‘Nothing stops this orange’: Strategy buys 245 bitcoin for $26 million as its total holdings reach 592,345 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) acquired an additional 245 BTC for approximately $26 million at an average price of $105,856 per bitcoin between June 16 and June 22, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 592,345 BTC — worth over $60 billion — bought at an average price of $70,681 per bitcoin for a total cost of around $41.9 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. That’s the equivalent of more than 2.8% of bitcoin’s total 21 million supply and implies around $18 billion of paper gains.

The latest acquisitions were made using proceeds from ATM sales of its perpetual Strike preferred stock, STRK, and perpetual Strife preferred stock, STRF. Last week, Strategy sold 166,566 STRK shares for approximately $17.4 million, with $20.6 billion worth of STRK shares remaining available for issuance and sale under that program. It sold 84,354 STRF shares for $8.7 million, with $1.97 billion remaining. No shares of its Class A common stock, MSTR, were sold last week, with $18.6 billion remaining under that ATM program.

Strategy’s STRK and STRF perpetual preferred stock respective $21 billion and $2.1 billion ATM programs are in addition to the firm’s “42/42” plan, which targets a total capital raise of $84 billion in equity offerings and convertible notes for bitcoin acquisitions through 2027 — upsized from its initial $42 billion, “21/21” plan after the equity side was depleted.

Last week, analysts at TD Cowen said Strategy’s latest perpetual Stride preferred stock, STRD, will prove “highly accretive” to MSTR shareholders because it creates a steady, low-cost funding channel for buying more bitcoin — amplifying returns for equity holders if bitcoin keeps rising. STRD offers a fixed 10% non-cumulative annual dividend and is non-convertible. In comparison, STRK is a convertible preferred stock offering a fixed non-cumulative 8% annual dividend, while STRF is non-convertible and offers a 10% fixed cumulative annual dividend. Essentially, STRF offers the most conservative investment option among the preferreds with cumulative dividends, STRK balances risk with conversion upside, and STRD carries the highest risk but offers the most accretion potential for MSTR shareholders.

‘Nothing stops this orange’

Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy’s bitcoin portfolio tracker on Sunday, stating, “Nothing Stops This Orange” — a play on analyst Lyn Alden’s famous “nothing stops this train” meme, which refers to the inevitability of currency debasement to manage sovereign debt burdens.

Strategy portfolio tracker. Image: Saylortracker.com.

Strategy previously acquired an additional 10,100 BTC for approximately $1.05 billion at an average price of $104,080 per bitcoin between June 9 and June 15 — taking its total holdings to 592,100 BTC. The pace of Strategy’s bitcoin buys has generally been slowing in recent weeks as it switched focus from its common stock ATM program to its perpetual preferred stocks for funding bitcoin acquisitions. However, that 10,100 BTC represented a larger purchase following Strategy’s upsized $1 billion STRD initial offering.

There are now over 200 firms that have adopted some form of bitcoin treasury, with Tether-backed Twenty One, Nakamoto, Trump Media, and GameStop, recently joining the likes of Semler Scientific, and KULR in adopting the bitcoin acquisition model pioneered by Saylor and Strategy. Japanese investment firm Metaplanet also announced Monday it had purchased an additional 1,111 BTC, bringing its total holdings to 11,111 BTC.

Strategy’s $101 billion market cap continues to trade at a significant premium to its bitcoin net asset value, with some investors continuing to air reservations about the firm’s premium to NAV valuation and its increasingly numerous bitcoin acquisition programs in general. However, some analysts argue that with Strategy’s relatively low debt levels and no payments due until 2028, the firm’s leverage remains manageable.

MSTR closed up 0.2% on Friday at $369.70, according to The Block’s Strategy price page, in a week that saw bitcoin fall 4.9% amid the ongoing conflict in the Middle East and U.S. strikes on Iran. MSTR is currently down 1.9% in pre-market trading on Monday, per TradingView, but remains 23.2% up year-to-date.

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