Strategy is back on the buying side. The firm purchased 1,550 bitcoin for roughly $101 million, its first acquisition since selling 32 BTC in late May, according to an SEC 8-K filing Monday morning. Executive Chairman Michael Saylor confirmed the deal on social media. The purchase price — an average of $65,332 per coin — sits about $10,000 below Strategy's overall cost basis of $75,680, meaning the company is now buying at a discount of roughly 13% to its own average entry.
A discounted buy
The 1,550 BTC were acquired at $65,332 apiece. That's well below the firm's aggregate cost of $75,680, a gap that implies a paper loss of roughly $10.5 billion on its total holdings of 845,256 BTC. Still, Strategy remains the largest corporate bitcoin holder by a wide margin, controlling more than 4% of the 21 million supply cap. The purchase was financed through at-the-market sales of Class A common stock: Strategy sold 1,409,600 MSTR shares last week, raising about $181 million. A portion funded the bitcoin buy; the rest pushed cash reserves from $900 million to $1 billion.
The sale that rattled Bitcoin
Just a week earlier, Strategy disclosed it had sold 32 BTC between May 26 and May 31 for roughly $2.5 million — its first bitcoin sale since late 2022. The proceeds were earmarked for a dividend payment on STRC preferred stock. That disclosure spooked the market. Bitcoin dropped from near $73,700 to around $59,300 before recovering above $63,000. JPMorgan analysts called the sale “symbolic and voluntary” but said it “spooked” markets, noting concerns about Strategy's financial cushion after retiring $1.5 billion face value of zero-coupon 2029 convertible notes. After that retirement, dollar reserves covered only about 6.3 months of preferred dividend payments. STRC preferred stock, paying 11.5% annualized, hasn't traded near its $100 par value since mid-May, limiting its use as a funding mechanism for the past three weeks.
Plenty of room to buy more
As of June 7, roughly $25.96 billion worth of MSTR shares remain available under Strategy's ATM equity program. Extended programs allow up to $21 billion in additional MSTR shares, $21 billion in STRC preferred stock, and $2.1 billion in other securities. That's a lot of firepower — and the company just showed it's willing to use it after a brief pause.
Strive matched the sell-off
In a bit of symmetry, bitcoin treasury firm Strive purchased the same 32 BTC that Strategy sold, bringing its total to 19,032 BTC valued at roughly $1.15 billion. According to Bitcoin Treasuries data, 198 public companies now run some form of bitcoin acquisition model. The top corporate holders after Strategy include Twenty One (43,514 BTC), Metaplanet (40,177 BTC), MARA (35,303 BTC), Bitcoin Standard Treasury Company (30,021 BTC), and Bullish (24,300 BTC).
The ATM program remains open. With $1 billion in cash and a market-ready stock issuance mechanism, Strategy can keep buying — assuming the preferred dividend math holds and the market doesn't flinch again at a sale.
