Strategy Buys Another 705 BTC as Corporate Bitcoin Race Intensifies

03. Jun 2025 Posted by Laurent C. on News

Bitcoin treasury heavyweight Strategy, formerly MicroStrategy, has added another 705 BTC to its vaults in a fresh wave of crypto accumulation.

Between May 26 and June 1, Strategy spent $75.1 million to acquire 705 more bitcoins, paying an average of $106,495 per coin, according to a recent SEC 8-K filing. This brings its total holdings to 580,955 BTC — a stash now valued at over $60 billion.

Michael Saylor, Strategy’s co-founder and executive chairman, confirmed the figures and noted the company’s cumulative acquisition cost stands at roughly $40.7 billion, including fees. With bitcoin’s supply capped at 21 million, Strategy now controls close to 2.8% of all existing BTC — sitting on unrealized gains of about $19.3 billion.

The latest purchase was funded through proceeds from sales of Strategy’s two types of perpetual preferred stock: STRK and STRF. Last week alone, the firm raised over $74 million by selling 353,511 STRK and 374,968 STRF shares. It still has $20.68 billion and $2.05 billion worth of issuance capacity remaining under the respective STRK and STRF at-the-market (ATM) programs. Notably, no shares of MSTR — Strategy’s class A common stock — were sold during this period, leaving $18.63 billion available under that ATM program.

These stock sale programs support Strategy's expanded "42/42" capital strategy — aiming to raise $84 billion by 2027 to acquire more bitcoin. This plan doubles the size of the original "21/21" program, which had exhausted its equity portion. Saylor recently teased further bitcoin activity on social media, posting “Orange is my Preferred Color,” just before the new filing.

Speaking at Bitcoin 2025 in Las Vegas, Saylor dismissed the idea of onchain proof-of-reserves, calling it a security risk, and described bitcoin as “perfected capital” in his keynote. However, analysts at K33 Research suggested Strategy’s pace of bitcoin accumulation has slowed, likely due to a waning premium on MSTR shares compared to the company’s bitcoin holdings. They also pointed to rising competition among corporates adopting similar treasury strategies.

Indeed, Strategy’s pace is easing. In the week prior, the firm acquired 4,020 BTC for $427.1 million — six times the volume of its most recent purchase.

Meanwhile, a growing wave of companies is joining the bitcoin accumulation movement. In just the past week:

  • Trump Media raised over $2.3 billion to fund its BTC treasury.

  • GameStop disclosed its first BTC buy: 4,710 coins worth nearly $500 million.

  • Paris Saint-Germain F.C. confirmed a BTC treasury initiative at Bitcoin 2025.

  • K33 secured $6.2 million to invest in bitcoin.

  • Metaplanet, a Japanese investment firm, added 1,088 BTC ($117.5 million), boosting its holdings to 8,888 BTC.

They follow in the footsteps of Tether-backed Twenty One, Semler Scientific, Nakamoto, and KULR — all replicating Strategy’s playbook. As the corporate bitcoin race accelerates, Strategy remains the clear frontrunner — but the field is catching up fast.