Strategy Inc. (NASDAQ:MSTR) acquired 3,273 Bitcoin (CRYPTO: BTC) for approximately $255 million at an average price of $77,906 per coin during the week ended April 24.
The ATM Funding Shift
An SEC filing shows that Strategy funded the purchases entirely through the sale of common shares via its at-the-market equity offering program.
This marks a departure from recent purchases, as the company primarily financed those using proceeds from variable-rate preferred stock STRC.
Strategy now holds 818,334 BTC acquired for a cumulative $61.81 billion at an average cost basis of $75,537 per Bitcoin.
Moreover, the company has bought Bitcoin every week in April, totalling over $6.4 billion in purchases this month alone.
Saylor Teased The Buy
Michael Saylor hinted at the purchase over the weekend. On Sunday, April 26, Saylor posted on X with the message “The ₿eat Goes On” alongside Strategy’s famous “Orange Dots” chart showing previous Bitcoin buys.
Last week, Strategy added 34,164 Bitcoin to its treasury at an average price of about $74,395 per coin for a total cost of roughly $2.54 billion, according to an April 20 filing.
The aggressive accumulation continues despite ongoing criticism from gold advocate Peter Schiff, who has called STRC a “Ponzi scheme.”
The Cup And Handle Breakout
MSTR closed down 0.84% to $171.02 Friday, with premarket Monday at $171.58—essentially flat, which is resilient considering Bitcoin’s 1% pullback today.
A well-defined cup and handle pattern that formed from February’s $80 low to the April neckline near $165 has now broken out.
Last week’s move above that neckline came with conviction, confirming the pattern and shifting the broader trend.
The 100 EMA at $165.01 has flipped into support, while the 20 EMA at $150.66 and 50 EMA at $146.04 continue to trend higher. The RSI at 65.79 is strong but not yet overbought. There’s room to run before this gets stretched.
On the levels, immediate support sits at $165.01, followed by $160 and then $150.66.
Resistance is now stacked at $177 to $180, with a breakout opening the path toward $205.82 near the 200 EMA.
Image: Shutterstock
Recent Comments