Shares of Strategy (MSTR), formerly MicroStrategy, rose approximately 5.4% on Monday after the company disclosed it had resumed buying Bitcoin, reversing course just one week after its first cryptocurrency sale since 2022. The move provided a lift to both the stock and the broader crypto market, which had been struggling to regain momentum.
According to a filing with the U.S. Securities and Exchange Commission, Strategy purchased 1,550 Bitcoin between June 1 and June 7 for roughly $101.3 million, at an average price of $65,332 per token. The acquisition was funded through at-the-market sales of the company's Class A common stock, with approximately 1.41 million shares sold for about $181 million last week. Strategy still has nearly $26 billion available under the program.
The latest purchase comes after Strategy surprised investors by selling 32 Bitcoin between May 26 and May 31, generating about $2.5 million at an average net price of $77,135 per token. The proceeds were earmarked for dividend payments on its STRC preferred stock. Executive Chairman Michael Saylor hinted at the renewed accumulation over the weekend, posting the company's familiar Bitcoin tracker chart on social media with the message: "A good time to add more dots."
Strategy now holds a total of 845,256 Bitcoin, acquired for roughly $64 billion including fees and expenses. Based on current market prices, those holdings are valued at approximately $53.5 billion. The company remains the largest corporate holder of Bitcoin by a significant margin, controlling more than 4% of the cryptocurrency's maximum 21 million token supply.
Other crypto-related stocks also moved higher on Monday. Coinbase Global gained 5.7%, Robinhood Markets rose 2.7%, and stablecoin issuer Circle Internet Group added 2.5%. Bitcoin itself recovered after falling below the $60,000 level last week, rising roughly 3% over the past 24 hours to trade around $63,700. Ethereum and Solana also posted gains of more than 3%.
Analysts have been closely watching Strategy's moves. Thomas Perfumo, chief economist at crypto platform Kraken, described the company as the "single most influential entity in the market." JPMorgan analysts said the recent sale of 32 Bitcoin "spooked" markets even if it was "symbolic and voluntary," adding that Strategy may need to rebuild its dollar reserves to reassure investors. Grayscale Head of Research Zach Pandl noted that Strategy's ability to continue accumulating Bitcoin depends partly on the performance of its equity and preferred stock offerings, suggesting that "other buyers will need to step in for bitcoin's price to establish a sustainable bottom." Bernstein analysts struck a more optimistic tone, arguing that Strategy's dividend obligations remain well supported, noting that "MSTR has raised over a billion dollars in a week several times and equity liquidity remains strong."
Despite Monday's rebound, broader sentiment toward Bitcoin remains cautious. Recent outflows from spot Bitcoin exchange-traded funds have reflected weakening investor demand after the cryptocurrency struggled to sustain gains earlier this year. Analysts at Ned Davis Research said the withdrawals suggest Bitcoin has struggled to establish support, even as investors continue to seek exposure to risk assets elsewhere. "It is not as if the market has abandoned risk-on," analysts Pat Tschosik and Philippe Mouls wrote. "It has just abandoned Bitcoin as a preferred risk-on asset."
According to Bitcoin Treasuries data, 198 public companies have now adopted some form of Bitcoin acquisition strategy. For more on related market moves, see MSTR Stock Rises 16% as Bitcoin Rally Pushes Holdings $1.8B Into Profit and Sterling Rises to Three-Week High as US-Iran Ceasefire Eases Oil, Inflation Pressures.
This article is for informational purposes only and does not constitute financial advice.
