Shares of Strategy (MSTR) climbed more than 8% on Monday after the company revealed its latest Bitcoin acquisition, easing investor concerns about potential forced asset sales. The move also came as Wall Street analysts pushed back against what they called exaggerated fears of a liquidity crisis tied to the firm's aggressive Bitcoin treasury strategy.
According to a filing with the U.S. Securities and Exchange Commission, Strategy purchased an additional 1,587 Bitcoin between June 8 and June 14 for approximately $100 million. Executive Chairman Michael Saylor said the average purchase price was $63,024 per coin. The company now holds 846,842 BTC, acquired at a total cost of roughly $64.1 billion, including fees. That stake represents more than 4% of Bitcoin's maximum supply of 21 million coins.
Despite the continued accumulation, the pace of buying has slowed markedly from the multibillion-dollar acquisitions seen earlier this year. The latest purchase follows a similar-sized buy of 1,550 BTC for $101.3 million the prior week. Both were funded entirely through sales of common stock. Strategy raised about $209 million by selling 1.73 million Class A shares under its at-the-market equity program. No preferred shares—including STRF, STRC, STRK, or STRD—were issued during the week.
The reliance on common stock comes as the company's STRC preferred shares have traded below their $100 par value in recent weeks. Strategy generally issues STRC only when shares trade at or above par, limiting its ability to use that security as a funding source for additional Bitcoin purchases. Still, the company retains substantial financial flexibility. It reported approximately $25.7 billion remaining under its common-stock issuance program and a U.S. dollar reserve of $1.1 billion as of June 14, up from $1 billion a week earlier.
Recent market chatter had centered on whether falling Bitcoin prices could force Strategy to liquidate portions of its holdings to meet obligations tied to its preferred-share programs. Benchmark analyst Mark Palmer dismissed those concerns in a research note on Monday. “The death-spiral story assumes that Strategy is one bad week from selling bitcoins, and it skips several steps to get there,” Palmer wrote. He noted that before any meaningful Bitcoin sale, the company would need to exhaust its $1 billion cash reserve set aside for dividend payments.
Concerns had intensified after Strategy sold 32 BTC between May 26 and May 31 to help fund distributions related to its STRC preferred shares—the first sale of Bitcoin by the company since it began accumulating the cryptocurrency in December 2022. Palmer argued that Strategy's perpetual preferred securities do not create immediate liquidity pressure. “The company would have to move through a long sequence of failures before its bitcoin reserve, currently valued at almost $55 billion, would even enter the conversation,” he added.
The broader market backdrop remains mixed. While Strategy's stock rallied, other tech and crypto-related names faced headwinds. For context, the Dow plunged 394 points amid a chip rout, and AI-related stocks like IREN, CoreWeave, and Nebius tumbled on competition and debt fears. Meanwhile, gold slipped below $4,040 as an oil rally revived rate hike fears.
Strategy remains the largest corporate holder of Bitcoin, and its ongoing accumulation—even at a slower pace—signals continued conviction in the cryptocurrency as a treasury asset. The company's ability to tap equity markets and maintain a sizable cash buffer suggests it has multiple levers to manage liquidity without resorting to Bitcoin sales, a key point that analysts say investors should keep in mind.
This article is for informational purposes only and does not constitute financial advice.
