Saylor's Strategy: 520 BTC In, $300M Cash Stash Stacked, STRC Still Below Par

Michael Saylor's Strategy purchased 520 Bitcoin for $34.9 million between June 15 and Sunday, according to a Monday 8-K filing with the US Securities and Exchange Commission. The company announced the acquisition on X, confirming the $BTC purchase was made at an average price of $67,068 per coin, lifting Strategy's total holdings to 847,363 BTC. Strategy's cumulative Bitcoin purchases now stand at $64.1 billion, with an average acquisition cost of $75,651 per Bitcoin.

The acquisition was funded through proceeds from the company's at-the-market (ATM) equity program, which raised $335.5 million during the reporting period. Of that total, $34.9 million was directed to the Bitcoin purchase while $300 million was allocated to Strategy's US dollar reserve, bringing the reserve to $1.4 billion. According to the 8-K filing, the figure includes expected cash proceeds from ATM share sales that had not yet settled. "Strategy plans to continue replenishing the USD Reserve over time based on market conditions to support the credit quality of its Digital Credit securities," the company stated in the filing.

Strategy's financing activity comes as its perpetual preferred stock, STRC, designed to trade near $100, slipped below $90 last week. At Thursday's close, MSTR dropped 3.46% to $112.53, and STRC slipped 0.46% to $88.59, according to Yahoo Finance data, ahead of Friday's market holiday. STRC traded at $90.59 during Monday's premarket session.

Industry observers have pointed to structural features intended to stabilize the preferred stock. Bitcoin advocate Samson Mow said on X on Monday that STRC has a "self-repairing mechanism" that activates when the security trades below its $100 reference level. He noted that when the price falls below that level, the company stops issuing new shares through its ATM program, limiting new supply, and that lower prices effectively increase the yield for buyers relative to their purchase price, which can encourage demand and help push the price back toward $100. Mow described the structure as relying on market incentives rather than active intervention from Strategy to maintain stability.

Strategy remains the largest corporate holder of Bitcoin and one of the market's most active buyers, with its funding model closely watched as a template for a growing number of Bitcoin treasury companies.