Strategy Inc. (NASDAQ: MSTR) forms a MicroStrategy (MSTR) update with the price of Bitcoin rising and the digital asset giant’s large treasury back above quarter-end cost. The stock closed at $164.43 on October 5, up 2.76% on the day. The latest SEC filing filed on October 5, with Bitcoin holdings reported as of October 4, disclosed that Strategy held 848,000 Bitcoin at an aggregate cost of approximately $63.97 billion, an average cost of $75,441 per Bitcoin.

What I find interesting is that Strategy’s investment case is moving away from just owning more Bitcoin and more around the efficient financing of that ownership case. The core of the strategy remains owning more Bitcoin. However, along with that, the financing and capital…