Strategy buys extra 1,045 bitcoin for $110.2 million as total holdings reach 582,000 BTC

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

Strategy now holds a total of 582,000 BTC — worth over $62 billion — bought at an average price of $70,086 per bitcoin for a total cost of around $40.8 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor. That's the equivalent of around 2.8% of bitcoin's total 21 million supply and implies around $21 billion of paper gains.

The latest acquisitions were 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 626,639 STRK shares for approximately $66.4 million, with $20.6 billion worth of STRK shares remaining available for issuance and sale under that program. It also sold 432,679 STRF shares for $45.8 million under that program, with $2 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, Strategy announced then later upsized an initial $1 billion offering for yet another perpetual preferred stock — Stride (STRD). STRD offers a fixed 10% non-cumulative annual dividend and is non-convertible, while STRK is a convertible preferred stock offering a fixed 8% annual dividend, and STRF is non-convertible and offers a 10% fixed cumulative annual dividend. 

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, "Send more Orange."

Strategy portfolio tracker. Image: Saylortracker.com.

Strategy previously acquired an additional 705 BTC for approximately $75.1 million at an average price of $106,495 per bitcoin between May 26 and June 1 — taking its total holdings to 580,955 BTC. The pace of Strategy's bitcoin buys has been slowing in recent weeks as it appears to switch focus from its common stock ATM program to its perpetual preferred stocks for funding the bitcoin acquisitions.

Growing corporate bitcoin adoption

There are now 144 companies that have adopted some form of bitcoin treasury, 114 of which are publicly traded, with Tether-backed Twenty One, Nakamoto, Trump Media, GameStop, and K33, recently joining the likes of Metaplanet, Semler Scientific, and KULR in adopting the bitcoin acquisition model pioneered by Saylor and Strategy.

Analysts at Bernstein predict that Strategy and its corporate copycats could add $330 billion to their bitcoin treasuries over the next five years, driven by the more pro-crypto Trump administration in the U.S.

Strategy's $102.4 billion market cap continues to trade at a significant premium to its bitcoin net asset value, with some investors airing reservations about the firm's premium to NAV valuation and its numerous bitcoin acquisition programs. However, 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 1.5% on Friday at $374.47, according to The Block's Strategy price page, amid a week that saw bitcoin ultimately trade flat despite the brief Trump-Musk feud-induced volatility on Thursday. MSTR is currently up 2.3% in pre-market trading on Monday, per , and 25% year-to-date.

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