Strategy sold 2,714,839 shares of its Class A common stock for $335.5 million in net proceeds during the week of June 15 to June 21 and used proceeds from the program to acquire 520 bitcoin, according to a Form 8-K the company filed with the Securities and Exchange Commission on June 22.
The disclosure shows the Tysons Corner firm continuing to convert equity issuance into bitcoin through its at-the-market offering program, even as it leaves its suite of preferred securities untouched for the week. The purchase pushed Strategy’s total holdings to 847,363 BTC, acquired for an aggregate $64.10 billion at an average price of $75,651 per coin.
Common Stock Funds The Entire Buy
Strategy raised the entire $335.5 million through MSTR common stock and recorded no sales across its four preferred instruments—STRF, STRC, STRK and STRD—during the period. The company funded the bitcoin acquisition directly from those ATM proceeds, buying 520 BTC worth $35 million at an average price of $67,068, inclusive of fees and expenses.
That average sits well below the firm’s overall cost basis, marking a purchase made while bitcoin traded under Strategy’s blended acquisition price. The accumulation continues even as Chairman Michael Saylor has acknowledged the company may sell bitcoin when necessary, softening a long-standing “never sell” posture.
The filing leaves $25,411.0 million in MSTR stock available for issuance and sale. That figure reflects remaining capacity under both the current offering and the $21.0 billion MSTR expansion the company announced on March 23, with sales under the increase set to begin once the existing program is substantially depleted.
Dollar Reserve Anchors The Credit Model
Strategy reported a US dollar reserve balance of $1.4 billion as of June 21, a management-designated pool intended to cover preferred dividends and interest on outstanding debt. The amount includes expected cash from ATM share sales that had not yet settled by that date. Saylor has signaled that bitcoin sales could fund those STRC dividend obligations as the cost of servicing them rises.
The company said it plans to keep replenishing the reserve over time based on market conditions to support the credit quality of its Digital Credit securities—a model Saylor has defended as the reason the firm must retain the ability to sell. Executive Vice President and General Counsel Thomas C. Chow signed the filing.
So far in June, Strategy has made four transactions. The company disclosed on June 1 that it had sold 32 Bitcoin between May 26 and May 31, its first sale in four years. It has since bought 3,657 Bitcoin across three purchases. Year to date, Strategy has added 174,866 Bitcoin to its balance, accounting for 26% of its holdings. The latest buy lands as markets weigh how far that shift goes, with prediction markets pricing a 78% chance the company breaks its no-sale pledge before year-end.
