Bitcoin treasury company Strategy acquired an additional 1,587 BTC for approximately $100 million at an average price of $63,024 per bitcoin between June 8 and June 14, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 846,842 BTC — worth around $56 billion — bought at an average price of $75,656 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 $8.1 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 1,732,553 MSTR shares for approximately $209 million. As of June 14, $25.75 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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'Still adding dots'

Saylor posted another Strategy bitcoin acquisition tracker chart on Sunday with the caption "Still adding 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, at Strategy's annual meeting, shareholders approved a proposal to shift STRC dividend payments from monthly to twice-monthly. "Paying dividends on STRC twice a month is designed to stabilize price, dampen cyclicality, drive liquidity, and grow demand for STRC, while giving STRC holders a faster reinvestment opportunity," Strategy's President and CEO Phong Le said in a statement.

Boosting its USD reserve

The firm also appears to have added to its USD reserve, confirming that as of June 14, the reserve balance is $1.1 billion, up from the $1 billion disclosed as of June 7. Last week, JPMorgan analysts said Strategy's recent 32 BTC sale "spooked" markets and the company may need to rebuild its dollar reserves to restore confidence and reduce investor concerns, as the reserve only covered around 6.3 months of dividend payments.

It's not a question of survival for Strategy, according to analysts at Sygnum Bank, who said the dividends can always be met by selling a small fraction of its bitcoin holdings, but the impact on the investment narrative for a company that initially said it would not sell its bitcoin.

"The premium is the only thing that makes Strategy worth more than the bitcoin it holds, and a treasury that sells to fund its yield is no longer what many investors signed up for, at least not while the underlying collateral is in a drawdown," Sygnum said. "How those yields hold up over the long run, however, will come down to one thing no issuer controls — bitcoin's long-term performance."

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, 35,303 BTC, 30,021 BTC, 24,300 BTC, 19,032 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 73%, for example, with an mNAV of 0.91, per Bitcoin Treasuries, or 1.17, according to Strategy, when including debt and preferreds.

Strategy's stock fell 0.2% overall last week, closing on Friday at $123.97, according to The Block's MSTR price page, down 19.8% year-to-date. Bitcoin gained around 0.4% during the same period.

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