Strategy has returned to Bitcoin buying, adding 1,550 BTC for approximately $101.3 million after a rare sale last week raised questions about whether the company’s treasury model was shifting.
The company’s June 8 Form 8-K lists the new purchase for the June 1 to June 7 period at an average price of $65,332 per bitcoin, inclusive of fees and expenses. Strategy now holds 845,256 BTC, acquired for about $63.97 billion at an average purchase price of $75,680 per coin.
The purchase comes one week after Strategy sold Bitcoin for the first time since 2022, unloading 32 BTC for roughly $2.5 million at an average price of $77,135. That sale was tiny compared with the company’s total holdings, but it was still symbolically important because Strategy’s public model has been built around long-term BTC accumulation.
The new purchase changes the near-term framing. Strategy did not continue selling into Bitcoin weakness. It bought back a much larger amount than it sold, reinforcing the company’s role as the largest public corporate Bitcoin holder even as BTC trades below Strategy’s average cost.
MSTR Share Sales Fund The Latest Bitcoin Buy
The latest purchase was funded through Strategy’s at-the-market common-stock program. During the June 1 to June 7 period, the company sold 1,409,600 MSTR shares and generated approximately $181.0 million in net proceeds.
Strategy then used $101.3 million of those proceeds to buy 1,550 BTC. The remaining proceeds added flexibility around the company’s broader capital structure, including its U.S. dollar reserve, which reached $1.0 billion as of June 7.
The model depends on market access. Strategy raises capital through common stock, preferred stock and other securities, then uses part of that funding to increase its Bitcoin position while managing obligations tied to its preferred-stock stack. That structure becomes more sensitive when Bitcoin weakens, especially after STRC fell below $92 and investors began testing demand for Strategy’s preferred-stock products.
The question now is whether MSTR shareholders will continue supporting this level of common-share issuance while the company’s mNAV trades so close to 1.0. When Strategy trades at a large premium to its Bitcoin net asset value, issuing shares can be easier to defend because new capital can increase Bitcoin-per-share metrics. When that premium compresses, dilution becomes more sensitive and the market may demand clearer proof that each issuance still improves long-term BTC exposure per share.
Saylor Model Faces Another Market Test
Strategy’s latest purchase lands during a difficult Bitcoin stretch. BTC has been trading near the mid-$60,000 range after falling sharply from prior highs, leaving Strategy’s average acquisition price above the live market price.
This is where Strategy’s capital-engine argument becomes harder to separate from shareholder appetite. Michael Saylor has argued that Strategy can sell some Bitcoin and still buy far more BTC if the broader funding structure keeps expanding the company’s total Bitcoin position over time. The June 8 filing supports that net-accumulation argument, but it also puts common-share dilution back at the center of the debate.
The clearest numbers now are narrow. Strategy sold 1.4 million MSTR shares, raised $181 million, used $101.3 million to buy 1,550 BTC and lifted total holdings to 845,256 BTC. The next test is not only whether Strategy keeps buying Bitcoin. It is whether shareholders keep accepting new equity issuance when the mNAV premium is no longer wide enough to make the trade feel automatic.
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