So MSTR paid well above the average price of BTC for the week again. So I took a 10-minute resolution of the bitcoin price over the past 12 months, to see the premium/discount that the company pays per week. Over the past 12 months, Strategy has paid roughly a 1% size weighted premium (formula below) to market prices. Missing out on about 2,500 BTC, or roughly $180 million at $70,000, with the much higher 15 to 25% premiums occurring in short bursts, which can make a simple average look closer to 12%. The largest premiums tend to occur during strong upward moves in BTC, when Strategy raises capital at elevated stock prices and deploys it aggressively into a rising market. The company does not optimize for price but for exposure timing, as they raise capital when their stock is strong and deploy it into BTC, meaning they tend to buy more aggressively in bull runs when both their stock and BTC are higher, and track the market more closely in calmer periods. Spread Sheet and Formula Below:(James Van Straten)