Strategy (MSTR) Rallied 76%, but Jim Cramer Would Rather Own Bitcoin

During the October 1 episode of Mad Money, Jim Cramer reviewed the Nasdaq 100's third-quarter performance and questioned buying Strategy Inc (NASDAQ:MSTR) as a way to gain Bitcoin exposure. He said:

Alright, what about the Nasdaq 100, which finished up 2.47%? The gains here don't offer much insight sadly. Bitcoin finally rallied and that took Strategy, remember, used to be Micro Strategy, a levered Bitcoin repository, up 76%. Now, look, if you like Bitcoin I got an idea, buy Bitcoin.

Cramer has maintained a similar kind of sentiment for a long time, as he mentioned it in an August episode.

Bitcoin Holdings Grow Along With Cash Reserves

Strategy Inc (NASDAQ:MSTR) continued adding Bitcoin in September. Its September 28 disclosure reported purchases of 1,665 Bitcoin for $142.7 million during the preceding week, bringing total holdings to 847,666 Bitcoin. The company's aggregate acquisition cost was $63.95 billion, or $75,437 per Bitcoin, including fees and expenses.

The company also reported a $5.02 billion U.S. dollar reserve designated for preferred-stock dividends and debt interest, plus $1 billion in additional dollar cash as of September 27. During the week, it repurchased approximately 1.53 million shares of its STRC preferred stock for $151.7 million.