Bitcoin treasury company Strategy acquired an additional 520 BTC for approximately $34.9 million at an average price of $67,068 per bitcoin between June 15 and June 21, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 847,363 BTC — worth around $54.8 billion — bought at an average price of $75,651 per bitcoin for a total cost of around $64.1 billion, including fees and expenses, according to the company's co-founder and executive chairman, Michael Saylor.

To put that in perspective, Strategy's holdings are the equivalent of more than 4% of bitcoin's 21 million supply cap and imply around $9.3 billion of paper losses at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR. Last week, Strategy sold 2,714,839 MSTR shares for approximately $335.5 million. As of June 21, $25.4 billion worth of MSTR shares remain available for issuance and sale under that program, the firm said.

Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.

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'Looks better with more dots'

Saylor posted another Strategy bitcoin acquisition tracker chart on Sunday with the caption "Looks better with more dots," a commonly-understood signal that the largest corporate bitcoin holder would disclose fresh bitcoin purchases on Monday for the week prior.

STRC, a variable‑rate, cumulative preferred stock offering monthly dividends with adjustable rates designed to keep it near its $100 par value, had become the primary driver of its bitcoin acquisitions earlier this year and currently offers an annualized rate of 11.5%. However, it has struggled to regain par since mid-May and therefore has not been used to accumulate additional bitcoin over the past month.

Last week, Strive CEO Matt Cole said Thursday was the 'most difficult day in the history of digital credit' as STRC fell to a record low of $82.53, while SATA dropped to $92.88. The former closed the day at $88.59, while the latter closed at $97.71, ahead of Friday's Juneteenth public holiday, where markets were closed.

USD reserve builds

The firm also appears to have added to its USD reserve, confirming that as of June 21, the reserve balance is $1.4 billion, up from the $1.1 billion disclosed as of June 14, including expected cash proceeds from shares sold under Strategy’s ATM that had not yet settled. 

While many have questioned Strategy's recent small 32 BTC sale for "spooking" the market, analysts from Benchmark and TD Cowen pushed back against negative narratives surrounding MSTR and STRC last week.

"The death-spiral story assumes that Strategy is one bad week from selling bitcoins, and it skips several steps to get there. Before any meaningful bitcoin sale by Strategy, it would need to run through the $1 billion cash reserve it has in place to fund dividend payments," Benchmark's Mark Palmer said in his research note.

TD Cowen's Lance Vitanza and Jonnathan Navarrete added that Strategy's burden of paying STRC dividends should be manageable given the company's reserves. Although bitcoin's price does need to continue to appreciate, at least modestly, for Strategy's plans to bear fruit.

DAT landscape

According to Bitcoin Treasuries data, 199 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, SpaceX, Coinbase, and Riot Platforms make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 36,303 BTC, 30,021 BTC, 24,300 BTC, 19,105 BTC, 18,712 BTC, 16,492 BTC, and 15,680 BTC, respectively.

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However, the value of many of the cohort's shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted, with MSTR itself still down around 75%, for example, with an mNAV of 0.81, per Bitcoin Treasuries, or 1.12, according to Strategy, when including debt and preferreds.

Strategy's stock fell 5.8% overall last week, closing on Friday at $112.53, according to The Block's MSTR price page, down 27.2% year-to-date. Bitcoin dropped around 4% during the same period.

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