Strategy Buys 1,550 Bitcoin, Expands Holdings to 845,256 BTC

[Update 18:15 UTC June 8: Adds outcome of Strategy shareholder vote on change in preferred stock dividend payments in sixth paragraph.]

Strategy purchased 1,550 Bitcoin for approximately $101.3 million last week, bringing its total holdings to 845,256 BTC.

The company paid an average price of $65,332 per Bitcoin for the purchase, according to a Monday 8-K filing with the US Securities and Exchange Commission. Strategy’s aggregate Bitcoin holdings were acquired at an average price of $75,680 per BTC, for a total cost of about $63.97 billion.

The latest acquisition was funded using proceeds from sales of Class A common stock through the company’s at-the-market offering program. According to the filing, Strategy generated $181 million in net proceeds from those stock sales during the first week of June.

Strategy now holds 845,256 BTC. At Bitcoin’s current price of about $63,600, its holdings are worth roughly $53.8 billion.

The company’s shares rose 6.55% in pre-market trading to $126.90 following the disclosure, according to Yahoo Finance data at the time of writing.

Separately, Strategy said Monday that shareholders approved a change in the dividend payment cadence for its STRC preferred stock to semi-monthly, on the 15th and at month-end. The new schedule will begin on July 15, for shareholders of record on June 30.

Strategy returns to Bitcoin buying after controversial sale

The latest purchase follows a Sunday X post by Strategy’s executive chairman, Michael Saylor, who said that it was “a good time to add more dots.”

Strategy purchased another 1,550 Bitcoin. Source: Strategy

The purchase also marks a resumption of the company’s BTC accumulation strategy after its controversial sale of 32 BTC last Monday, which was its first since 2022.

Related: Strategy’s leveraged Bitcoin model has faced its first stress test: Grayscale

Bitcoin price fell 21% following the sale, briefly retesting $61,000 for the first time in four months, and sparking heavy criticism from traders who warned of a potential “doom loop” if the firm were ever forced to sell reserves.

CryptoQuant CEO Ki Young Ju pushed back on criticism of Saylor on Friday after CNBC host Jim Cramer accused him of “murdering Bitcoin.” Ju argued that Bitcoin would have fallen to $22,000 if it weren’t for Strategy’s purchases.

In a Monday report, analysts from Bernstein said that Strategy had continued to grow its Bitcoin stack through a roughly 50% price drawdown and highlighted its resilient, overcollateralized and liquid balance sheet, while reiterating an “Outperform” rating and a $450 price target on the stock.

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