Strategy’s Bitcoin Machine Keeps Running As Treasury Nears 850K BTC

Michael Saylor’s Strategy expanded its Bitcoin (btc) holdings with another 520 BTC purchase worth nearly $35 million, while also increasing its cash reserves as questions persist around the company's preferred stock performance.

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Strategy Holdings

Strategy disclosed in a filing with the U.S. Securities and Exchange Commission that it purchased 520 BTC between June 15 and June 21 for approximately $34.9 million, paying an average price of $67,068 per coin.

The acquisition lifted the company's total holdings to 847,363 BTC. According to co-founder and executive chairman Michael Saylor, the firm has spent roughly $64.1 billion, including fees and expenses, to build its Bitcoin position at an average purchase price of $75,651 per BTC.

At current market prices, those holdings are valued at about $54.8 billion. The stash represents more than 4% of Bitcoin’s maximum supply of 21 million coins and currently reflects roughly $9.3 billion in unrealized losses.

The latest purchase was funded through at-the-market sales of Strategy's Class A common stock, MSTR. During the past week, the company sold 2.71 million shares and raised approximately $335.5 million. Strategy said it still has $25.4 billion available under the MSTR issuance program.

The company recently expanded its fundraising capacity by adding up to $21 billion of new MSTR issuance authority, alongside another $21 billion tied to STRC preferred stock and $2.1 billion through STRK preferred shares.

Saylor hinted at the latest acquisition a day before the announcement when he shared an updated Bitcoin tracker chart on social media with the caption, "Looks better with more dots."

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STRC Challenges

While STRC previously served as a major source of funding for Bitcoin purchases, the preferred stock has traded below its $100 par value since mid-May. As a result, Strategy has not relied on the instrument for additional Bitcoin accumulation during the past month.

The company simultaneously increased its U.S. dollar reserve position. Strategy reported a reserve balance of $1.4 billion as of June 21, compared with $1.1 billion a week earlier, including expected proceeds from stock sales that had not yet settled.

Recent market pressure has fueled concerns about the sustainability of Strategy's financing model. STRC fell to a record low of $82.53 last week before recovering, while Strategy shares declined 5.8% during the week and remain down more than 27% since the start of the year.

Several Wall Street analysts have challenged claims that Strategy could eventually be forced to liquidate Bitcoin holdings. Benchmark analyst Mark Palmer said the company would first need to exhaust its sizable cash reserve before considering asset sales to meet dividend obligations. Analysts at TD Cowen also argued that the company's reserve position should allow it to manage STRC-related payments, provided Bitcoin continues to appreciate over time.

Strategy remains the largest corporate Bitcoin holder by a wide margin. According to Bitcoin Treasuries data, nearly 200 public companies now hold Bitcoin on their balance sheets, reflecting a trend that accelerated after Strategy popularized the treasury model. The broader sector, however, has seen valuations contract sharply since the highs of 2025 as investor enthusiasm cooled and market premiums narrowed.

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