Strategy expands bitcoin holdings and cash reserve after latest $35 million purchase

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Strategy boosts bitcoin holdings

Highlights

Strategy acquires additional bitcoin using $335.5 million from at-the-market sales of 2,714,839 MSTR shares, raising its holdings to more than 4% of bitcoin's 21 million supply cap.
Aggregate bitcoin acquisition cost reaches $64.1 billion at an average price of $75,651 per coin, resulting in $9.3 billion in paper losses based on current valuations.
Strategy expands its cash reserve to $1.4 billion as of June 21, even as MSTR shares fall 5.8% last week to $112.53, down 27.2% year-to-date.

Filing details latest purchase and funding

As reported by the Securities and Exchange Commission filing, the latest bitcoin purchase is funded through at-the-market sales of Strategy's Class A common stock, MSTR. The company says it sells 2,714,839 MSTR shares for about $335.5 million last week, and as of June 21, another $25.4 billion of MSTR remains available for issuance and sale under that program.

Strategy says its total bitcoin holdings are acquired at an average purchase price of $75,651 per coin, for an aggregate cost of about $64.1 billion including fees and expenses. Based on current valuations cited in the filing and by Executive Chairman Michael Saylor, the position carries roughly $9.3 billion in paper losses, even as it represents more than 4% of bitcoin's 21 million supply cap.

The company also extends its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of STRC preferred stock and $2.1 billion of STRK preferred stock. Strategy separately confirms that its U.S. dollar reserve balance stands at $1.4 billion as of June 21, up from $1.1 billion a week earlier, including expected cash proceeds from share sales that have not yet settled.

Market pressure and broader treasury trend

Recent criticism of Strategy centers on concerns that weakness in MSTR and STRC could eventually force bitcoin sales, especially after the company's small 32 BTC sale. Benchmark analyst Mark Palmer rejects that view, saying the so-called death-spiral narrative ignores the company's cash reserve, which he says would be used for dividend payments before any meaningful bitcoin liquidation becomes necessary.

TD Cowen analysts Lance Vitanza and Jonnathan Navarrete also say the burden of paying STRC dividends should remain manageable given Strategy's reserves, though they add that bitcoin still needs to appreciate at least modestly for the model to work as planned. Their comments come as listed bitcoin treasury companies face weaker market valuations after summer 2025 peaks.

Data from Bitcoin Treasuries shows 199 public companies now use some form of bitcoin acquisition model. Even so, many of those stocks trade well below earlier highs as market cap-to-net asset value ratios contract sharply, while Strategy's own shares fall 5.8% last week to $112.53 by Friday's close and remain down 27.2% year-to-date, as bitcoin drops about 4% over the same period.

Our earlier article on the widening partisan split in U.S. crypto adoption highlighted polling showing Republicans are now more likely than Democrats to hold, trade, or use cryptocurrencies. It also outlined how policy preferences such as deregulation and shifting political messaging have helped shape that gap, influencing sentiment around digital assets like bitcoin.

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