Strategy Expands Bitcoin Treasury by 1,587 BTC in $100M Purchase, Total Reaches 846.8K
Michael Saylor's Strategy purchased 1,587 Bitcoin worth $100 million during the past week, increasing total reserves to 846,842 BTC following a $209 million capital raise via MSTR equity offerings.
Strategy, led by Michael Saylor and recognized as the largest publicly-traded corporate Bitcoin holder globally, expanded its digital asset portfolio last week even as Bitcoin prices remained beneath the firm's approximately $75,700 average acquisition cost.
The company purchased 1,587 Bitcoin (BTC) valued at $100 million during the timeframe spanning June 8 through Sunday, as disclosed in an 8-K regulatory filing submitted Monday to the US Securities and Exchange Commission.
These Bitcoin were acquired at a mean price of $63,024 per unit, which resulted in a marginal decrease in the company's aggregate average acquisition cost to $75,656.
Following this most recent transaction, Strategy's Bitcoin treasury stands at 846,842 BTC, purchased for a combined total of $64.07 billion. Based on the prevailing Bitcoin price of approximately $66,216, the company's digital asset holdings carry a market value of roughly $56.1 billion, per CoinGecko data.
MSTR sales behind the purchase
Consistent with the prior week's 1,550 BTC purchase disclosed the previous Monday, Strategy financed this latest Bitcoin acquisition through the disposition of its Class A common stock (MSTR).
The regulatory filing revealed that the company generated approximately $209 million in proceeds by selling 1.73 million MSTR shares throughout the reporting period. Meanwhile, preferred equity instruments, which include STRC, STRF, STRK and STRD, registered zero activity for the week.
Data from STRC.live, a monitoring platform for Strategy's preferred stock offerings, indicates that STRC has traded beneath its $100 par value for four straight weeks as of June 12. The security has held steady in the mid-$96 territory, representing its most extended period below par value since the program's inception.
On Friday, STRC settled at $94.80, reflecting approximately a 1% decline, per TradingView data.
Michael Saylor, who serves as Strategy's executive chairman, telegraphed the forthcoming acquisition through a Sunday post on X, stating, "Still adding dots," a cryptic message that market participants have learned to interpret as signaling imminent Bitcoin purchases by the company.
This acquisition follows approximately two weeks after Strategy revealed the disposal of 32 BTC on June 1, marking its first documented Bitcoin sale in several years. Although the transaction accounted for merely a minuscule percentage of the company's overall position, the sale sparked considerable discussion within the cryptocurrency community, with certain industry commentators raising questions about whether the firm was pivoting away from its established buy-and-hold strategy.
In recent statements, Saylor justified the sale, explaining to Cointelegraph that companies operating Bitcoin treasury operations must preserve the flexibility to liquidate holdings when necessary to back dividend-paying securities.