Investors·2026-03-17 09:34Core Viewpoint - Strategy has made a significant bitcoin purchase totaling $2.845 billion in the past two weeks, which may be contributing to a rebound in bitcoin prices and MSTR stock performance [1][2]. Group 1: Bitcoin Purchases - Strategy acquired 22,337 bitcoin for $1.57 billion at an average price of $70,194 per coin, increasing its total holdings to 761,068 bitcoin valued at $56.2 billion [2]. - The company’s aggressive accumulation of bitcoin raises questions about its future purchasing pace and the potential for MSTR stock to reclaim its 50-day moving average [2]. Group 2: Stock Performance and Technical Analysis - MSTR stock is currently testing its 50-day moving average, a level it has failed to maintain three times since reaching a 52-week high of 457.22 on July 16 [3][5]. - The stock has previously experienced significant declines after failing to hold above the 50-day line, with notable drops to 292.36 on September 25 and 149.75 on January 2 [5][6]. Group 3: Financial Strategy and Stock Issuance - Strategy's buying power has been bolstered by the recovery of its preferred stock, STRC, which trades at par value, allowing for continued bitcoin purchases without issuing more STRC when it trades below 100 [8][12]. - The company’s enterprise value is currently about 20% higher than its bitcoin holdings, which is crucial for using common stock to finance bitcoin acquisitions [9][10]. Group 4: Bitcoin Per Share Metrics - Despite a 20% premium to its bitcoin holdings, new bitcoin purchases using MSTR stock have resulted in flat bitcoin per share growth, with a recent increase in share count by 2.83 million shares [11]. - Bitcoin per share rose by 2.2% last week due to the issuance of $1.18 billion in STRC preferred stock, although the trading price of STRC is close to the threshold that limits further stock issuance [12].