Strategy Resumes Bitcoin Buys, Spending $101mn After Surprise Sale

The company, formerly known as MicroStrategy, surprised the cryptocurrency market when it sold 32 bitcoins in late May, its first publicly disclosed Bitcoin sale in more than three years, to fund preferred stock dividends.

Bitcoin sank to a low of $59,108 over the weekend, deepening a correction that had taken the token to around $60,000 in early February.

'Never sell' 

While the size of the sale – representing just 0.004% of its 843,706 BTC holdings – was minuscule, the transaction broke a long-standing policy of never selling Bitcoin. Additionally, it came after a fundamental shift in how Strategy funds its Bitcoin purchases.

Over the past 18 months, Strategy has moved away from its original model of issuing common equity at a premium to the value of its Bitcoin holdings. Instead, it has increasingly relied on preferred stock issuance, particularly the STRC series, to finance further accumulation. 

Reserves replenished

The Tysons Corner, Virginia-based firm bought back the sold coins and added to its holdings during a price decline in the dominant token, paying an average of $65,332 per token, according to an 8 Jun Form 8-K regulatory filing. The purchase brings its Bitcoin holdings to 845,256 BTC. Strategy's separate US dollar reserve, designated for preferred dividend and interest payments, recovered to $1bn as of 7 Jun from around $800mn in early June.

The latest Bitcoin purchases were funded by $181mn in net proceeds from the sale of 1,409,600 MSTR common shares during the same period, according to the filing. The reliance on common equity is notable given Strategy's enterprise mNAV, its enterprise value relative to the market value of its Bitcoin holdings, of around 1.23x as of early June. That figure sits only modestly above the threshold at which new MSTR sales add to Strategy's Bitcoin holdings per outstanding share. The company announced a new $21bn MSTR offering on 23 Mar.

In the absence of attractive equity issuance or large-scale Bitcoin sales, Strategy has drawn on its cash reserves, established on 1 Dec 2025, to meet dividend obligations. Before the recent top-up, the reserves declined from a peak of $2.25bn at the start of 2026 to $900mn at the end of May, according to Strategy's regulatory filings, against annual preferred dividend obligations of around $1.7bn across Strategy's preferred securities.

Purchase supports Bitcoin price

Before the official disclosure, Executive Chair Michael Saylor teased the transaction on 7 Jun, posting on X: "A good time to add more dots," along with his customary image of a Bitcoin acquisition bubble chart.

Saylor’s post and the confirmation of the Bitcoin purchases likely helped to boost the token, as it rose 2.1% following his message, sending it to $62,930 at 03:15UTC on 9 Jun, according to CoinMarketCap.