Strategy Returns to Bitcoin Buying With $101M Purchase After Market Jitters

Strategy has stepped back into the bitcoin market, acquiring 1,550 BTC for roughly $101 million in its first purchase since a small divestment last month raised concerns among shareholders and analysts.

The company disclosed the acquisition in a filing with the U.S. Securities and Exchange Commission. Executive Chairman Michael Saylor said the company's total bitcoin reserve has reached 845,256 BTC. Those holdings were accumulated for just under $64 billion at an average cost of about $75,680 per coin.

The latest purchase was made at an average price of about $65,332 per bitcoin. Because that figure remains below the company's overall average acquisition cost, the broader bitcoin position still reflects a significant unrealized loss based on current market prices.

Financed Through Equity Sales

Strategy funded the purchase through its at-the-market stock program. During the previous week, the company sold approximately 1.41 million MSTR shares and raised about $181 million. Part of the proceeds went toward the bitcoin purchase, while the remainder increased cash reserves to roughly $1 billion, a level analysts viewed as important for reassuring institutional investors.

Recovery After a Rare Bitcoin Sale

The renewed buying follows an unusual episode earlier this month. Strategy disclosed that it had sold 32 BTC between May 26 and May 31 for about $2.5 million to help fund a dividend payment tied to its STRC preferred stock.

Although the sale represented only a tiny fraction of the company's holdings, it drew outsized attention because Strategy had not reported a bitcoin sale since 2022. The disclosure coincided with a sharp market decline that briefly pushed bitcoin from the low-$70,000 range down near $59,000 before it later recovered above $63,000.

Analysts at JPMorgan Chase described the transaction as largely symbolic but noted that it unsettled markets. They also pointed to concerns about the company's financial flexibility after it moved to retire a portion of its convertible debt.

Funding Strategy Evolves

In recent months, Strategy had increasingly relied on its STRC preferred stock to support bitcoin purchases. That security offers a variable, cumulative yield but has traded below its $100 par value since mid-May, limiting its effectiveness as a financing tool. The latest acquisition therefore relied primarily on common-equity issuance instead.

The company still has substantial capacity remaining under its equity programs, with tens of billions of dollars in authorized MSTR and preferred-stock issuance available for future financing.

Still the Largest Corporate Holder

Strategy's bitcoin treasury remains by far the largest among public companies, representing more than 4% of bitcoin's fixed 21 million supply. Other corporate holders continue to expand their positions as well, though none approach Strategy's scale.