TL;DR
- Fresh Purchase: Strategy acquired 520 BTC for $34.9 million at a $67,068 average price, funded by $335.5 million in new MSTR stock sales.
- Balance Sheet Moves: The firm lifted its cash reserves to $1.4 billion while expanding its ATM programs for MSTR, STRC, and STRK to support ongoing liquidity and dividend obligations.
- Market Pressure: Strategy’s STRC preferred stock hit record lows, but analysts argued fears of forced Bitcoin sales are exaggerated, given the company’s reserves, even as MSTR remains down 27.2% year-to-date.
Strategy added another 520 BTC to its treasury last week, using proceeds from a fresh round of common stock sales to continue its long-running accumulation effort. The company raised $335.5 million through the sale of roughly 2.7 million MSTR shares, allocating about $35 million of that total toward Bitcoin purchases at an average price of $67,068. The remaining $300 million was added to its cash position, lifting reserves to $1.4 billion and reinforcing liquidity as volatility around its preferred stock intensified.
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. $MSTR $STRC…
— Michael Saylor (@saylor) June 22, 2026
Stock Sales Fuel Latest Bitcoin Addition
The latest purchase brings Strategy’s total holdings to 847,363 BTC, acquired for approximately $64.01 billion at an average cost of $75,651 per coin. The company confirmed the acquisition in an 8-K filing, noting that the buy occurred between June 15 and June 21. Strategy also disclosed that $25.4 billion worth of MSTR remains available for issuance under its at-the-market program, which was recently expanded to include up to an additional $21 billion of MSTR, $21 billion of STRC preferred stock, and $2.1 billion of STRK preferred stock.
STRC, once the primary engine behind Strategy’s Bitcoin accumulation, has struggled to regain its $100 par value. The preferred stock fell to a record low of $82.53 last week before recovering to $88.59 ahead of the Juneteenth holiday. Market unease around STRC’s stability has grown, though analysts from Benchmark and TD Cowen argued that fears of forced Bitcoin sales are overstated given Strategy’s sizable cash reserves.
Market Reaction and Broader Context
Despite the turbulence, Strategy’s common stock rose 3.5% Monday morning as Bitcoin rebounded to just under $65,000. Still, MSTR remains down 27.2% year-to-date and fell 5.8% last week. Bitcoin itself slipped about 4% over the same period. Strategy’s holdings now represent more than 4% of Bitcoin’s capped supply, implying roughly $9.3 billion in unrealized losses at current prices. Even so, the company continues to lean on its equity issuance strategy to expand reserves and maintain dividend commitments tied to STRC.
