Strategy Buys 1,550 BTC for $101 Million Below Its Average Cost Basis for the First Time

Strategy acquired 1,550 BTC at $65,332 between June 1 and June 7, the first purchase below its $75,680 average cost basis. Cash reserves rebuilt to $1 billion as MSTR rallied 6% pre-market.

Strategy acquired 1,550 BTC for approximately $101.3 million between June 1 and June 7 at an average net price of $65,332 per coin, the company disclosed in an 8-K filing Monday morning. The purchase marks the first time the firm has bought bitcoin below its $75,680 average cost basis since beginning its treasury accumulation strategy in 2020.

The acquisition was funded through Strategy’s at-the-market equity program. The company sold 1,409,600 MSTR shares for approximately $181 million during the week. Strategy also disclosed it increased USD reserves by $100 million, bringing total cash to $1 billion, addressing the liquidity concerns JPMorgan raised last week when the reserve dipped to $871 million following May’s $1.5 billion convertible note repurchase. 

Total bitcoin holdings now stand at 845,256 BTC worth roughly $53.5 billion, equivalent to about 4% of Bitcoin’s 21 million supply cap, with the position sitting on roughly $10.5 billion in unrealized losses.

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The timing of the buy is exact. Saylor sold 32 BTC at an average net of $77,135 between May 26 and May 31 to fund STRC preferred dividends, the firm’s first disclosed sale since December 2022. Bitcoin fell roughly 15% in the following week, briefly dipping below $60,000, and MSTR shed about 14% over the same stretch, its worst week since November 2022. Saylor’s Sunday, “a good time to add more dots,” X post signaled the buy a day before the 8-K landed. 

MSTR rallied 6% in pre-market trading Monday after the announcement.

The broader market context still gives Saylor reason to move carefully. Spot Bitcoin ETFs recorded approximately $1.7 billion in net outflows last week, the largest weekly figure since February, with BlackRock’s IBIT accounting for the bulk. 

Multiple analysts told CoinDesk that a sustained recovery remains uncertain heading into a busy week for tech IPOs including SpaceX and Anthropic. 

Bitcoin held around $63,000 Monday after reclaiming the level over the weekend in what Presto Research called a “classic oversold relief rally.”