Bitcoin treasury company Strategy bought another 1,587 BTC between June 8 and June 14 at an average price of $63,024 per coin. The purchase, worth roughly $100 million, was disclosed in the company’s 8-K filing with the SEC and brought Strategy’s total Bitcoin holdings to 846,842 BTC.
At current market prices, that amount is worth around $56 billion. However, Strategy acquired these Bitcoin holdings at an average price of $75,656, for a total cost of $64.1 billion. That means the company is currently sitting on an unrealized loss of about $8.1 billion. Its position now represents more than 4% of Bitcoin’s total supply.
Financing source: Share sales
The latest purchases were funded through the sale of Strategy’s Class A common stock, which trades under the ticker MSTR. Last week, the company sold 1,732,553 MSTR shares for approximately $209 million. Strategy still has $25.75 billion worth of shares available for issuance under the program.
The company also expanded its existing ATM programs. An additional $21 billion in MSTR shares, $21 billion in STRC preferred stock and $2.1 billion in STRK preferred stock are now included under these programs.
Strategy founder Michael Saylor shared a new Bitcoin purchase tracker chart on social media on Sunday, writing, “Still adding dots.” These posts are widely seen as a signal that a fresh Bitcoin purchase announcement may follow on Monday.
STRC was not used this time
STRC preferred shares, which had been one of Strategy’s main financing tools earlier this year, were not used in this latest purchase. The floating-rate preferred stock pays monthly dividends at an annual rate of 11.5%, but it has traded below its $100 par value since mid-May. Strategy has not used this instrument to fund Bitcoin purchases over the past month.
At last week’s annual general meeting, shareholders approved a change that will allow STRC dividend payments to be made every two weeks instead of monthly. CEO Phong Le said the move would support price stability and give investors faster interest rate resets.
Cash reserve replenished
Strategy’s dollar reserve also increased. The balance rose from $1 billion the previous week to $1.1 billion as of June 14. JPMorgan analysts said last week that the company’s earlier sale of 32 BTC had unsettled markets and that the reserve needed to be rebuilt. At the time, the reserve covered only 6.3 months of dividend payments.
Sygnum Bank frames the issue differently. According to its analysts, dividends can be paid under any conditions by selling a small portion of the company’s Bitcoin holdings, so this is not a survival issue. But there is an image problem. “The premium is the only thing that makes Strategy worth more than the Bitcoin it holds. A treasury company selling from its reserves while the underlying asset loses value is not the model most investors originally expected,” Sygnum said in its report. The bank added that in the long run, everything still depends on Bitcoin’s performance.
Sector snapshot
According to Bitcoin Treasuries data, 199 publicly traded companies now follow some form of Bitcoin accumulation strategy. After Strategy, the largest corporate Bitcoin holders are Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 35,303 BTC and Adam Back-led Bitcoin Standard Treasury Company with 30,021 BTC.
Strategy’s stock, however, continues to disappoint investors during this period. MSTR is down about 73% from its summer 2024 highs and has lost 19.8% since the start of the year. It closed at $123.97 on June 14. According to Bitcoin Treasuries calculations, the company’s market value stands at 0.91 times its net asset value. Strategy argues that when debt and preferred shares are taken into account, that ratio is 1.17.
Strive also bought BTC
Institutional bitcoin purchases this week weren't limited to Strategy. Asset management firm Strive also acquired 73 BTC at an average price of $63,646 per coin, bringing its total holdings to 18,712 BTC.
