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Strategy's share sales from its at-the-market offering were just below 3% of the total cumulative trading volume.
Feb 6, 2025, 10:17 a.m. UTC
Disclaimer: The analyst who wrote this piece owns shares of Strategy (MSTR).
Strategy (MSTR) expects its convertible preferred stock Strike (STRK) to be listed on Nasdaq on Thursday, according to a slide in its earnings presentation.
Strategy, formerly known as MicroStrategy, also introduced new performance metrics when it reported fourth-quarter earnings after the market closed on Wednesday. The Tysons Corner, Virginia-based company reported a loss of $3.03 per share. It did not adopt Financial Stability Accounting Board (FASB) rules, which would have avoided a $1 billion impairment loss. Those will be adopted this quarter, the company said.
Among the new key performance indicators, is an 2025 bitcoin (BTC) gain of $10 billion. So far this year, it's achieved $1.24 billion. A second KPI is a bitcoin yield of 15%; year-to-date it's 2.9%.
BTC KPI Targets (Strategy Q4 Earnings Presentation)
Strategy has used about $17 billion out of the $21 billion at-the-market (ATM) equity program so far. In the earnings presentation, the company alluded to the share sales being just 2.9% of the total cumulative trading volume, with Nov. 11-15 being the highest percentage of total trade volume of any week at 7%.
ATM Equity Offering vs Trading Volume (Strategy Earnings Presentation)
Shares of the company were recently 1.3% higher in pre-market trading.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system. In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
