Strategy (MSTR) returned to the bitcoin market this week, purchasing 1,550 BTC for approximately $101 million — its first acquisition since a controversial sale of 32 bitcoin drew scrutiny from investors and analysts. The company disclosed the purchase in an 8-K filing with the Securities and Exchange Commission on Monday morning.
Executive Chairman Michael Saylor confirmed the buy on social media, stating that Strategy’s total bitcoin reserve now stands at 845,256 BTC, acquired for just under $64 billion at an average price of $75,680 per coin. The latest tranche was purchased at an average of $65,332 per bitcoin — roughly $10,000 below the firm’s cost basis, meaning the full position carries an implied paper loss of around $10.5 billion at current prices.
The acquisition was financed through at-the-market sales of Class A common stock. Strategy sold 1,409,600 MSTR shares last week, raising approximately $181 million. A portion of those proceeds funded the bitcoin purchase while the remainder pushed the company’s U.S. dollar cash reserves from $900 million to $1 billion — a move analysts say was needed to restore institutional confidence.
Strategy’s return to buying follows a turbulent stretch. On June 1, the firm disclosed it had sold 32 BTC between May 26 and May 31 for roughly $2.5 million — its first bitcoin sale since late 2022. The proceeds were earmarked to fund a dividend payment on its STRC preferred stock.
Though modest in size, the disclosure rattled markets. Bitcoin had been trading near $73,700 before the announcement; it dropped close to 20%, hitting a low around $59,300 before recovering above $63,000 heading into the weekend.
Strategy shares were up 6% in premarket.
Strategy ‘spooked’ the markets
JPMorgan analysts characterized the sale as “symbolic and voluntary” but said it “spooked” markets regardless. They noted that after Strategy agreed to retire $1.5 billion face value of its zero-coupon 2029 convertible notes at approximately 92 cents on the dollar, dollar reserves covered only about 6.3 months of preferred dividend payments — raising questions about the firm’s financial cushion.
Strategy’s STRC preferred stock — a variable-rate, cumulative instrument offering an annualized rate of 11.5% — had been the primary vehicle for bitcoin accumulation in recent weeks. But STRC has not traded near its $100 par value since mid-May, effectively sidelining it as a funding mechanism for the past three weeks. The Monday purchase relied instead on equity issuance.
As of June 7, approximately $25.96 billion worth of MSTR shares remain available under Strategy’s current ATM equity program. The firm also extended its ATM programs to include up to $21 billion of additional MSTR shares, $21 billion of STRC preferred stock, and $2.1 billion of
Strategy holds more than 4% of bitcoin’s fixed 21 million supply cap, a position that dwarfs every other corporate holder. Bitcoin treasury firm Strive announced Monday it had purchased 32 BTC, bringing its total to 19,032 BTC valued at approximately $1.15 billion — a figure Strive’s chairman framed as a direct response to the amount Strategy sold the week prior.
According to Bitcoin Treasuries data, 198 public companies now operate some form of bitcoin acquisition model. The top corporate holders behind Strategy include Twenty One (43,514 BTC), Metaplanet (40,177 BTC), MARA (35,303 BTC), Bitcoin Standard Treasury Company (30,021 BTC), and Bullish (24,300 BTC).
