Strategy Spends Another $100 Million to Acquire 1,587 Bitcoin
Claire Weston
Strategy bought 1,587 more bitcoin last week for roughly $100 million, pushing its total stash past 4% of Bitcoin's fixed supply — yet at current prices, the entire position is underwater by about $8.1 billion.
How much did Strategy buy this time?
Between June 8 and 14, Strategy added 1,587 bitcoin at an average price of $63,024 per coin, spending roughly $100 million.
The company now holds 846,842 bitcoin in total, acquired for about $64.1 billion at an average cost of $75,656 per coin.
This means → the average cost sits well above market price, leaving an $8.1 billion paper loss. Strategy is still buying into the dip.
Where is the money coming from?
Funding came from selling 1.73 million shares of its Class A common stock MSTR on the open market, raising roughly $209 million.
As of June 14, $25.75 billion in MSTR remains available for future issuance under the program.
Strategy also recently expanded its shelf offerings: up to $21 billion in new MSTR, $21 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock.
In plain terms = the playbook is: issue new equity for cash, use the cash to buy bitcoin. The ammunition is far from exhausted.
What is going wrong with STRC preferred stock?
STRC is a floating-rate preferred stock — a special share that pays monthly dividends and is designed to trade near its $100 par value. Its annualized yield is currently 11.5%.
The problem: STRC has not traded back to par since mid-May and has not been used to fund bitcoin purchases for the past month.
Shareholders just approved switching STRC dividends from monthly to twice a month. CEO Phong Le said the change aims to "stabilize pricing and boost liquidity."
This means → one of Strategy's key funding pipelines is clogged, and the company is trying to lure investors back with more frequent payouts.
Does Strategy have enough cash to cover dividends?
As of June 14, Strategy's dollar reserves stood at $1.1 billion, up from $1.0 billion a week earlier.
JPMorgan analysts noted last week that Strategy's sale of 32 bitcoin had "spooked" the market — at the time, reserves covered only about 6.3 months of dividend payments.
This reflects a core tension: a company that promised never to sell bitcoin undermines its own investment narrative the moment it sells coins to pay bills.
Can this model last over the long run?
Sygnum Bank analysts say selling small amounts of bitcoin to cover dividends is not an existential threat — the company can always do it.
The real risk is the premium: Strategy's stock trades above the value of its bitcoin holdings only because of the "never sell" narrative.
In plain terms = if a company built on hoarding bitcoin starts liquidating coins to meet obligations, it is no longer the asset many investors originally bought.
Sygnum added: over the long term, whether these returns hold up depends on bitcoin's own performance — something no issuer can control.
Content is for reference only, not financial advice.