Strategy stock (MSTR) rose more than 4% in pre-market trading on Monday morning after Michael Saylor's Bitcoin treasury company disclosed a new $101 million Bitcoin purchase, days after a small BTC sale briefly dented its "never sell" image.
MSTR shares are trading at around $125.34 in pre-market, up 4%, per Google Finance.
The jump comes shortly after Strategy said in a Monday filing with the U.S. Securities and Exchange Commission that it bought 1,550 BTC between June 1 and June 7.
The company paid about $101.3 million for the purchase at an average price of $65,332 per BTC, the filing reads. With the latest purchase, the company's total holdings are now at 845,256 BTC.
- The purchase comes just a week after the Virginia-headquartered company said in a regulatory filing that it had sold 32 BTC between May 26 and May 31 for about $2.5 million.
- The proceeds, per Strategy, were tied to preferred stock dividend distributions.
But the buy didn't come in an easy market. Bitcoin briefly slipped below $60,000 last Friday, June 5, before clawing back above $61,000 over the weekend.
As The Coinformer reported, Glassnode co-founder Rafael Schultze-Kraft still sees room for a lower bottom. His latest on-chain map puts the more likely floor around $46,000 to $54,000, with a harsher washout dragging BTC closer to $35,000 to $40,000.
More context: Big tech IPOs could drain liquidity from crypto, NYDIG says