MicroStrategy purchased 196 bitcoins for $22.1 million, with an average price of $113,048 per bitcoin, bringing its total holdings to 640,031 bitcoins, with a total value of $47.35 billion and an average price of $73,983 per bitcoin. The company faces a dilemma as it increasingly relies on shareholder dilution to fund acquisitions. In its recent acquisition, the company issued 3,278,660 shares, raising over $1.1 billion, which has raised concerns about its underperformance relative to bitcoin and the potential to undermine investor confidence.