All eyes in the cryptocurrency community were on Strategy after last week’s sale and Michael Saylor’s cryptic message on X yesterday.
On the positive side, the company didn’t announce a new BTC sale today. On the other hand, it didn’t increase its cryptocurrency exposure either.
Instead, the firm’s former CEO and co-founder said that the company has increased its USD reserve by another $450 million after raising the funds via an at-the-market common stock offering. The greenback stash has now grown to $3 billion, allowing a few years of dividend payments if necessary.
What’s most important for the cryptocurrency industry is the fact that the company managed to do this without offloading more BTC. As such, its bitcoin fortune remains unchanged at 843,775 units, currently valued at just over $53 billion, given the asset’s price of $63,000.
Strategy’s Sale and Stock Performance
Recall that Strategy announced its largest BTC sale to date last week when it disposed of 3,588 units. At first, the cryptocurrency’s price tumbled immediately by a few grand before it bounced back to its starting point.
Analysts continue to debate what the long-term ramifications are for bitcoin and its largest accumulator. Interestingly, Strategy’s main stock (MSTR) jumped from $95 to over $100 after the news went live but lost all momentum by the end of the week.
On the other hand, STRC recovered from the local lows of under $75 to close on Friday at over $87 as investors seemingly priced in Strategy’s decision to increase its USD reserve.
Before today’s announcement, Saylor hinted at a new major move on X yesterday. Unlike all previous instances when his words preceded a BTC buy, this time there was a lot of uncertainty given the recent history.
Source: CryptoPotato
