· Bitcoin rose ~35% over the same period, so MSTR's 54% gain still outperformed its underlying asset.
· Market cap rose from $39.3B to $70.9B (+80%) in three months.
· The stock rose 54% ($109.46 → $168.50).
· The gap: Strategy sold ~61.5 million new shares via its ATM program, raising ~$6.3B — about one-fifth of the market-cap gain came from new capital, not price appreciation.
· Holdings: 846,000 BTC at an average cost of ~$75,416.
· Bitcoin rose ~35% over the same period, so MSTR's 54% gain still outperformed its underlying asset.
