On June 29, Michael Saylor posted Strategy's Bitcoin acquisition tracker to X with the caption 'We're gonna need more charts,' signaling another purchase, while the company simultaneously filed to sell up to $1.25 billion of Bitcoin through a new monetization program to bolster its cash reserve and fund preferred dividends and interest. The filing arrived with Strategy holding 847,363 BTC at an average cost near $75,646 — a cost basis of roughly $64.1 billion against a market value around $50.8 billion — and Bitcoin trading below $60,000, its weakest level since October 2024. The dual signal marks a departure for Saylor, who built a brand on never selling, and comes as the company's enterprise value fell below the value of its Bitcoin holdings for the first time on June 27.
Strategy Holds 847,363 BTC at $64.1 Billion Cost Basis
Strategy holds 847,363 BTC at an average cost near $75,646, representing a cost basis of roughly $64.1 billion against a market value around $50.8 billion. The most recent confirmed purchase was a 520 BTC tranche on June 22 for about $35 million, its smallest in recent memory, alongside a $300 million top-up to the dollar reserve. Saylor has framed the math as asymmetric, telling interviewers in early May that Strategy would buy 10 to 20 bitcoin for every coin it sells.
MSTR Stock and Preferred Shares Hit Multi-Month Lows
MSTR closed near $82 on Friday, its lowest since February 2024, while STRC, the variable-rate preferred designed to sit near its $100 par, hit a record low around $71 against an 11.5% dividend. On June 27, Strategy's enterprise value fell below the value of its Bitcoin for the first time, dropping mNAV under 1. A Block Research analysis put MSTR common stock behind roughly $6.7 billion of convertible debt and about $15.5 billion of perpetual preferred, leaving ordinary shareholders dead last in line.
Ripple CEO and Bitcoin Critics Question Strategy's Model
Brad Garlinghouse, CEO of Ripple, told CNBC that Saylor's team 'wasn't focused on the right stuff,' and that long-term value needs utility, not leverage. Garlinghouse said he stays bullish on Bitcoin but pointed to STRC's discount as proof of a flawed model. Peter Schiff, economist and longtime Bitcoin critic, said Strategy is 'now a Bitcoin seller' and argued the accumulation that helped pump Bitcoin is now reversing. CryptoQuant's Julio Moreno urged Strategy to pause buying and rebuild cash.
Strategy Recorded First Bitcoin Sale Since 2022 on June 1
Strategy recorded its first sale since 2022 on June 1, offloading 32 BTC to cover a dividend, then resumed buying. The $1.25 billion figure in the June 29 filing represents a different order of magnitude compared to recent purchase tranches.
FAQ
What did Strategy file on June 29?
On June 29, Strategy filed to sell up to $1.25 billion of Bitcoin through a new monetization program to bolster its cash reserve and fund preferred dividends and interest.
How much Bitcoin does Strategy hold?
Strategy holds 847,363 BTC at an average cost near $75,646, representing a cost basis of roughly $64.1 billion against a market value around $50.8 billion.
When did Strategy last sell Bitcoin before the June 29 filing?
Strategy recorded its first sale since 2022 on June 1, offloading 32 BTC to cover a dividend, then resumed buying.
