Strategy Inc. (NASDAQ:MSTR) holds 45 times more Bitcoin (CRYPTO: BTC) than SpaceX (NASDAQ:SPCX), but SpaceX’s $35,320 average cost basis may matter more for institutional adoption than Saylor’s entire accumulation campaign.
Strategy Built A Financial Machine Around Bitcoin, SpaceX Just Holds It
Strategy owns 846,842 Bitcoin worth roughly $55.8 billion, representing over 4% of all Bitcoin that will ever exist and 67% of the top 100 institutional holders combined.
The company raises capital through equity, convertible debt, and preferred stock, then converts everything into Bitcoin.
When MSTR trades at a premium to Bitcoin NAV, it issues equity and buys more, a loop that works as long as Bitcoin appreciates and demand for leveraged exposure holds.
