MicroStrategy bought 1,587 Bitcoin (BTC) for $100 million between June 8 and June 14, paying an average of $63,024 per coin. To fund it, the company sold $209 million of common stock, more than twice what it spent.
The gap shows where the rest of the money went. MicroStrategy steered the surplus into a cash reserve set aside for dividends and debt, rather than into more Bitcoin.
Common Stock Did All the Work
MicroStrategy raised the full $209 million by selling 1,732,553 MSTR shares through its at-the-market program. It tapped none of its preferred stock lines during the period.
That marks a shift. The company has leaned on high-yield preferred issues such as STRC to fund buys for much of the past year. It still holds wide capacity, including a $21 billion common-stock program cleared in March.
Relying on common stock dilutes existing holders. The choice also signals which funding door stayed open while the share price sat under pressure.
MicroStrategy began accumulating Bitcoin in August 2020 and has rarely paused since.
A Reserve Built for Dividends
MicroStrategy lifted its US dollar reserve to $1.1 billion alongside the buy. The filing ties that cash directly to preferred dividends and interest on debt.
The company created the reserve in December 2025 as a buffer for exactly those payments.
The obligations are heavy. Strategy carries preferred shares with coupons as high as 11.5%, and STRC payouts recently shifted from monthly to semi-monthly.
The strain is already visible. Late in May, the company made its first Bitcoin sale since 2022, selling 32 coins to cover a dividend.
The Stack Stays Underwater
Strategy now holds 846,842 Bitcoin at a blended cost of $75,656, or about $64.07 billion in total. Bitcoin traded near $66,230 on June 15, up close to 3% over the prior day.
That keeps the average entry above the market, even after this purchase near $63,024. A first-quarter unrealized loss of $14.5 billion had already underlined the shortfall.
The discount now reaches the stock itself. Analyst Quinn Thompson noted MSTR trades near 0.8 times the net value of its Bitcoin, which strains the leverage-driven funding model.
Michael Saylor signaled no retreat, posting “Still adding dots” on June 14. Whether fresh buying closes the gap now depends on where Bitcoin trades next.
