Strategy bought 520 bitcoin for roughly $35 million this week, the company’s third consecutive weekly purchase. The acquisition, announced Monday by founder Michael Saylor, brings the firm’s total hoard to 847,363 BTC — worth about $10 billion less than what Strategy paid for it.
The third straight week of buying
This isn’t a one-off. Strategy has now added bitcoin every week since early June. Monday’s transaction pushes the company’s weekly run rate past $35 million, a pace that started after the firm sold a convertible note offering in late May. Saylor posted the purchase details on X, as he typically does, with the exact number of coins and the average price.
The buying comes even as bitcoin trades well below Strategy’s average acquisition cost. At current prices, the company’s cumulative unrealized loss sits close to $10 billion. That’s a staggering number for any corporate treasury, but the firm has shown no sign of slowing down.
A $10 billion hole
Strategy’s bitcoin position is now deep in the red. The company spent roughly $25.3 billion to accumulate its 847,363 BTC, including fees. At Monday’s market price, that stash is worth around $15.3 billion — a paper loss of $10 billion. The gap has widened over the past month as the broader crypto market struggled to hold support above $60,000.
Still, Saylor has long argued that volatility is irrelevant on a multi-decade horizon. He’s said the firm will never sell its bitcoin, treating it as a core reserve asset. So far, the board seems to agree. No insider sales or debt margin calls have surfaced, and the company continues to raise capital specifically for more purchases.
What’s next
The next big date to watch is Strategy’s quarterly earnings call, expected in early August. Investors will want to hear whether the company plans to slow its buying or if it’s willing to keep piling in while the position remains underwater. Saylor hasn’t signaled any change in strategy, and the weekly purchases suggest he sees the current price as a discount.
One unresolved question: how much more debt can Strategy issue before its lenders push back? The company has used convertible notes to fund most of its bitcoin buys, and those notes come due in the coming years. If bitcoin stays depressed, the math gets tighter. For now, though, the buying continues.
