Strategy (NASDAQ: MSTR), the Virginia-based technology firm led by CEO Phong Le, acquired 520 Bitcoin for approximately $34.9 million between June 15 and June 21, 2026. The purchase was part of a broader capital maneuver in which the company raised $335.5 million by selling 2,714,839 shares of its common stock.
This latest acquisition occurred as Bitcoin briefly reclaimed the $65,000 price level, though Strategy’s average purchase price for this specific batch was $67,068 per coin.
Strategy prioritizes dividend coverage amid preferred stock volatility
The company, the largest public holder of the digital asset, currently holds a total of 847,363 BTC in its treasury. While Strategy is known for converting nearly all its raised capital into cryptocurrency, this week saw a tactical shift.
Of the $335.5 million raised through its at-the-market (ATM) program, roughly $300 million was added to the company’s U.S. dollar reserve. This move brings Strategy’s total cash balance to $1.4 billion, a defensive play intended to support its preferred stock and manage interest on its substantial indebtedness.
The decision to hoard cash instead of buying more Bitcoin follows intense pressure on Strategy’s preferred stock, ticker STRC. The stock hit a record intraday low of $82.50 last Thursday, significantly below its $100 par value. By bolstering its cash reserves, the company has successfully increased its dividend coverage from seven months to 9.8 months.
This remains short of management’s stated goal of maintaining two years of coverage, but the market reacted positively, with STRC recovering to $89 by Monday.
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CEO Phong Le defended the asset’s performance, comparing the ten-month-old preferred stock to an “infant” in an interview with Coinage. While Bitcoin is approaching its 18th year, Le noted that STRC needs time to mature and trade closer to its par value.
The company is now considering a move from monthly to semi-monthly dividend payouts to increase attraction for income investors. This stability is vital as Bitcoin price analysis indicates persistent difficulty in clearing major resistance levels.
Market observers note that the company’s common shares (MSTR) have struggled this year, falling 30% year-to-date. If buying interest in the preferred stock does not renew, Strategy may be forced to rely more heavily on selling common shares or even liquidating Bitcoin holdings to meet obligations.
However, the company currently maintains a massive $25.4 billion in remaining ATM issuance capacity, providing a significant runway if institutional sentiment improves later this month.
Total holdings reach 847,363 BTC as treasury costs rise
With the addition of 520 coins, Strategy’s total portfolio of 847,363 BTC represents an aggregate cost of $64.10 billion. The average cost per Bitcoin for the total holdings sits at $75,651, a figure currently above the spot market price.
This gap highlights the risks of the company’s high-conviction treasury policy, especially as Bitcoin exchange supply continues to hover near eight-year lows, suggesting a tightening market where liquidation could become more difficult.
Beyond the tech firm’s balance sheet, the broader market is grappling with macroeconomic uncertainty. Fundstrat analyst Sean Farrell has warned that Bitcoin could potentially pull back as far as $48,000 before the current selloff fully exhausts itself. External factors, including the fragility of the Iran War ceasefire, are contributing to a cautious atmosphere.
This geopolitical tension makes corporate moves like Strategy’s cash-reserve increase look less like a retreat from crypto and more like a necessary stabilization of traditional financial instruments.
Other institutional players are also making major moves in the sector. Tom Lee’s BitMine recently purchased 52,000 ETH, bringing its control to 4.7% of the total Ethereum supply.
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Simultaneously, former New York Governor Andrew Cuomo has taken a co-chair role in a joint venture between OKX and ICE to bring tokenized assets to the New York Stock Exchange. These developments suggest that while Strategy is busy fortifying its dividend payments, the long-term trend of institutionalizing digital assets remains in motion.
Future outlook for Strategy and the STRC dividend
Strategy’s immediate focus is the upcoming June 30 ex-dividend date. The company’s ability to stabilize STRC is critical because the preferred shares represent a $10.5 billion stated value outstanding. If the product fails to find its footing, the company loses one of its most efficient capital-raising tools.
For now, the 11.5% annualized dividend remains a significant draw for certain hedge funds, provided the company can prove it has the cash on hand to sustain it through a period of low Bitcoin prices.
Despite the current pressure, MSTR shares rose 3.5% on Monday following the announcement of the cash reserve increase. Investors appear to be rewarding the company for showing financial prudence alongside its usual “Bitcoin maximalist” stance.
Whether this is a permanent pivot or a temporary pause in aggressive buying remains to be seen, but the firm’s financial strength rating of 4 out of 10 suggests there is still significant work to do to convince a skeptical Wall Street.