MSTR: MicroStrategy Goes a Week Without Buying Bitcoin, Turns Up with New Name: Strategy

Glow up comes just as the Bitcoin hoarder posted its earnings report, which failed to wow traders. Stock fell 3.3%.

📞 New Brand, Who Dis?

• MicroStrategy stock MSTR slipped 3.3% Wednesday and was looking at more losses in pre-market activity Thursday following the company’s not-so-strategic earnings report. Besides the financials update for the quarter, MicroStrategy unveiled a few new things.
• “Drop the Micro, it’s cleaner,” company advisers, probably, as the Bitcoin hoarding corporation rebranded to just Strategy. The logo is new and it’s flashing the Bitcoin symbol (because what else did you expect?)

😵 Withdrawal Symptoms in Crypto?

• Fun fact: The changes come right after MicroStrategy — now Strategy — went a full week without buying any Bitcoin for the first time since November (likely giving Michael Saylor withdrawal symptoms and serious FOMO). But that’s not the case anymore — Bitcoin will be purchased again.
• Strategy said Wednesday it has raised $584 million through the sale of preferred stock with the intention of jamming that cash into more Bitcoin.

🔐 Bitcoin’s Safest Place

• The Bitcoin-loving software firm currently boasts the biggest corporate stockpile of Bitcoin at 471,107 tokens worth more than $45 billion. It’s also making good progress toward its goal of raising $42 billion for more Bitcoin — the initiative is now at $20.5 billion, all of which have been used to buy the crypto.
• A word about the earnings report, it was the fourth consecutive losing quarter, booking an impairment loss from digital assets of $1.01 billion. Net loss arrived at $670.8 million, or $303 a share.