Bitcoin treasury company Strategy acquired 520 BTC for approximately $34.9 million at an average price of $67,068 per bitcoin between June 15 and June 21, according to an 8-K filing with the Securities and Exchange Commission on Monday. The purchases were funded using proceeds from at-the-market sales of its Class A common stock, MSTR, with the company selling 2,714,839 shares for approximately $335.5 million last week. Strategy now holds 847,363 BTC worth around $54.8 billion, bought at an average price of $75,651 per bitcoin for a total cost of approximately $64.1 billion including fees and expenses, according to co-founder and executive chairman Michael Saylor.
Strategy Holds 847,363 BTC with $9.3 Billion Paper Loss
Strategy's total holdings of 847,363 BTC represent more than 4% of bitcoin's 21 million supply cap. At current prices, the company's bitcoin position implies approximately $9.3 billion in paper losses, based on the difference between the $75,651 average purchase price and current market value. The company's total acquisition cost of $64.1 billion includes fees and expenses associated with all purchases.
MSTR Stock Sales Fund Bitcoin Acquisitions
The latest bitcoin acquisitions were made using proceeds from at-the-market sales of Strategy's Class A common stock. Last week, Strategy sold 2,714,839 MSTR shares for approximately $335.5 million. As of June 21, $25.4 billion worth of MSTR shares remain available for issuance and sale under the ATM program, according to the company. Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.
Michael Saylor posted a Strategy bitcoin acquisition tracker chart on Sunday with the caption "Looks better with more dots," signaling the disclosure of fresh bitcoin purchases on Monday for the week prior.
STRC Preferred Stock Trades Below Par Value
STRC, a variable-rate, cumulative preferred stock offering monthly dividends with adjustable rates designed to keep it near its $100 par value, had become the primary driver of Strategy's bitcoin acquisitions earlier this year and currently offers an annualized rate of 11.5%. However, STRC has struggled to regain par since mid-May and has not been used to accumulate additional bitcoin over the past month. Last week, STRC fell to a record low of $82.53 on Thursday, which Strive CEO Matt Cole described as the "most difficult day in the history of digital credit." STRC closed that day at $88.59, while SATA closed at $97.71, ahead of Friday's Juneteenth public holiday.
USD Reserve Increases to $1.4 Billion
Strategy's USD reserve balance stood at $1.4 billion as of June 21, up from $1.1 billion disclosed as of June 14. The reserve balance includes expected cash proceeds from shares sold under Strategy's ATM program that had not yet settled. The company maintains this cash reserve to fund dividend payments and operational expenses.
Analysts Dismiss Death Spiral Concerns
Analysts from Benchmark and TD Cowen pushed back against negative narratives surrounding MSTR and STRC last week. Benchmark's Mark Palmer stated in a research note that "the death-spiral story assumes that Strategy is one bad week from selling bitcoins, and it skips several steps to get there. Before any meaningful bitcoin sale by Strategy, it would need to run through the $1 billion cash reserve it has in place to fund dividend payments." TD Cowen's Lance Vitanza and Jonnathan Navarrete added that Strategy's burden of paying STRC dividends should be manageable given the company's reserves, though bitcoin's price does need to continue to appreciate, at least modestly, for Strategy's plans to bear fruit.
Corporate Bitcoin Holdings Reach 199 Public Companies
According to Bitcoin Treasuries data, 199 public companies have adopted some form of bitcoin acquisition model. The top 10 holders after Strategy include Tether-backed Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 36,303 BTC, Bitcoin Standard Treasury Company with 30,021 BTC, Bullish with 24,300 BTC, Strive with 19,105 BTC, SpaceX with 18,712 BTC, Coinbase with 16,492 BTC, and Riot Platforms with 15,680 BTC. The value of many companies in this cohort is down significantly from summer 2025 peaks as market cap-to-net asset value ratios sharply contracted. MSTR itself is down around 75% with an mNAV of 0.81 per Bitcoin Treasuries, or 1.12 according to Strategy when including debt and preferreds. Strategy's stock fell 5.8% overall last week, closing on Friday at $112.53, down 27.2% year-to-date. Bitcoin dropped around 4% during the same period.
FAQ
How much bitcoin did Strategy purchase between June 15 and June 21?
Strategy acquired 520 BTC for approximately $34.9 million at an average price of $67,068 per bitcoin between June 15 and June 21, according to an 8-K filing with the Securities and Exchange Commission.
How did Strategy fund its latest bitcoin purchases?
The purchases were funded using proceeds from at-the-market sales of Strategy's Class A common stock, MSTR. Last week, Strategy sold 2,714,839 MSTR shares for approximately $335.5 million.
