Strategy acquires another 10,100 bitcoin for $1.05 billion, bringing total holdings to 592,100 BTC

Bitcoin treasury company Strategy (formerly MicroStrategy) 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, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 592,100 BTC — worth over $63 billion — bought at an average price of $70,666 per bitcoin for a total cost of around $41.8 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. That’s equal to around 2.8% of Bitcoin’s total 21 million supply and implies around $21 billion of paper gains.

The latest acquisitions were partly made using proceeds from at-the-market sales of its perpetual Strike preferred stock, STRK, and perpetual Strife preferred stock, STRF. Last week, Strategy sold 452,487 STRK shares for approximately $45.2 million, with $20.57 billion worth of STRK shares remaining available for issuance and sale under that program. It also sold 286,101 STRF shares for $28.6 million, with $1.98 billion remaining. No shares of its Class A common stock, MSTR, were sold last week, with $18.63 billion remaining under that ATM program.

The purchases were mainly funded by Strategy’s upsized $1 billion initial public offering for its new perpetual Stride preferred stock. STRD offers a fixed 10% non-cumulative annual dividend and is non-convertible. In comparison, STRK is a convertible preferred stock offering a fixed 8% annual dividend, while STRF is non-convertible and offers a 10% fixed cumulative annual dividend.

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.

Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy’s bitcoin purchase tracker on Sunday, stating, “Bigger Dots are ₿etter.”

Strategy portfolio tracker. Image: Saylortracker.com.

Strategy previously acquired an additional 1,045 BTC for approximately $110.2 million at an average price of $105,426 per bitcoin between June 2 and June 8 — taking its total holdings to 582,000 BTC. The pace of Strategy’s bitcoin buys had been slowing in recent weeks as it switched focus from its common stock ATM program to its perpetual preferred stocks for funding bitcoin acquisitions, though this latest set of acquisitions represents a significant increase.

Corporate bitcoin concentration fears mount

There are now 228 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 1,112 BTC, bringing its total holdings to 10,000 BTC.

Strategy’s $104.7 billion market cap trades 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. 

Last week, analysts at the regulated digital asset bank Sygnum argued that the rising holdings of Strategy and other corporate bitcoin accumulators risk making bitcoin “inappropriate” for central bank reserves, thereby undermining its safe-haven properties. Coinbase Institutional’s Global Head of Research, David Duong, also warned that leveraged corporate crypto buying may eventually pose “systemic risks,” although he said that the pressure appears limited in the short term.

Saylor, on the other hand, remains confident in Strategy’s resilience. In a recent interview with the Financial Times, he said Strategy’s capital structure is designed to withstand a 90% drop in bitcoin that persists for four to five years, thanks to its mix of equity, convertible debt, and preferred instruments — though he acknowledged that shareholders would still “suffer” in such a scenario. Analysts at Bernstein also argue that with Strategy’s relatively low debt levels and no payments due until 2028, the firm’s leverage remains manageable.

MSTR closed up 0.8% on Friday at $382.87, according to The Block’s Strategy price page, in a week that saw bitcoin ultimately trade relatively flat despite volatility surrounding growing Israel-Iran geopolitical tensions. MSTR is currently up 1.6% in pre-market trading on Monday, per TradingView, and 27.6% year-to-date.

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