Bitcoin Magazine

Michael Saylor’s Strategy (MSTR) Buys 520 Bitcoin, Raises USD Reserve to $1.4 Billion

Strategy Inc. disclosed Monday it acquired 520 bitcoin for approximately $35 million in its third straight weekly purchase, bringing total holdings to 847,363 BTC while expanding its cash war chest to support growing obligations tied to its preferred stock program.

Executive Chairman Michael Saylor announced the transaction on X Monday morning, noting that the company also increased its USD Reserve by $335 million to $1.4 billion. The company sold roughly 2.7 million shares of MSTR, according to a Monday morning filing, raising that $335.5 million.

The reserve, first established in December 2025, exists to fund dividend payments on Strategy’s preferred equity securities and interest on its debt — a financial cushion the company has built as its capital structure grows more complex.

The purchase was smaller than the prior two weeks. Strategy acquired 1,550 BTC for $101 million in the week ending June 7, then 1,587 BTC for $100 million in the week ending June 14. The 520-coin tranche at an average price of $67,068 per coin represents a step back in volume, though Saylor gave no indication it marks a change in posture.

He telegraphed the buy a day early, as has become his habit. On Sunday, he posted to X: “Looks better with more dots.” Followers of Strategy’s weekly announcement cycle have come to treat the phrase as a near-certain preview of a Monday purchase disclosure.

Saylor also used the weekend to address tensions inside the Bitcoin community. “Bitcoiners agree on the 99% that matters,” he wrote on X Sunday. “We shouldn’t let the 1% divide us while nearly all global capital has yet to enter Bitcoin’s monetary network. The opportunity is bigger than the argument.”

Strategy’s bitcoin position

Strategy sits on a BTC position that, at current prices near $64,200 per coin, carries a market value around $54 billion. The company’s aggregate cost basis across all purchases exceeds $64 billion, leaving it roughly $9.8 billion underwater at current prices. That gap has done nothing to slow the accumulation of cadence. 

Saylor has defended this posture in public forums for years, framing it as a long-duration bet on bitcoin’s trajectory rather than a trade with a near-term exit.

Strategy’s stack now includes multiple layers. Strategy raises capital through at-the-market sales of its Class A common stock, its Variable Rate Series A Perpetual Stretch Preferred Stock (STRC), and other preferred instruments carrying fixed dividend requirements. 

In May, the company repurchased $1.5 billion in convertible notes at an 8% discount to par, cutting its convertible debt load from $8.2 billion to $6.7 billion. It funded that move through a combination of cash reserves, a $2 billion STRC issuance, and $84 million in common stock sales.

The $300 million reserve expansion announced Monday reflects the growing cost of maintaining that structure. Strategy’s year-to-date BTC Yield — its internal metric tracking bitcoin per share accretion — stands at 11.8% as of the latest filing, down from 13.3% reported in late May.

Strategy has now purchased bitcoin in each of the last three weeks after a brief period in late May that included the company’s first disclosed BTC sale since 2022 — 32 coins for $2.5 million, used to fund a preferred dividend. CEO Phong Le called that sale a deliberate test of operational flexibility, not a retreat from the core strategy.

The firm currently holds more bitcoin than any other public company on earth, a position it has built over six years through one of the most concentrated institutional bets on a single asset in corporate history.

Fellow Bitcoin treasury firm Strive acquired 759 BTC last week, surpassing Strategy’s 520 BTC purchase — a somewhat rare instance in which the smaller company accumulated more bitcoin than the world’s largest corporate holder.

Source: BitcoinMagazine