Buy signal broken after 13 weeks

It appears that Strategy (ticker MSTR), the world's largest listed Bitcoin holding company, did not purchase additional Bitcoin last week.

Strategy's Chairman Michael Saylor has been announcing plans to purchase Bitcoin by posting an 'Orange Dot' post on his X (formerly Twitter) account every Sunday. It was customary to disclose specific purchase details on Monday morning (US Eastern time). However, last weekend, instead of this signal, a post related to the public offering of 'Stretch (STRC)', the company's perpetual preferred stock product, was posted.

It is observed that Strategy's 13 consecutive week of Bitcoin accumulation has stopped with this signal to stop buying. The company has been steadily purchasing Bitcoin every week since the end of December last year and has secured an additional 90,831 BTC in total.

Holds 760,000 BTC, but stock price has fallen 76% from its peak

According to Strategy's official dashboard, the Tysons Corner, Virginia-based company currently holds 762,099 BTC. The average purchase price is $75,694 (approximately 109 million won) per token.

At the point when the buying streak stopped, MSTR stock price was trading about 76% lower than its all-time high, and the Bitcoin price also remained below $67,000.

Meaning of preferred stock conversion strategy

The fact that Chairman Saylor promoted a perpetual preferred stock offering instead of purchasing Bitcoin may indicate a change in the method of financing. Strategy has been raising funds to purchase Bitcoin through various methods, such as issuing convertible bonds and stocks. The issuance of preferred stock is a means of securing stable capital while minimizing dilution of existing shareholders' shares, and some analysis suggests that it may be an attempt to secure 'real ammunition' for resumption of large-scale purchases in the future.