Breaking: MSTR Stock Price Rallies as Michael Saylor’s Strategy Adds 4,871 BTC
Highlights
- The MSTR stock price has climbed 6% today, rising to $127.
- This comes amid Strategy's announcement of the weekly purchase it made last week.
- The surge in the MSTR stock price also comes amid reports of a ceasefire proposal between the U.S. and Iran.
The MSTR stock price is up today amid Strategy’s announcement of a new weekly Bitcoin buy, which it made between April 1 and 5. The stock is also up today amid optimism about a potential ceasefire in the U.S.-Iran war, now in its sixth week.
Strategy Acquires 4,871 BTC, MSTR Stock Price Climbs
An SEC filing shows that the company acquired 4,871 BTC for $329.9 million, at an average price of $67,718 per Bitcoin. They now hold 766,970 BTC, which they acquired for $58.02 billion at an average price of $75,644 per Bitcoin.
This announcement comes just a day after Michael Saylor hinted at a new Bitcoin purchase by his company. He posted Strategy’s Bitcoin portfolio with the caption, “₿ack to Work,” signaling that they had resumed their weekly BTC purchases.
Strategy had paused its weekly BTC buys for a week, failing to acquire Bitcoin in the week ending March 29. Meanwhile, the MSTR stock price is up amid the announcement of this latest weekly purchase.
The Strategy stock is up almost 6% today, according to TradingView data, rising from last week’s closing price of $120 to $127. However, the crypto stock remains down over 18% year-to-date (YTD).
The MSTR stock price has also rallied alongside other crypto stocks today amid optimism of a ceasefire in the U.S.-Iran war, despite reports that Iran has refused demands to reopen the Strait of Hormuz as part of the ceasefire negotiations. These crypto stocks are mirroring Bitcoin’s price action, with the flagship crypto climbing above the psychological $70,000 level in hopes that the U.S.-Iran war could end soon.
Less Selling Pressure On The Common Stock
The SEC filing also showed that Strategy is putting less pressure on its common stock, which is a positive for the MSTR stock price. The company funded the latest Bitcoin purchase primarily with STRC stock rather than MSTR stock.
Strategy sold 2.3 million STRC shares and 582,550 MSTR shares between March 30 and 31, raising net proceeds of $227.3 million and $72 million, respectively. Meanwhile, the company sold 1 million STRC shares and 593,294 MSTR shares between April 1 and 5, raising net proceeds of $102.6 million and $72 million, respectively.
This aligns with a CoinGape report from last week, which revealed that Strategy had raised enough funds via STRC stock to resume its Bitcoin accumulation. It is worth noting that Bitcoin treasury has now sold more STRC shares than MSTR shares over its last three at-the-market (ATM) stock sales.
Meanwhile, Strategy revealed in the SEC filing that for the three months ended March 31, it had a $14.46 billion unrealized loss on its Bitcoin holdings. Furthermore, it had a $51.65 billion carrying value on its holdings during this period.
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