Strategy Inc., the enterprise software firm formerly known as MicroStrategy, acquired 520 additional Bitcoin for approximately $34.9 million between June 15 and June 21, according to a Form 8-K released on June 22, 2026. The purchase was funded through proceeds from the company’s at-the-market common stock program.
The acquisition was made at an average price of $67,068 per Bitcoin, inclusive of fees and expenses. As of June 21, Strategy held 847,363 BTC, acquired for an aggregate purchase price of $64.10 billion at an average cost of $75,651 per coin.
Common Stock Sales Fund Latest Bitcoin Purchase
The filing shows that Strategy sold 2,714,839 shares of Class A common stock during the same reporting period, generating net proceeds of $335.5 million. Only $34.9 million of that amount was used for the latest Bitcoin acquisition.
The remaining liquidity helped lift Strategy’s U.S. dollar reserve to $1.4 billion. The company describes that reserve as a management-designated liquidity pool intended to support preferred stock dividends and interest payments on outstanding debt.
That structure highlights the balance between Bitcoin accumulation and capital management. Strategy continues to expand its BTC reserve, but it is also preserving cash to support obligations tied to its broader securities stack.
The reliance on common stock issuance is notable because it introduces further dilution for ordinary shareholders. It also shows that Strategy is still using equity-market access as a core funding rail for both Bitcoin purchases and balance-sheet liquidity.
Treasury Strategy Faces Market-Structure Pressure
The latest purchase reinforces Strategy’s identity as the largest corporate Bitcoin treasury vehicle. Its holdings remain far larger than those of any other public company pursuing a Bitcoin reserve strategy.
However, the filing also shows the complexity of that model. Strategy is no longer only accumulating Bitcoin; it is also managing preferred stock obligations, interest costs and reserve liquidity while continuing to raise capital in public markets.
The company’s average Bitcoin purchase price now stands at $75,651. That figure matters because when BTC trades below Strategy’s cost basis, market attention shifts from accumulation headlines to the sustainability of the capital structure supporting those purchases.
The use of common stock proceeds may help Strategy avoid adding more preferred obligations in the near term. At the same time, it places more pressure on shareholders because future Bitcoin purchases and reserve additions may continue to depend on equity issuance.
Strategy’s June activity also follows an earlier reduction in its Bitcoin holdings recorded on the company’s purchase dashboard, a move that challenged the market’s long-standing perception of the firm as a purely one-way accumulator.
For now, the confirmed update is that Strategy added 520 BTC, raised $335.5 million through common stock sales and increased its cash reserve to $1.4 billion. The next market question is whether its capital-raising engine can remain effective while Bitcoin trades near or below the company’s average acquisition cost.