MicroStrategy's market value increased substantially over the past quarter, growing from $39.3 billion on June 22 to $70.9 billion on September 21—a gain of $31.6 billion or 80 percent. During the same period, MSTR stock rose approximately 54 percent.
The divergence between market capitalization growth and share price appreciation reflects the company's equity issuance activity. MicroStrategy sold roughly 61.5 million new Class A shares worth approximately $6.3 billion through its at-the-market (ATM) program between late June and late August. This new stock issuance accounted for roughly one-fifth of the total market capitalization gain.
Measuring against other assets, MSTR's performance outpaced both Bitcoin and MicroStrategy's own preferred stock over the same timeframe. Bitcoin's price rose approximately 35 percent from $64,020 to $86,620, while Strategy's variable-rate perpetual preferred stock (STRC) gained about 11 percent, rising from $88.79 to $98.78.
MicroStrategy used proceeds from share sales strategically during the period. The company sold bitcoin three times this year while building a dollar reserve, including 1,638 BTC between July 27 and August 2 at an average price of $63,957. More recently, between September 14 and September 20, the company purchased 950 BTC for $75.7 million and spent $174 million repurchasing 1.77 million STRC shares.
As of the latest filing, MicroStrategy holds 846,000 BTC acquired for an average of $75,416 per coin, representing $63.80 billion in total bitcoin holdings. The company also reported $5.04 billion in its USD Reserve and $1.05 billion in USD Cash.
