Strategy, formerly MicroStrategy, made no BTC buys last week, yet MSTR stock still rose nearly 3% in a surprising rebound.
It has been disclosed that Strategy, formerly known as MicroStrategy, did not purchase any Bitcoin last week.
The company’s earnings report is later this week; this development comes before it.
The MSTR stock, meanwhile, has increased from last week’s closing price.
Last Week, Strategy Didn’t Purchase Bitcoin
According to a Form 8-K filing with the SEC, the business did not buy Bitcoin last week after making two weekly transactions.
At an average price of $71,756 per bitcoin, it paid $43.61 billion for 607,770 BTC, which it currently owns.
Michael Saylor had alluded to another Bitcoin purchase the day before this occurrence.
“It all began with a quarter billion in bitcoin,” the company’s executive chairman captioned its Bitcoin portfolio tracker, as he always does.
However, this has proven to be merely a reference to Strategy’s initial acquisition of 21,454 BTC for $250 million, at an average price of about $11,654, rather than a hint at a purchase.
Even during bear markets, Saylor and his business have since kept up their aggressive efforts to amass more Bitcoin for their treasury.
With intentions to raise about $2.5 billion through its Stretch preferred stock offering, the corporation is still anticipated to buy additional Bitcoin in the upcoming weeks.
The announcement states these shares would be issued and sold by July 29, before the July 31 earnings report.
The corporation already revealed a $14 billion unrealized gain on its Bitcoin investment in the second quarter, as CoinGape previously reported.
The Bitcoin price surge in May, when it reached a prior all-time high (ATH) of $111,900, was responsible for this.
In the meantime, MicroStrategy’s stock has increased from its closing price of $405 last week, even though no Bitcoin transaction has been announced.
According to TradingView data, the MSTR stock is currently trading at about $417, up more than 2% in premarket activity.
