TheBlock
Strategy, the Michael Saylor-led bitcoin treasury company formerly known as MicroStrategy, picked up another 1,587 BTC for roughly $100 million between June 8 and June 14, according to a Monday 8-K filing with the SEC. The company paid an average of $63,024 per coin, lifting its cumulative hoard to 846,842 BTC — worth around $56 billion at current prices — acquired at an average cost basis of $75,656, for a total spend near $64.1 billion including fees. The position now equals more than 4% of bitcoin's 21 million supply cap and carries roughly $8.1 billion of unrealised losses on mark-to-market.
Why it matters
The 1,587-BTC add is the smallest weekly purchase Strategy has disclosed in months, but the engine behind it is unchanged. The company funded the buy through at-the-market MSTR share sales, offloading 1,732,553 shares last week for about $209 million, with $25.75 billion of MSTR still authorised for issuance under the program. Saylor posted the company's bitcoin acquisition tracker on Sunday with the caption "Still adding dots" — the standing signal that fresh buys are coming. The dollar reserve has also been quietly rebuilt to $1.1 billion as of June 14, up from $1 billion a week earlier, after JPMorgan analysts warned last week that the thin reserve — covering only 6.3 months of dividend obligations at the time — risked eroding investor confidence following a 32-BTC sale that "spooked" markets. Sygnum Bank analysts noted the dividend is never a survival question for a balance sheet this large, but framed the deeper risk as narrative: a treasury that sells to fund its yield is no longer what the original mNAV thesis was sold to investors on.
Market impact
The wider digital asset treasury cohort is showing the same strain. MSTR trades at an mNAV of 0.91 per Bitcoin Treasuries, or 1.17 including debt and preferreds — and is down roughly 73% from its summer 2025 peak, with the stock off 19.8% year-to-date even as bitcoin gained 0.4% over the same window. Strategy also expanded its ATM programs last week to add up to another $21 billion of MSTR, $21 billion of STRC preferred, and $2.1 billion of STRK preferred, while shareholders approved shifting STRC dividends from monthly to semi-monthly to support the $100 par. STRC had been the primary funding leg for bitcoin buys earlier this year at an 11.5% annualised rate, but has not been tapped for new accumulation since mid-May as it has struggled to hold par.
Frequently asked questions
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How much bitcoin does Strategy now hold?
Strategy holds 846,842 BTC as of June 14, acquired at an average price of $75,656 per coin for a total cost of roughly $64.1 billion. At current prices the position is worth around $56 billion and equals more than 4% of bitcoin's 21 million supply cap.
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What was the size and price of the latest Strategy bitcoin purchase?
Strategy bought 1,587 BTC for approximately $100 million between June 8 and June 14, at an average price of $63,024 per coin, according to a Monday 8-K filing with the SEC.
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How is Strategy funding its bitcoin acquisitions?
The latest buy was funded through at-the-market sales of MSTR shares. Strategy sold 1,732,553 MSTR shares for roughly $209 million last week, and $25.75 billion of MSTR remains authorised for issuance. STRC preferred, the earlier primary funding leg, has not been used for new accumulation since mid-May.
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What does 'still adding dots' mean in the Strategy bitcoin context?
It is the standing caption Michael Saylor uses on his weekly bitcoin acquisition tracker chart posted to X. It is read by the market as a signal that Strategy will disclose a fresh BTC purchase in its upcoming 8-K filing.
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Why is the rebuilt USD reserve significant for Strategy?
The USD reserve rose to $1.1 billion as of June 14, up from $1 billion a week earlier. JPMorgan analysts had previously flagged the $1 billion level as covering only 6.3 months of dividend obligations, warning that the recent 32-BTC sale had spooked markets. Sygnum Bank analysts said dividend survival is never in…
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