Shares of Michael Saylor-backed Strategy (MSTR) climbed in pre-market trading on Monday after the company disclosed it did not purchase any bitcoin for a fifth straight week, extending its longest confirmed buying pause in nearly two years.
MSTR stock gained as much as 2.4% before the opening bell, tracking broader strength across the crypto market.
Buying pause continues
In a filing with the SEC, Strategy said it bought no bitcoin over the past week, leaving its holdings unchanged at 843,775 BTC.
The company’s average purchase price remained $75,476 per coin, with an aggregate cost basis of $63.69 billion.
The disclosure marks the firm’s fifth consecutive week without adding to its treasury, its longest confirmed pause since it began its aggressive accumulation strategy.
Equity program funds capital moves
Even while sitting out the bitcoin market, Strategy kept tapping equity markets for fresh capital.
During the week, the company sold 5.43 million MSTR shares, generating roughly $544.5 million in net proceeds through its ATM program.
It also repurchased 288,930 shares of its preferred security, STRC, for about $25 million as part of ongoing efforts to manage its capital structure.
Strategy said it held $3.75 billion in U.S. dollar reserves as of July 26, including unsettled proceeds from ATM sales. Management said those reserves are intended to fund preferred stock dividends, service debt, and provide added liquidity.
Retail sentiment cools
On Stocktwits, retail sentiment toward Strategy slipped to ‘bearish’ from ‘neutral’ over the past day.
Sentiment around bitcoin also shifted to ‘bearish’, even as prices recovered.
