MicroStrategy Raises $748M via Stock Sale, Pauses BTC Buys, Increases USD Reserve
MicroStrategy sold ~4.5 million Class A shares through its at‑the‑market (ATM) program during Dec. 15–21, raising about $747.8 million net. The company did not purchase bitcoin that week, keeping its holding at 671,268 BTC with an aggregate cost of roughly $50.33 billion and an average cost basis near $74,972 per BTC. No new perpetual preferred shares were issued; MicroStrategy still has substantial remaining issuance capacity on preferred and common stock programs (reported ~$20+ billion on STRK preferred program and ~$11.8 billion common-stock capacity). The firm increased its USD cash reserve — set up to cover preferred dividends and interest on debt — from early-December levels (~$1.14B) to about $2.19B as of Dec. 21, improving near‑term liquidity. Traders should note the dual signal: the company raised cash without selling BTC (no change to BTC supply), but paused buys and bolstered cash buffers, which could reflect precaution against debt/dividend obligations and reduce immediate upside demand from MicroStrategy in the short term. Key SEO keywords: MicroStrategy, Bitcoin, BTC, stock sale, cash reserve, ATM offering, liquidity.
Neutral
The announcement is neutral for BTC price in aggregate. Positive aspects: MicroStrategy raised substantial cash (~$748M) via equity rather than selling BTC, preserving its holdings at 671,268 BTC and avoiding immediate downward pressure from on‑balance-sheet BTC sales. Increasing the USD reserve improves the company’s near‑term liquidity and reduces the likelihood of a forced BTC sale to meet dividend or interest obligations. Negative/neutral aspects: the firm paused BTC purchases, which removes a predictable buyer from the market for at least that week and slightly reduces immediate demand-side support. The sizable remaining issuance capacity means MicroStrategy can raise further cash via equity or preferred shares instead of selling BTC, which is stabilizing, but issuance could dilute equity and indirectly affect market sentiment. Overall impact: short-term price influence is limited — lack of new purchases is a minor headwind; lack of sales is a supportive factor. For traders: expect muted immediate volatility specifically attributable to MicroStrategy, but monitor future ATM issuances, preferred-share activity, and any remarks about selling BTC to cover obligations, which would be bearish if realized.