Key Insights:
- Last week, MicroStrategy purchased 1665 Bitcoins worth $142 million, at an average price of $85,681.
- MSTR stock reclaimed its 200-day moving average for the first time in nearly a year.
- Strategy repurchased approximately $152 million in STRC shares, with the price trading near $99.
Michael Saylor’s MicroStrategy (NASDAQ: MSTR) bought 1,665 Bitcoins over the past week, marking its second consecutive week of acquisitions. MSTR stock experienced a steady 0.5% gain to reach $159 as market participants anticipate additional upward momentum. In addition, the firm reported $152 million in STRC stock buybacks.
MicroStrategy Adds 1665 Bitcoins for $142 Million
Strategy, formerly known as MicroStrategy, disclosed a significant Bitcoin acquisition executed between Sept. 21 and Sept. 27. During this timeframe, the company secured 1,665 Bitcoin totaling $142.7 million, paying an average price of $85,681 per BTC.
To fund the transaction, the firm unloaded 1.47 million MSTR shares, yielding $246.2 million in net proceeds. With this latest addition, Strategy’s total Bitcoin reserves climbed to 847,666 BTC, acquired at an aggregate cost of $63.95 billion and an average price of $75,437 per Bitcoin.
Following this recent accumulation, Strategy’s BTC per share metric is climbing while its mNAV hovered near 1.2x last week. Market analyst Mark Harvey noted that Strategy has now bought back more Bitcoin than it divested earlier in the quarter, extending the company’s streak of consecutive quarters with growing BTC holdings to 24.
MSTR Stock Shows Strength Crossing 200-Day SMA
Despite offloading nearly 1.5 million MSTR shares, the stock price remains resilient around $160. Amid these movements, the equity has successfully surpassed its 200-day simple moving average for the first initial time in almost a year, according to analyst Venu.
Venu added that Bitcoin’s continued price strength around $84,000 could prove advantageous for MicroStrategy (MSTR) going forward.
Another analyst, Daisy, highlighted that MSTR stock has broken out of its year-long downtrend. This rebound materialized after finding a bottom near the 2021 high, which the analyst characterized as a historical bottoming zone for the corporation.
Daisy also noted a MACD golden cross accompanying the breakout. The analyst observed that Strategy could offer a compelling opportunity if Bitcoin maintains its performance, noting that two prior breakout attempts by the stock had previously fallen short.
STRC Share Price Reaches Closer to $100 Peg
Following another round of $152 million in STRC share buybacks, the asset has drawn closer to its $100 peg. At the time of publication, STRC shares are up 0.46% at $99. In June of this year, the share price had plummeted below $75, triggering liquidation worries.
That decline prompted Strategy to launch its aggressive STRC share acquisition strategy, which provides a 12% annual dividend to investors. Although this approach involved diluting MSTR holdings, the strategy has ultimately benefited both the enterprise and its shareholders. Since June, MSTR stock has also surged by nearly 100%.
This article is for informational purposes only and does not constitute financial or investment advice. Technical targets remain conditional.