Michael Saylor's Strategy Cuts Weekly Bitcoin Purchases By Two-Thirds — Builds $1.4B Liquidity Cushion

On-chain analyst Axel Adler Jr said STRC preferred shares traded far below their $100 par value, eroding the Saylor bid, as Strategy’s “financing machine has started to creak.”

• Strategy Inc bought only 520 Bitcoin for $34.9 million in the week ended June 21.
• The company raised $335.5 million from its at-the-market offering program of MSTR common stock, but used less than 11% of those proceeds to buy Bitcoin.
• As of June 21, the Strategy’s USD Reserve for preferred stock dividends and debt interest was $1.4 billion.

Strategy Inc (MSTR) purchased only 520 Bitcoin (BTC) for $34.9 million in the week ended June 21, roughly two-thirds less than the prior week's 1,587 BTC.

According to the filing, the company raised $335.5 million through its common stock at-the-market offering program. It also bought at an average of $67,068 per coin during the period, up from $63,024 the week before, bringing total holdings to 847,363 BTC at a cost basis of $75,651. 

Bitcoin Buying Slows As Capital Raise Climbs

Strategy also sold 2,714,839 MSTR Class A common shares during the period for net proceeds of $335.5 million, but invested less than 11% of that in Bitcoin. The rest went to top up the company’s USD Reserve. The company did not sell any of its preferred stock, in line with the two-week period.