Strategy bought another 1,550 Bitcoin this week — worth about $101 million at an average price of $65,332 per coin — pushing its total hoard to 845,256 BTC, valued at roughly $52 billion. The purchase, disclosed June 8, came days after the company sold another 32 Bitcoin, then turned around and bought more. CEO Michael Saylor also used the filing to push back against a prominent critic who argues the firm's relentless share issuance is hurting existing holders.
The BTC Yield debate heats up
Bitcoin analyst Matthew Kratter sparked the latest round of scrutiny by arguing that Strategy's shareholders are actually worse off after each capital raise. His point: BTC Yield, the metric Strategy itself promotes, shows that the share count grew faster than the Bitcoin count, diluting per-share Bitcoin exposure. “Shareholders would have been better off if the company just held Bitcoin without issuing more stock,” Kratter said on his podcast earlier this month.
Saylor shot back in the filing. He said BTC Yield measures Bitcoin per share and “does not account for cash or other assets.” The latest transaction, he insisted, added both 1,550 Bitcoin and $100 million in cash — making it genuinely accretive. “The transaction added value,” the filing states. Strategy’s BTC Yield year-to-date sits at 12.8%, with a BTC Gain of 86,328 Bitcoin.
$181 million in share sales — and $15 million from executives
The company disclosed in an 8-K on June 8 that it sold just over 1.4 million MSTR shares, raising roughly $181 million. That’s on top of its cash reserves, which Strategy says are close to $1 billion — enough for another shopping spree if the board gives the green light.
Separately, Strategy executives unloaded about $15 million of their personal MSTR holdings the same week. The filing attributed those sales to tax obligations — standard stuff for insider sales, but the size caught some traders' attention. The timing isn’t great: the company had sold 32 Bitcoin just days before buying back in, a pattern that looks like market timing but is likely just cash management.
Shareholders approve STRC dividends
On June 8, Strategy shareholders voted to approve semi-monthly dividends on the company's preferred stock, STRC. The move locks in a predictable payout schedule for those holders, effectively giving them a bond-like return tied to Bitcoin performance. It also adds another recurring cash cost for a company that funnels nearly all its resources into BTC accumulation.
Strategy now holds more Bitcoin than any public company anywhere. Its $52 billion position is roughly 4% of Bitcoin's total circulating supply. The question left hanging: how much more issuance will it take to get that number to 1 million coins — and whether the share count will keep growing faster than the coin count.
