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The ATM Funding Shift
An SEC filing shows that Strategy funded the purchases entirely through the sale of common shares via its at-the-market equity offering program.
This marks a departure from recent purchases, as the company primarily financed those using proceeds from variable-rate preferred stock STRC.
Strategy now holds 818,334 BTC acquired for a cumulative $61.81 billion at an average cost basis of $75,537 per Bitcoin.
Moreover, the company has bought Bitcoin every week in April, totalling over $6.4 billion in purchases this month alone.
Saylor Teased The Buy
Michael Saylor hinted at the purchase over the weekend. On Sunday, April 26, Saylor posted on X with the message “The ₿eat Goes On” alongside Strategy’s famous “Orange Dots” chart showing previous Bitcoin buys.
Last week, Strategy 34,164 Bitcoin to its treasury at an average price of about $74,395 per coin for a total cost of roughly $2.54 billion, according to an April 20 filing.
The aggressive accumulation continues despite ongoing criticism from gold advocate Peter Schiff, who has called STRC a “Ponzi scheme.”
The Cup And Handle Breakout
MSTR closed down 0.84% to $171.02 Friday, with premarket Monday at $171.58—essentially flat, which is resilient considering Bitcoin’s 1% pullback today.
A well-defined cup and handle pattern that formed from February's $80 low to the April neckline near $165 has now broken out.
Last week's move above that neckline came with conviction, confirming the pattern and shifting the broader trend.
The 100 EMA at $165.01 has flipped into support, while the 20 EMA at $150.66 and 50 EMA at $146.04 continue to trend higher. The RSI at 65.79 is strong but not yet overbought. There’s room to run before this gets stretched.
On the levels, immediate support sits at $165.01, followed by $160 and then $150.66.
Resistance is now stacked at $177 to $180, with a breakout opening the path toward $205.82 near the 200 EMA.
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