Strategy added 430 Bitcoin on Aug. 17, spending a little over $51 million at an average of roughly $119,666 a coin. The move lifted its total to 629,376 BTC, a holding worth about $46.15 billion at current prices.

The company reports an average buy price of $73,320 per Bitcoin and says its crypto holdings are up 25% so far this year.

Short and clear: the numbers are huge. Longer view: the scale of the bet helps explain why every tweak to policy now matters to both investors and critics.

Equity Guidance And mNAV Rules

According to reports, Strategy will use a measure called mNAV — market net asset value — to decide when to issue stock, buy Bitcoin or take other steps.

If MSTR trades above four times mNAV, the firm will sell new shares aggressively to buy more Bitcoin.

If the stock

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