Strategy, the software company formerly known as MicroStrategy that now trades under the MSTR ticker, rose on Monday after resuming Bitcoin purchases. The company disclosed in an SEC filing that it bought 1,550 Bitcoin between June 1 and June 7 for about $101.3 million, at an average price of $65,332 per BTC. The purchase follows a rare sale of 32 Bitcoin between May 26 and May 31, which was disclosed previously and generated roughly $2.5 million at an average net price of $77,135 per Bitcoin. Proceeds were earmarked for dividend payments on Strategy’s STRC preferred stock.
Executive Chairman Michael Saylor signaled the move over the weekend by posting the company’s Bitcoin-tracker chart with the caption “A good time to add more dots.” The purchases were funded through at-the-market sales of Strategy’s Class A common stock, the filing shows. The company sold about 1.41 million shares for roughly $181 million last week and still has about $26 billion available under the program. Strategy now holds 845,256 Bitcoin, acquired for roughly $64 billion, including fees and expenses. Based on current market prices, those holdings are valued at about $53.5 billion.
Strategy shares rose about 5.4% during Monday’s session, with other crypto-related stocks also moving higher. Coinbase Global gained about 5.7%, Robinhood Markets rose roughly 2.7%, and Circle Internet Group, the stablecoin issuer, added about 2.5%. Bitcoin itself recovered after dipping below $60,000 last week, rising roughly 3% over the past 24 hours to trade around $63,700. Ethereum and Solana also posted gains of more than 3%.
Key takeaways
- price move: Strategy’s shares rose ~5.4% on the day; Coinbase, Robinhood, and Circle also advanced.
- catalyst: Resumption of Bitcoin accumulation following a prior sale; ongoing use of an at-the-market equity program to fund purchases.
- implication: Reaffirms Strategy’s commitment to a very large Bitcoin stake and tests the market’s willingness to absorb further supply from a major corporate holder.
What drove the move
The primary driver was Strategy’s SEC filing detailing the 1,550-BTC purchase, marking a return to accumulation after a rare sale in late May. The company financed the buy through at-the-market equity sales, maintaining liquidity while avoiding new debt or private placements. The timing and size reinforce Strategy’s strategy of building a long-running Bitcoin position rather than divesting. The 845,256-BTC holding, accumulated for about $64 billion including fees, continues to sit as a substantial asset on Strategy’s balance sheet. At current prices, the stake is worth roughly $53.5 billion, creating a sizable unrealized gap relative to cost.
The company’s financing approach remains a focal point. It disclosed that it sold about 1.41 million Class A shares for approximately $181 million last week, and the program still has about $26 billion available. This dynamic—large-scale purchases funded by equity sales—keeps Strategy exposed to equity-market liquidity conditions and potential swings from stock volatility, which can influence its Bitcoin buying power over time.
Market reaction
The renewed buying activity by Strategy contributed to a broader lift in crypto equities on Monday, even as the crypto market overall has faced a cautious backdrop. Bitcoin’s bounce back to the mid-$60,000s and gains in related tokens contributed to a sentiment shift, albeit within a risk-off environment that still weighs on the asset class. Market participants remain focused on macro factors, including rate expectations, and the role of large corporate buyers in supporting or restraining Bitcoin’s price trajectory. The sector’s rally was not universal, underscoring ongoing dispersion between different crypto assets and related equities.
What analysts are saying
Analysts offered a range of interpretations. Kraken chief economist Thomas Perfumo described Strategy as a “single most influential entity in the market,” underscoring the material influence of its BTC holdings. JPMorgan researchers noted that Strategy’s May sale “spooked” markets even if the move was symbolic and voluntary, suggesting the company may need to rebuild its dollar reserves to reassure investors. Grayscale’s Zach Pandl pointed out that the sustainability of Strategy’s Bitcoin accumulation depends in part on the performance of Strategy’s equity and preferred stock offerings, implying that other buyers may need to step in for Bitcoin’s price to establish a sustainable bottom. Bernstein analysts, however, took a more constructive view, arguing that Strategy’s dividend obligations remain well supported and that the company’s equity liquidity remains strong, noting Strategy has repeatedly raised capital during periods of strength in its share price.
Bigger picture
Even with Monday’s rebound, sentiment around Bitcoin remains cautious. Recent outflows from spot Bitcoin ETFs reflect waning investor demand as the asset struggled to sustain earlier gains. Ned Davis Research said the withdrawals suggest Bitcoin has not found a durable support level, even as broader risk appetite persists in other areas of the market. Public-company exposure to Bitcoin remains substantial, with data showing 198 listed companies adopting some form of BTC acquisition strategy. Strategy remains by far the largest holder, owning more than 4% of Bitcoin’s maximum supply, a tilt that concentrates market risk on a single corporate actor and could influence supply dynamics if the company shifts strategy again.
Investors will be watching Bitcoin’s price action and Strategy’s ongoing use of equity financing to fund further purchases. Any new disclosures on Strategy’s program, along with macro data and policy developments, could influence both Strategy’s stock and the wider digital-asset complex in the near term.
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