In a striking reaffirmation of its deep-seated bitcoin strategy, software intelligence firm MicroStrategy—now branded simply as Strategy—announced on June 16 that it had purchased an additional 10,100 BTC, bringing its total holdings to a staggering 592,100 bitcoins. The acquisition, executed between June 9 and June 15, cost approximately $1.051 billion, averaging $104,080 per BTC. As disclosed in the company’s recent SEC filing, the purchase was funded through preferred stock offerings, reinforcing Strategy’s signature blend of innovative financing and unwavering bitcoin conviction.
Strategic Funding: Preferred Stocks Power This Move
Instead of using cash reserves, Strategy funds the acquisition using three capital raising strategies:
- STRK ATMs: sold 452,487 shares and had proceeds of $45.2 million face value (~$48.4 million net).
- STRF ATMs: sold 286,101 shares with net proceeds of $28.6 million (~$30.0 million net).
- STRD public offering: On June 10, sold 11.76 million shares of 10% Series A Stride Preferred, raising $979.7 million net.
Together, these instruments generated $1.05 billion, fully financing the latest bitcoin acquisition.
A Growing Bitcoin Treasury: What the Numbers Reveal
The SEC filing reveals more than bitcoin size; it provides clarity on total assets and pricing:
- 10,100 BTC bought for $1.051 billion (~$104,080 each).
- Holdings now stand at 592,100 BTC, purchased at an aggregate cost of $41.84 billion, averaging $70,666 per coin.
These numbers position Strategy as the largest institutional bitcoin holder, nearing the stash of top exchanges—and with only about 20,000 BTC separating it from the likes of Binance.
Shareholder Reaction and Market Impact
Strategy’s share price slightly increased after filing and is hovering around the $382 – $388 per share mark and is up a small 0.4%. While the price increase isn’t a large increase, it indicates the market’s ongoing confidence in the way Saylor is leading Strategy, and has seen Strategy’s share price rise almost 3,000% since August 2020 on top of the S&P 500.
Analysts point out that Strategy’s model—issuing convertible notes and preferred stocks to fund bitcoin buys—is working well in this bull market. But many caution it also increases exposure in potential downturns.
Saylor’s Long-Term Vision: Bitcoin as the Global Asset
Michael Saylor reiterated his commitment via X (formerly Twitter), noting:
“We hodl 592,100 $BTC … acquired for ~$41.84 billion at ~$70,666 per bitcoin”.
With a 19.1% BTC yield year to date in 2025, Strategy’s board has maintained that bitcoin is “engineered to outperform” and could one day dominate global reserves, potentially surpassing assets like gold by 2045—Saylor has even floated a $1 million per bitcoin target.
Final Word: Persistent Bitcoin Bet or Reckless Leverage?
Strategy’s growing bitcoin stash, which is increasingly funded through creative and never-seen-before share issuances, illustrates a bold thesis: bitcoin is the leading long term store of value. And for investors, the returns are clear – enormous stock gains along with exposure to crypto upside. But it also magnifies downside risk if bitcoin’s rally falters or if funding costs climb.
As Strategy nears a half million bitcoin and its stock stays tethered to crypto trends, its niche—“Bitcoin treasury company”—looks here to stay. Whether this strategy continues paying off or backfires depends on bitcoin’s path and investors’ tolerance for volatility.
