Strategy (formerly MicroStrategy) continues to convert equity into bitcoin. In an 8-K filing with the SEC on June 22, the company disclosed it sold 2,714,839 shares of Class A common stock during the week of June 15-21 via its at-the-market (ATM) offering program, generating net proceeds of $335.5 million. No preferred securities were issued during the period.
All Proceeds from Common Stock; Preferred Instruments Unused
The entire $335.5 million came from MSTR common stock sales. The four preferred instruments — STRF, STRC, STRK and STRD — recorded zero sales. Strategy used the ATM proceeds to acquire 520 bitcoin at an average price of $67,068 (including fees), spending roughly $35 million. That average is well below the company's blended cost basis of $75,651 per coin, marking a purchase executed while BTC traded under its overall average acquisition price.
Total Holdings Reach 847,363 BTC
After this purchase, Strategy's total bitcoin holdings increased to 847,363 BTC, acquired for an aggregate $64.1 billion. The company had earlier made its first BTC sale in four years between May 26-31, disposing of 32 coins. Since then, it has bought 3,657 BTC across three purchases in June. Year-to-date, Strategy has added 174,866 BTC to its balance sheet, representing 26% of its total holdings. Remaining ATM capacity stands at $254.11 billion, including the $21 billion expansion announced on March 23, which will activate once the existing program is substantially exhausted.
$1.4 Billion USD Reserve; Saylor Flags Potential Bitcoin Sales
As of June 21, Strategy reported a U.S. dollar reserve balance of $1.4 billion, a management-designated pool covering preferred dividends and debt interest. The amount includes cash from unsettled ATM share sales. Chairman Michael Saylor has signaled that bitcoin sales could fund STRC dividend obligations as servicing costs rise, softening the firm's long-standing "never sell" stance. Prediction markets now price a 78% probability that Strategy breaks its no-sale pledge before year-end. Executive Vice President and General Counsel Thomas C. Chow signed the filing.