James Richardson
Bitcoin-focused investment firm Strategy, formerly known as MicroStrategy, has expanded its crypto holdings once again, acquiring 705 BTC for approximately $75.1 million between May 26 and June 1, according to a fresh SEC 8-K filing.
The acquisition price averaged $106,495 per coin, and brings Strategy’s total stash to an incredible 580,955 BTC, worth over $60 billion at current prices. According to co-founder and Executive Chairman Michael Saylor, this vast reserve was accumulated at an average cost of $70,023 per bitcoin, totaling around $40.7 billion including fees — reflecting unrealized gains exceeding $19.3 billion.
This also means Strategy now controls approximately 2.8% of Bitcoin’s total 21 million supply.
The recent BTC purchases were financed through ATM (at-the-market) offerings of Strategy’s perpetual preferred shares, STRK and STRF.
Last week, the company sold 353,511 STRK shares for $36.2 million and 374,968 STRF shares for $38.4 million, with substantial availability remaining: $20.68 billion in STRK and $2.05 billion in STRF still authorized under their respective programs.
Notably, no MSTR Class A shares were sold last week, leaving $18.63 billion available under the firm’s separate ATM equity program.
These stock programs complement Strategy’s ambitious “42/42” capital raise plan, which aims to secure $84 billion by 2027 through equity and convertible notes — a significant expansion from its earlier “21/21” plan.
Saylor Hints at More Bitcoin Buys, Dismisses Onchain Transparency
Over the weekend, Saylor dropped a teaser about the purchase by updating Strategy’s public BTC tracker, cryptically posting: “Orange is my Preferred Color.”
Speaking at Bitcoin 2025 in Las Vegas, Saylor emphasized that onchain proof-of-reserves is a security risk for Strategy and instead described bitcoin itself as “perfected capital” in his keynote remarks.
Slower Pace Raises Eyebrows, Analysts Weigh In
Analysts at K33 Research noted that Strategy’s bitcoin accumulation has slowed, attributing the trend to a drop in MSTR’s premium to NAV (net asset value). This may limit the company’s ability to raise capital aggressively through stock sales.
Just one week prior, Strategy acquired 4,020 BTC for $427.1 million, showing a marked deceleration in activity.
Despite this, Strategy remains far ahead in the corporate bitcoin accumulation race, though competition is intensifying.
Corporate Bitcoin Treasuries Are Going Mainstream
The idea of holding bitcoin on balance sheets — once seen as radical — is now gaining mainstream adoption. In just the last week:
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Trump Media closed a $2.3 billion raise to buy bitcoin
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GameStop disclosed its first 4,710 BTC purchase worth $497 million
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Paris Saint-Germain F.C. confirmed it has established a BTC treasury
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K33 raised $6.2 million to acquire bitcoin
These firms join other notable entrants such as Tether-backed Twenty One, Semler Scientific, Nakamoto, and KULR — all inspired by Strategy’s playbook.
Meanwhile, Japan’s Metaplanet added 1,088 BTC ($117.5 million) to its holdings this week, bringing its total to 8,888 BTC ($938 million).
Analysts Predict a $330B Bitcoin Treasury Boom
Research firm Bernstein expects the bitcoin treasury trend to accelerate, projecting that Strategy and similar firms could add up to $330 billion in BTC holdings over the next five years — especially under a more crypto-friendly U.S. administration.
MSTR Remains Volatile Amid Market Shifts
Despite its dominance, Strategy’s stock — MSTR — continues to trade at a premium to its BTC holdings, sparking concerns among some investors. Still, Bernstein analysts believe the company’s low debt levels and no maturities until 2028 keep its leverage in check.
MSTR closed down 0.4% last Friday at $369.06, following a week in which Bitcoin pulled back 8% from its all-time high of $112,000, before staging a modest recovery. Pre-market data shows MSTR down 0.5% on Monday, yet it has gained 23% year-to-date.
