You know, for a company that’s made its name by buying Bitcoin in truly eye-watering amounts, Strategy just made a rather modest purchase. It’s like watching a whale decide to nibble on a single plankton, after devouring entire schools of fish for years. This latest move, while small by their standards, still adds to a remarkable pile of digital gold.
- Strategy recently purchased an additional 705 Bitcoin, spending approximately $75.1 million. This purchase adds to their already substantial holdings.
- The company’s co-founder, Michael Saylor, continues to hint at further Bitcoin acquisitions, maintaining a strong conviction in the digital asset.
- More companies are adopting Bitcoin treasury models, increasing competition in the corporate Bitcoin space.
Between May 26 and June 1, Strategy picked up another 705 Bitcoin. They spent about $75.1 million on this batch. The average price came out to $106,495 per Bitcoin, according to a filing with the SEC. It’s a steady hand at the wheel, even if the pace feels a bit different.
With this addition, Strategy now holds a staggering 580,955 Bitcoin. That’s a hoard worth over $60 billion today. They acquired all of it at an average price of $70,023 per Bitcoin, for a total cost of around $40.7 billion, including fees. Michael Saylor, the company’s co-founder and executive chairman, shared these figures himself.
Think about that for a moment. That’s roughly 2.8% of Bitcoin’s entire 21 million supply. It also means Strategy is sitting on about $19.3 billion in paper gains. Not a bad return for a company that decided to go all-in on a digital asset.
Where did they get the money for this latest buy? It came from selling off bits of their special stock. Specifically, they used proceeds from ATM sales of their perpetual strike preferred stock, known as STRK, and their perpetual strife preferred stock, STRF. Last week, they sold 353,511 STRK shares for about $36.2 million. They also moved 374,968 STRF shares for $38.4 million. Plenty of room left in those programs, too, with billions still available.
These STRK and STRF programs are part of a much bigger plan. Strategy has a “42/42” plan, which aims to raise a total of $84 billion through equity offerings and convertible notes. This capital is all earmarked for Bitcoin acquisitions through 2027. It’s a bold vision, upsized from an earlier $42 billion plan after they used up the equity side.
Michael Saylor, ever the showman, often drops hints about these buys. He recently updated Strategy’s Bitcoin purchase tracker, sharing a simple message: “Orange is my Preferred Color.” It’s his way of saying, “Yes, we’re still buying.”
Saylor again hinted at the likelihood of another bitcoin acquisition filing ahead of time, sharing an update on Strategy’s bitcoin purchase tracker on Sunday, stating, “Orange is my Preferred Color.” During Bitcoin 2025 in Las Vegas last week, Saylor called onchain proof-of-reserves a “bad idea,” ruling it out for Strategy over security concerns, and later touted bitcoin as “perfected capital” in a keynote speech.
Saylor also made some waves at Bitcoin 2025. He called onchain proof-of-reserves a “bad idea” for Strategy, citing security concerns. Later, in a keynote speech, he touted Bitcoin as “perfected capital.” It’s clear his conviction remains as strong as ever, even as the market shifts.
But here’s an interesting wrinkle: the pace of Strategy’s Bitcoin buys seems to be softening. Analysts at K33 pointed this out recently. They suggest it’s partly because the premium on MSTR (Strategy’s common stock) compared to its Bitcoin holdings has declined. This might be pushing the firm to make more moderate ATM raises.
There’s also the simple fact that more companies are getting into the Bitcoin treasury game. This means more competition for those precious coins. Just last week, Strategy bought 705 Bitcoin. The week before that, they acquired 4,020 Bitcoin. That’s a noticeable slowdown, isn’t it?
The Corporate Bitcoin Race Heats Up
Strategy might have pioneered the corporate Bitcoin treasury model, but they’re certainly not alone anymore. More than 75 companies have now adopted some form of Bitcoin treasury. It’s a trend that’s picking up serious speed.
Last week alone saw some big names join the fray. Trump Media announced it had closed a private offering, raising over $2.3 billion in net proceeds specifically to buy Bitcoin. Imagine that. A day earlier, GameStop, the video game retailer, disclosed its first Bitcoin purchase: 4,710 Bitcoin, worth about $497 million.
Even the world of sports is getting in on it. Paris Saint-Germain F.C., the Champions League winners, confirmed at Bitcoin 2025 that they had quietly established a Bitcoin treasury. And K33, a European digital asset brokerage, raised $6.2 million to buy Bitcoin for its own treasury. It’s a diverse crowd, to say the least.
These newcomers join a growing list of companies. We’ve seen Tether-backed Twenty One, Semler Scientific, Nakamoto, and KULR all adopting this Bitcoin acquisition model. It’s clear the idea of holding Bitcoin on the balance sheet has moved from a niche concept to a mainstream corporate strategy.
And it’s not just Western companies. Metaplanet, a Japanese investment firm, also announced a significant purchase on Monday. They bought another 1,088 Bitcoin for about $117.5 million. Their total holdings now stand at 8,888 Bitcoin, worth over $930 million. It seems the “orange pill” is being swallowed globally.
So, what does all this mean for the future? Analysts at Bernstein have some interesting predictions. They believe Strategy and its corporate followers could add a staggering $330 billion to their Bitcoin treasuries over the next five years. This projection is partly based on the idea of a more pro-crypto environment taking shape in the U.S.
Strategy’s market cap, currently around $101 billion, still trades at a significant premium compared to the net asset value of its Bitcoin holdings. Some investors do express concerns about this premium and the sheer number of Bitcoin acquisition programs. It’s a fair question to ask about the underlying value.
However, Bernstein argues that Strategy’s financial position is quite sound. They point to relatively low debt levels and no major payments due until 2028. This suggests the firm’s ability to manage its commitments remains strong, even with its aggressive Bitcoin strategy.
The market itself has seen some recent shifts. MSTR closed down slightly on Friday, at $369.06. Bitcoin itself had a bit of a retreat, dropping around 8% from its $112,000 all-time high, before finding its footing again. It’s a reminder that even the most ambitious strategies play out against the backdrop of market movements.
As more companies join the ranks of Bitcoin holders, the landscape of corporate finance is quietly reshaping. It’s a fascinating experiment, watching how a digital asset, once dismissed, becomes a core part of treasury management for some of the world’s most recognized brands. What will the next quarter bring?
