MicroStrategy (MSTR), the Bitcoin-focused firm led by Michael Saylor, refrained from buying or selling any Bitcoin during the past week, keeping its holdings steady at 843,775 BTC.
Instead of adding to its crypto treasury, the company raised capital through traditional equity markets. In a filing with the U.S. Securities and Exchange Commission (SEC), MicroStrategy disclosed it sold 4.82 million shares of its Class A common stock under its at-the-market (ATM) offering program, netting $466.7 million in proceeds.
The newly raised funds were directed entirely to the company’s USD Reserve—a cash buffer used to cover preferred stock dividends and debt interest—bringing its total to approximately $3 billion. Notably, none of the company’s four preferred stock series (STRF, STRC, STRK, and STRD) saw any trading activity during the week.
Market reaction was swift: MSTR shares dropped more than 3% in pre-market trading on Monday, coinciding with a broader downturn in both equities and cryptocurrencies. Bitcoin itself fell nearly 2% over the past 24 hours, slipping below $63,000.
Retail sentiment on Stocktwits shifted from “neutral” to “bearish” for both MSTR and Bitcoin, though discussion volume remained low. Many users anticipate further declines in MSTR’s share price amid ongoing weakness in the crypto market.
This pause in Bitcoin accumulation follows last week’s sale of over 3,500 BTC, which sparked investor concerns about a potential shift away from MicroStrategy’s long-standing “never sell” Bitcoin strategy. Year-to-date, MSTR stock has plunged nearly 40%, while Bitcoin has lost almost 30% of its value.