MSTR Raises $466.7M, Adds to USD Reserve, Not Bitcoin Holdings

Michael Saylor's MSTR did not buy a single Bitcoin this week, unlike what some investors might have anticipated. Instead, it raised approximately $466.7 million by selling 4.82 million Class A shares through its at-the-market offering program. This move left its holdings unchanged at 843,775 BTC, a number that has been a topic of concern for some investors due to the company's pivot from its 'never sell' narrative.

The proceeds from the sale of these shares were directed towards MSTR's USD Reserve, which has grown to roughly $3 billion. The company's stock fell more than 3% in pre-market trade on Monday, while Bitcoin dropped below $63,000.

Many users on Stocktwits forecast that MSTR's stock will likely drop further amid Bitcoin's weakness. The company's stock has fallen nearly 40% this year, while Bitcoin's price has tumbled almost 30%.