Strategy (MSTR) stiger efter Bitcoin-köp som dämpar likvidationsoro

Strategy (previously known as MicroStrategy) MSTR shares moved higher on Monday after the company disclosed another Bitcoin purchase.

Aktien gynnades även när analytiker på Wall Street avvisade den växande spekulationen om att bolagets bitcoin-focused treasury strategy så småningom skulle kunna tvinga fram omfattande tillgångsförsäljningar.

Enligt en inlämning till the US Securities and Exchange Commission företaget acquired an additional 1,587 Bitcoin for approximately $100 million between June 8 and June 14.

Styrelseordförande Michael Saylor said the purchase was made at an average price of $63,024 per bitcoin.

Det senaste förvärvet increased Strategy's total holdings to 846,842 BTC, acquired at a total cost of approximately $64.1 billion, including fees and expenses.

Bolaget är fortfarande den största företagsägaren av Bitcoin och kontrollerar nu mer än 4% av kryptovalutans maximala utbud på 21 million coins.

Investerare reagerade positivt på uppdateringen, with MSTR shares rising more than 8% during Monday trading.

Bitcoin accumulation continues despite slower pace

Även om Strategy fortsätter att öka sina Bitcoin holdings, the pace of purchases has slowed significantly compared with earlier this year.

The company acquired 1,587 BTC for $100 million last week, following a purchase of 1,550 BTC for $101.3 million the previous week.

Transaktionerna markerar en kraftig avmattning från the multibillion-dollar acquisitions that characterized much of the company's earlier accumulation strategy.

The latest purchase was funded entirely through sales of common stock.

Strategy raised approximately $209 million through the sale of 1.73 million Class A shares under its at-the-market equity program.

Inga preferensaktier, inklusive STRF, STRC, STRK or STRD, were issued during the week.

Beroendet av common stock sammanfaller med att bolagets STRC preferred stock has traded below its $100 par value in recent weeks.

Strategy generally issues STRC only when the shares trade at or above par, vilket begränsar dess ability to use the security as a funding source for additional Bitcoin purchases.

Trots avmattningen behåller Strategy substantial financial flexibility.

Bolaget said approximately $25.7 billion remains available under its common-stock issuance program.

It also reported a US dollar reserve of $1.1 billion as of June 14, up from $1 billion a week earlier.

Analysts reject "death spiral" concerns

Den senaste debatten bland investerare har kretsat kring whether falling Bitcoin prices could eventually force Strategy to liquidate portions of its holdings to meet obligations tied to its preferred-share programs.

Benchmark analyst Mark Palmer dismissed those concerns in a research note on Monday.

"The death-spiral story assumes that Strategy is one bad week from selling bitcoins, and it skips several steps to get there. Before any meaningful bitcoin sale by Strategy, it would need to run through the $1 billion cash reserve it has in place to fund dividend payments," Palmer said.

The concerns intensified after Strategy sold 32 BTC between May 26 and May 31 to help fund distributions related to its STRC preferred shares.

Det marked the first sale of Bitcoin by the company since it began accumulating the cryptocurrency in December 2022.

Palmer argued that Strategy's perpetual preferred securities do not create immediate liquidity pressure.

"The company would have to move through a long sequence of failures before its bitcoin reserve, currently valued at almost $55 billion, would even enter the conversation," Palmer said.