The recent buys were funded mostly through issuing $1.2 billion of new MSTR common shares. By buying bitcoin funded via equity, Strategy converts its corporate treasury from dollars into hard assets. The company has pioneered using its balance sheet as a leveraged play on bitcoin’s rise.

Strategy’s average purchase price per bitcoin has also steadily increased to $67,458. This shows Saylor is still willing to pay premium prices to keep stacking sats.

However, the gap between Strategy’s average entry price and bitcoin’s market price has narrowed significantly during this prolonged cool-off. The company may soon be buying BTC below its cost basis if prices continue drifting lower.

Regardless, Strategy remains ultra bullish on bitcoin over the long term. The company expects to benefit from bitcoin’s appreciation over decades against fiat currencies being devalued by inflation.