BTC fell 0.93% and ETH fell 2.26% over 24 hours. As the market cooled, Strategy’s STRC preferred stock touched $100 intraday on November 4. But from November 2 to 8, the number of STRC shares sold and the funds raised through its ATM program were both zero.
During the same week, the company sold 2,051,348 shares of common stock through its ATM program, netting $283.8 million, then spent $188.3 million to repurchase 1,887,464 STRC shares—66.3% on one basis (the original text is cut off here, so the specific basis for this percentage is unclear).
Two groups are affected: those holding STRC and waiting for the company to keep supporting its price, and those watching the $MSTR financing pace to assess position risk. Preferred stock is no longer being sold, while common stock is still being sold—the financing priorities are plain to see.
The signals worth watching are very specific: in the next SEC weekly disclosure, whether STRC’s ATM sales are still 0, and how much of the net proceeds from common stock ATM sales continues to go toward STRC repurchases. Those two numbers will speak for themselves.