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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.
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Boluwatife Adeyemi
Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across DeFi, NFTs, smart contracts, and blockchain interoperability, among others. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover and a part-time degen.
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