MicroStrategy Halts Bitcoin Purchase & Shares Sale, Holds 478,740 BTC
Highlights
- MicroStrategy didn't Bitcoin or sell any shares last week, making it only the second time in fourteen weeks that the company failed to buy BTC.
- The company, now known as Strategy, still holds 478,740 BTC.
- MSTR stock price is currently in the red but could soon be set for a massive move.
Michael Saylor’s MicroStrategy, now doing business as Strategy, has revealed that it didn’t make any Bitcoin purchases or sell any shares last week. This development is significant, considering that the company has bought BTC in thirteen of the last fourteen weeks as it moves to solidify its position as a Bitcoin Treasury company.
MicroStrategy Halts Bitcoin Purchase And Shares Sale
In a press release, MicroStrategy revealed that it didn’t buy any Bitcoin or sell any shares of its class A common stock under its at-the-market equity offering program last week. This is out of character, considering that Michael Saylor’s company has bought Bitcoin in thirteen out of the last fourteen weeks.
Last week, the company announced that it had acquired 7,633 BTC for $742 million. That was the company’s first BTC purchase following its rebrand from MicroStrategy to Strategy. Meanwhile, it also marked the thirteenth purchase in fourteen weeks, with the prior week the only period in which the company failed to announce a BTC purchase.
Meanwhile, Strategy’s failure to sell any shares last week is also notable, considering that the company uses proceeds from these sales to finance its Bitcoin acquisition plans. Earlier this year, the company raised $563 million to buy more Bitcoin through its STRK preferred stock offering.
Meanwhile, the company also revealed in the press release that it still holds 478,740 BTC, which it acquired for $31.1 billion at an average price of $65,033 per bitcoin. Strategy remains the public company with the largest Bitcoin holdings.
MSTR Stock In The Red
Nasdaq data shows that MicroStrategy’s stock is currently in the red amidst news of the company’s failure to buy Bitcoin or sell any shares last week. The MSTR stock price is currently trading at around $336, down since the stock market opened today. However, the stock is still up over 16% year-to-date (YTD).
It is worth mentioning that JP Morgan recently bought $100 million worth of MSTR shares, which provides a bullish outlook for the stock’s price. Meanwhile, analyst Ali Martinez stated that MicroStrategy’s stock is preparing for a 52% move as it eyes a breakout from a consolidation triangle.
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