Saylor's strategy: 520 BTC, $300M cash cushion, and a stock sale saga to keep STRC from sweating 💼

Michael Saylor's Strategy disclosed on Monday that it acquired 520 BTC for approximately $34.9 million between June 15 and Sunday, according to a Form 8-K filing with the US Securities and Exchange Commission. The purchase was executed at an average price of $67,068 per BTC, lifting the company's total Bitcoin reserve to 847,363 BTC. Cumulative acquisitions now stand at $64.1 billion, giving Strategy an average cost basis of $75,651 per Bitcoin. The purchase was disclosed via an X post from Saylor on June 22, 2026, referencing tickers $BTC, $MSTR and $STRC.

The company funded the buy and a separate liquidity build through its at-the-market (ATM) Class A common stock program, raising $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, which now stands at $1.4 billion. According to the filing, the figure includes expected cash proceeds from ATM share sales that had not yet settled. Strategy said it "plans to continue replenishing the USD Reserve over time based on market conditions to support the credit quality of its Digital Credit securities."

The move to bolster cash comes as Strategy's perpetual preferred stock, $STRC, designed to trade near a $100 par value, has come under pressure. $STRC fell below $90 last week, touching a record low under $83 on Thursday before recovering to close at $88.59, down 0.46% on the day, according to Yahoo Finance data. The stock traded at $90.59 during Monday's premarket session and was last seen at $90.43. Common stock $MSTR dropped 3.46% to $112.53 at Thursday's close ahead of Friday's market holiday, and was up 3.5% Monday morning as Bitcoin rebounded to just under $65,000.

Samson Mow commented on X on Monday that $STRC has a "self-repairing mechanism" that activates when the security trades below its $100 reference level. He said that when the price falls below that threshold, the company halts new share issuance through its ATM program, limiting supply, while lower prices effectively raise yield for buyers, encouraging demand and pushing the price back toward par. He described the structure as relying on market incentives rather than active intervention from Strategy. Bitcoin advocate Samson Mow framed the mechanism as a built-in stabilizer designed to restore the $100 reference level without direct company action.

Strategy's financing decisions remain a focal point for the market because the firm is the largest corporate holder of Bitcoin and one of the most active buyers, with a funding model that has become a template for a growing number of Bitcoin treasury companies.