Key Points
- Strategy bought 520 Bitcoin using ATM equity proceeds while boosting cash reserves to $1.4 billion.
- Most funds raised were retained, signaling focus on liquidity and liability management.
Strategy Inc. reported in a June 22, 2026 Form 8-K that it acquired 520 Bitcoin for $34.9 million between June 15 and June 21.
The purchases were funded بالكامل through sales of Class A common stock under its at-the-market (ATM) program, marking the third straight week without issuing perpetual preferred shares.
The company raised approximately $335.5 million in net proceeds by selling 2.71 million MSTR shares during the period.
Only about $34.9 million of that total was allocated to Bitcoin, while the remainder increased its cash holdings.
As of June 21, Strategy’s USD reserve stood at $1.4 billion, reflecting a $300 million increase.
The disclosure came as Bitcoin (BTC) declined 2.7% overnight, moving from above $64,000 to around $62,500, with market participants monitoring the $60,000 support level.
ATM Allocation Shifts Toward Liquidity
The filing states that the expanded USD reserve is intended to cover preferred dividends and interest obligations tied to instruments such as STRC perpetual preferred shares.
No preferred shares have been issued in the past three weeks, a change from earlier funding patterns.
The average purchase price for the 520 Bitcoin was $67,068 per coin, including fees.
This represents a lower acquisition volume compared to the prior two weeks, when 1,550 BTC and 1,587 BTC were purchased.
The shift away from preferred issuance coincides with STRC trading below its $100 par value, reportedly under $90, making additional issuance less favorable.
Strategy’s broader capital plan has included a dual-track structure combining common equity and preferred instruments.
Balance Sheet and Reserve Position
Following the latest purchase, Strategy holds 847,363 Bitcoin acquired at a total cost of approximately $64.1 billion, or about $75,651 per coin.
At an estimated market value near $54.8 billion, the holdings reflect unrealized losses based on recent price levels.
The company maintains approximately $25.4 billion in authorized MSTR common shares available for future issuance under its ATM and MSTR Increase programs.
Earlier in the year, Strategy repaid roughly $800 million of a convertible note, which temporarily reduced cash balances before subsequent ATM activity rebuilt reserves.
External coverage has described the growing cash position as a buffer aimed at reducing the risk of forced Bitcoin liquidation during market volatility.
Company disclosures indicate that a $1.4 billion reserve could cover at least 21 months of preferred dividends and interest obligations.
