CoinDesk
Strategy acquired 520 BTC last week for roughly $34.9 million, an average price near $67,068 per coin, lifting the company's total bitcoin treasury to 847,363 BTC at an aggregate cost of about $64.01 billion. The purchase was funded by a 2.7 million-share MSTR common-stock sale that raised $335.5 million in total proceeds. Of that, only about $35 million went into bitcoin; the remaining $300 million was added to balance-sheet cash, pushing reserves to $1.4 billion.
The cash build is the structural move, not the BTC buy. Strategy is stockpiling liquidity specifically to underwrite dividend payments on STRC, its high-yielding preferred share, after weeks of investor anxiety about the instrument's soundness. STRC traded as low as $83 last week, well below par, and has only partially recovered since.
Why it matters
The split between $35M into bitcoin and $300M into cash tells the real story. Saylor is no longer running MSTR purely as a leveraged BTC accumulator in this leg; he is using common-stock issuance to defend STRC's dividend mechanics. That is a meaningful regime shift from the playbook that defined Strategy through the last cycle, where every dollar of equity raised was pushed straight into spot bitcoin.
The preferred share is the pressure point. STRC trades at a yield designed to stay attractive versus money-market funds, and that yield only works if the dividend is paid on schedule without forcing a BTC sale. A $1.4 billion cash buffer is the explicit signal to STRC holders that no such forced sale is on the table.
Market impact
MSTR was up 3.5% in Monday trading as bitcoin reclaimed the $65,000 level, a relief bounce rather than a structural re-rating. The cost basis still sits at roughly $75,651 per BTC across the full treasury, meaning Strategy is buying below its average for the first time in a meaningful stretch. For STRC, the relevant question is whether the $300M cash top-up is enough to stabilize the bid near par, or whether further issuance will be needed to keep the dividend covered through the next coupon.
Frequently asked questions
-
How much bitcoin did Strategy buy last week?
Strategy acquired 520 BTC for approximately $34.9 million, an average price near $67,068 per coin, lifting total holdings to 847,363 BTC.
-
Where did the rest of the stock-issuance proceeds go?
Of the $335.5 million raised from a 2.7 million-share MSTR sale, only about $35 million went into bitcoin. The remaining $300 million was added to balance-sheet cash, taking reserves to $1.4 billion.
-
Why is Strategy building a cash reserve instead of buying more bitcoin?
The cash is earmarked to underwrite dividend payments on STRC, Strategy's high-yielding preferred share, after weeks of investor concern about the instrument. The buffer signals no forced BTC sale will be needed to keep the coupon covered.
-
What happened to STRC last week?
STRC traded as low as $83, well below its $100 par value, before bouncing into the close. It was up another 2% Monday to $90.43 but remains materially below par.
-
How does Strategy's average purchase price compare to spot?
The full 847,363 BTC treasury carries an average cost basis of roughly $75,651 per coin, meaning Strategy is buying below its average for the first time in a meaningful stretch as bitcoin trades near $65,000.
TheBlock
WuBlockchain
CryptoSlate