Strategy disclosed in a new Form 8-K filing that it acquired an additional 520 Bitcoin between June 15 and June 21, using proceeds generated from its at-the-market stock offering program. The purchase cost approximately $34.9 million, with an average acquisition price of $67,068 per BTC.
At the same time, the company sold 2,714,839 shares of MSTR stock, generating $335.5 million in net proceeds. The filing also revealed that Strategy increased its USD Reserve to $1.4 billion, underscoring a growing focus on supporting its preferred securities and debt obligations.
Strategy Continues Its Bitcoin Buying Streak
The latest purchase marks the company’s third consecutive week of Bitcoin acquisitions. Executive Chairman Michael Saylor announced the purchase on X shortly after teasing the move a day earlier with a familiar message often interpreted by investors as a signal that another Bitcoin purchase is imminent.
The acquisition brought Strategy’s total Bitcoin holdings to 847,363 BTC, purchased for an aggregate cost of approximately $64.1 billion. According to the filing, the company’s average purchase price across all holdings stands at $75,651 per Bitcoin, including fees and expenses.
With Bitcoin holdings now valued at tens of billions of dollars, Strategy remains the world’s largest known corporate holder of the digital asset.
Stock Sale Funds New Bitcoin Purchase
According to the filing, the latest Bitcoin purchase was funded through proceeds generated from Strategy’s ongoing ATM equity offering program.
During the reporting period, the company sold more than 2.7 million MSTR shares, generating $335.5 million in net proceeds after commissions. Strategy still retains significant issuance capacity under its various ATM programs, including more than $25.4 billion available under its common stock offering authorization.
The company has relied on a combination of equity offerings, debt issuance, and preferred stock programs to finance its Bitcoin accumulation strategy over the past several years.
USD Reserve Receives Bigger Boost Than Bitcoin Allocation
While the Bitcoin purchase attracted attention, many market observers focused on Strategy’s decision to allocate substantially more capital toward its USD Reserve.
The company increased the reserve by $300 million, bringing the total balance to $1.4 billion as of June 21. Strategy said the reserve is intended to support dividend payments on preferred stock and interest obligations on outstanding debt while strengthening the credit profile of its Digital Credit securities.
In a post on X, Saylor stated:
“Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363
Michael Saylor
Chairman – Strategy Inc
The reserve increase was nearly ten times larger than the company’s latest Bitcoin purchase.
Growing Scrutiny Around STRC
The decision to prioritize the USD Reserve comes as some market participants continue to scrutinize Strategy’s STRC preferred shares, also known as Stretch.
The security was designed to trade around $100 while providing investors with a stable yield and helping the company raise capital for additional Bitcoin purchases. However, STRC has traded below its intended price level in recent weeks, falling under $90 at one point.
The weakness has prompted debate among analysts and investors, with some suggesting that Strategy may eventually need to liquidate a portion of its Bitcoin holdings to meet future expenses and dividend commitments. Despite those concerns, the company has continued to expand both its Bitcoin treasury and liquidity reserves.
Saylor also used the opportunity to reinforce his long-term conviction in Bitcoin, writing:
“Bitcoiners agree on the 99% that matters. We shouldn’t let the 1% divide us while nearly all global capital has yet to enter Bitcoin’s monetary network. The opportunity is bigger than the argument.
Michael Saylor
Chairman – Strategy Inc