Market reaction to MSTR's recent capital allocation actions was positive (stock +2%), despite a significant long-term decline (-60%).

Well, MicroStrategy resumed its Bitcoin purchases last week after a hiatus of nearly 10 weeks. Yes, I think this was a very good thing overall. Their CEO came out and defended the fact that they had previously sold Bitcoin, a few months or weeks ago, at lower levels when they bought it back last week.

But he did so by saying that he does not expect any future sales before what he described as a very strong bull market . So, they must have some optimism for the future.

Last week, they bought approximately $350 million worth of Bitcoin , while also selling some common stock to help fund these purchases and repurchase some of their preferred stock.

They have been undertaking a simple restructuring of their balance sheet, and last week they took some of these steps to give management greater flexibility to meet preferred stock distributions and other corporate needs in the future.

I think the market has generally taken the news positively. The stock rose by about 2%, but is still down by approximately 60% over the past year.