Bitcoin treasury company Strategy acquired another 520 BTC between June 15 and June 21. According to an 8-K filing submitted to the SEC on Monday, the purchase was made at an average price of $67,068 per BTC and cost a total of $34.9 million.
With the latest purchase, the company’s total Bitcoin holdings have reached 847,363 BTC. According to co-founder and executive chairman Michael Saylor, those holdings are currently worth around $54.8 billion. The average cost basis of the position stands at $75,651 per BTC, while the total bill, including fees and expenses, has climbed to $64.1 billion.
The numbers show that Strategy now holds more than 4% of Bitcoin’s fixed 21 million supply cap. At current prices, the company’s paper loss is approaching $9.3 billion.
Funding Came From MSTR Share Sales
The latest purchases were funded with cash raised through 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. As of June 21, the company still had $25.4 billion worth of MSTR shares available for sale under that program.
The company also expanded its ATM programs. It added $21 billion in capacity for MSTR, $21 billion for STRC preferred shares and $2.1 billion for STRK preferred shares.
On Sunday, Saylor shared Strategy’s Bitcoin purchase chart with the caption, “Looking better with more dots.” The market is familiar with the phrase; it is usually seen as a signal that Strategy will announce the previous week’s Bitcoin purchase on Monday.
STRC Is Still Trading Below Par
STRC, the company’s monthly dividend-paying, floating-rate preferred stock, is designed to trade close to its $100 par value and currently offers an annual yield of 11.5%. Earlier this year, it was Strategy’s main funding source for Bitcoin purchases. However, it has failed to return to par value since mid-May and has not been used to fund Bitcoin purchases over the past month.
Strive CEO Matt Cole described last Thursday, when STRC fell to a record low of $82.53, as “the hardest day in digital credit history.” SATA also dropped as low as $92.88 on the same day. STRC closed the session at $88.59, while SATA ended at $97.71. U.S. markets were closed on Friday due to the Juneteenth holiday.
Cash Reserve Keeps Growing
Strategy’s dollar reserve is also growing. As of June 21, the reserve balance had risen to $1.4 billion, up from $1.1 billion on June 14. The figure also includes expected cash from shares sold under the ATM program but not yet settled.
A small 32 BTC sale last week was criticized by some observers as a move that “spooked” the market. Benchmark and TD Cowen analysts disagreed with that view. Benchmark analyst Mark Palmer said the collapse scenario overlooked the fact that Strategy would not sell Bitcoin before using the $1 billion in cash it had set aside for dividend payments.
TD Cowen analysts Lance Vitanza and Jonnathan Navarrete also said Strategy’s STRC dividend burden could be covered with current reserves. There is one condition: Bitcoin needs to continue rising at least modestly.
There Are 199 Companies on the List
According to Bitcoin Treasuries data, 199 publicly traded companies have adopted a Bitcoin acquisition model. After Strategy, the top 10 includes Tether-backed Twenty One, Metaplanet, MARA, Adam Back, Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, SpaceX, Coinbase and Riot Platforms. They hold 43,514 BTC, 40,177 BTC, 36,303 BTC, 30,021 BTC, 24,300 BTC, 19,105 BTC, 18,712 BTC, 16,492 BTC and 15,680 BTC, respectively.
Shares of these companies have fallen sharply from their summer 2025 highs. Market value-to-net asset value ratios, or mNAVs, have also dropped significantly. MSTR is down roughly 75% from its peak. According to Bitcoin Treasuries, its mNAV stands at 0.81, while Strategy’s own calculation, which includes debt and preferred shares, puts the figure at 1.12.
Strategy shares lost 5.8% last week and closed Friday at $112.53. The stock is down 27.2% since the start of the year. Over the same period, Bitcoin has declined by around 4%.
