Étienne Girard
Strategy Inc. — formerly known as MicroStrategy — has added another 1,045 BTC to its Bitcoin treasury between June 2 and June 8, investing approximately $110.2 million at an average price of $105,426 per Bitcoin, according to a recent filing with the U.S. Securities and Exchange Commission (SEC).
This fresh purchase lifts the firm’s total Bitcoin stash to a staggering 582,000 BTC, currently valued at over $62 billion. The coins were acquired at an average purchase price of $70,086, amounting to a total outlay of $40.8 billion, inclusive of all fees and expenses. According to executive chairman Michael Saylor, this represents around 2.8% of Bitcoin’s fixed 21 million supply, and translates to unrealized profits of approximately $21 billion.
The recent Bitcoin acquisition was funded via proceeds from at-the-market (ATM) offerings of two types of perpetual preferred shares: STRK (Strike) and STRF (Strife).
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626,639 shares of STRK were sold last week, raising approximately $66.4 million, with $20.6 billion worth of STRK shares still authorized for future issuance.
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432,679 STRF shares were also issued, generating $45.8 million, with $2 billion still remaining under that program.
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No new shares of the company’s Class A common stock (MSTR) were sold last week, though $18.6 billion remains authorized under that ATM structure.
These preferred share programs run alongside Strategy’s ambitious “42/42 Plan,” which aims to raise $84 billion by 2027 through equity and convertible debt — an upgrade from the original $42 billion “21/21 Plan.”
New Preferred Stock Offering: STRD Enters the Picture
In another development, Strategy launched and then upsized a $1 billion preferred stock offering under the ticker STRD (Stride). STRD pays a fixed 10% annual non-cumulative dividend and is non-convertible. In comparison:
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STRK is convertible with an 8% fixed dividend,
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STRF is non-convertible but pays a 10% cumulative fixed dividend.
These financial instruments allow Strategy to raise capital while maintaining shareholder flexibility.
Strategy Signals More Bitcoin Buys Ahead
On Sunday, Saylor teased future Bitcoin acquisitions with a cryptic update on Strategy’s Bitcoin tracker, writing, “Send more Orange,” in reference to Bitcoin’s symbolic color.
Just a week earlier, Strategy disclosed the purchase of 705 BTC for $75.1 million between May 26 and June 1, bought at an average price of $106,495 per coin.
The company’s buying frequency has slightly decreased in recent weeks, signaling a strategic shift from selling common stock to issuing preferred shares as its primary funding method for Bitcoin purchases.
Corporate Bitcoin Adoption Accelerates
Strategy remains the undisputed leader in corporate Bitcoin adoption, but the wave of institutional interest continues to grow. As of today, 144 companies hold Bitcoin as part of their treasuries — 114 of which are publicly traded.
Recent entrants like Tether-backed Twenty One, Nakamoto, Trump Media, GameStop, and K33 have followed in the footsteps of Strategy, Metaplanet, Semler Scientific, and KULR by adopting a Bitcoin-first balance sheet approach.
According to analysts at Bernstein, these companies could collectively add $330 billion in Bitcoin to their reserves over the next five years, especially under a potentially more crypto-friendly Trump administration.
Investor Sentiment and Market Outlook
Despite some investor concerns over the premium at which Strategy trades compared to its net Bitcoin asset value, analysts point out that the company’s debt load is relatively low, with no major repayments due until 2028 — suggesting the firm’s balance sheet remains strong and flexible.
As of last Friday, MSTR stock closed at $374.47, up 1.5%, with pre-market trading on Monday showing a 2.3% increase, bringing its year-to-date gains to 25%.
