New 10% yield offering aims to raise nearly $1 billion to support Strategy’s continued bitcoin accumulation.
New 10% yield offering aims to raise nearly $1 billion to support Strategy’s continued bitcoin accumulation.
Strategy Inc vs. IBIT: Best Bitcoin Proxy Stock in 2025?
Sales of STRK and STRF preferred shares allow Strategy to fund bitcoin purchases without diluting common shareholders.
The company now holds a total of 582,000 tokens purchased at an average price of just over $70,000 each.
New 10% non-cumulative perpetual preferred sits below STRF and STRK in seniority, offering investors long-duration yield exposure with zero fees.
Strategy (previously MicroStrategy), the Bitcoin (BTC) proxy firm led by Michael Saylor, has made headlines again with its latest acquisition of the market’s leading cryptocurrency. In a Monday filing with the US Securities and Exchange Commission (SEC), the company revealed that it purchased an additional 705 BTC between May 26 and June 1, bringing its total holdings to 580,955 coins. Strategy Continues Bitcoin Buying Spree This recent acquisition was made at an aggregate cost of $75.1 million, translating to approximately $106,495 per Bitcoin. Overall, Strategy’s Bitcoin investments now amount to around $40.68 billion, averaging about $70,023 for each token. Following the announcement, Strategy’s stock, MSTR, rose 0.9% to $372.72, while the broader market showed mixed results, with the S&P 500 and the tech-heavy Nasdaq Composite gaining 0.4% and 0.7%, respectively. Related Reading: $3 XRP Dream Delayed—No Bull Run Before November, Says Top Analyst Though the latest purchase is significant, it is not among the largest on record for the company, which has typically acquired thousands of Bitcoin in a single transaction. The smallest acquisition to date occurred in March, when MicroStrategy purchased just 130 tokens as the price of BTC remained below $85,000. Strategy’s recent buying spree comes amid ongoing macroeconomic uncertainties that have affected cryptocurrency prices. Despite Bitcoin reaching a new all-time high of $111,8000 last week, the cryptocurrency has retraced nearly 6% from its record. Nevertheless, the company has consistently taken advantage of the cryptocurrency’s price dips, marking its eighth consecutive week of Bitcoin purchases, ignoring any price fluctuation. Arkham Tracks 97% Of Saylor’s Holdings In a social media update on Sunday, Saylor hinted at the impending announcement, and on Monday, he shared details about the latest acquisition, stating that Strategy has achieved a Bitcoin yield of 16.9% year-to-date as of June 1, 2025. However, according to blockchain analysis platform Arkham Intelligence, Strategy’s holdings may be even larger than reported, estimating them at nearly 625,000 BTC, valued at approximately $59.92 billion. This estimate includes 70,816 BTC identified by Arkham, which highlights the significant assets held by the company. Related Reading: Ethereum Poised For A 5-Figure Breakout – Volatility Is Shaking ‘Weak Hands’ Arkham noted that it has tracked 97% of Saylor’s Bitcoin holdings, emphasizing that this is the first public acknowledgment of such substantial assets. They clarified that 87.5% of Strategy’s reported holdings consist of Bitcoin, with a portion held in Fidelity Digital’s omnibus custody. Previously, the firm identified about 107,000 BTC that were sent to Fidelity deposits, which are not listed under the Strategy entity due to Fidelity’s custody practices. In total, more than 327,000 BTC are held by Saylor’s Bitcoin proxy firm in segregated custody within the Strategy entity, further solidifying the company’s position as a significant player in the cryptocurrency market. Featured image from DALL-E, chart from TradingView.com
Company acquires additional BTC, leveraging preferred stock sales.
Massive treasury allocations, regulatory breakthroughs, and strategic acquisitions pushed bitcoin to new highs.
Flexibility and optionality at the core of capital strategy for MSTR.
“Satoshi started a fire in cyberspace, and while the fearful run from it and fools dance around it, the faithful feed the flame, dreaming of a better world, and bathe in the warm glow of cyberlight,” Saylor said.
Divergence grows amid mNAV compression and a shift in Strategy's funding approach for bitcoin accumulation
Strategy, the Bitcoin (BTC) proxy firm formerly known as MicroStrategy and founded by Bitcoin bull Michael Saylor, has announced a significant new acquisition of the market’s leading cryptocurrency on Monday. Strategy Capitalizes On Significant New BTC Acquisition In a recent filing with the U.S. Securities and Exchange Commission (SEC), the company revealed it purchased an additional 4,020 BTC for $427.1 million, translating to an average price of $106,237 per token. This acquisition comes on the heels of Bitcoin reaching a new record high close to $112,000 last week, driven by renewed inflows into Bitcoin exchange-traded funds (ETFs) and favorable regulatory developments under President Trump’s administration. Related Reading: 2,700% XRP Rise? Analyst Predicts Monster Move Based On The Charts Saylor shared the news on social media platform X (formerly Twitter), noting that the latest purchase brings Strategy’s total Bitcoin holdings to approximately 580,250 BTC, acquired for a total investment of $40.6 billion, at an average price of $69,979 per token. As Strategy continues its aggressive Bitcoin accumulation strategy, the company is also planning to raise additional capital to further enhance its holdings. $7.7 Billion Gain From Bitcoin Investments As reported by NewsBTC last Friday, Strategy announced the launch of a $2.1 billion At-The-Market (ATM) equity program for its preferred stock, Strife (STRF), deemed as a crucial step toward the firm’s long-term goal of establishing a strong Bitcoin-backed financial infrastructure. During an investor update, CEO Phong Lee, alongside Executive Chairman Saylor, highlighted the impressive year-to-date performance of the firm’s Bitcoin-linked securities, Strike (STRK) and Strife, as key factors driving this expansion. Lee emphasized, “We’re currently at a 16.3% BTC yield for the year, against a 25% target,” indicating the firm’s ambitious goals. So far, Strategy has achieved a dollar gain of $7.7 billion from its Bitcoin investments and aims to reach a target of $15 billion. Related Reading: Solana Picture Bigger Than $420: Analyst Predicts 140% Surge To New ATHs The company had previously issued $212 million through Strike’s ATM program without encountering adverse pricing pressure. Given the high trading volume and strong investor demand, Lee expressed optimism that the $2.1 billion Strife ATM could be executed with similar success. In contrast to its other offerings, Strike is designed for “Bitcoin-curious” investors, featuring an 8% coupon and potential upside through Bitcoin conversion. Saylor described it as a “Bitcoin fellowship with a stipend,” appealing to a different risk profile. Currently, Strategy operates three ATM programs: $21 billion each for MicroStrategy (MSTR) equity and Strike, and $2.1 billion for Strife. These programs are rebalanced daily, allowing the company to adjust its issuance based on market conditions, volatility, and investor appetite. At the time of writing, BTC is attempting to consolidate above the key $109,370 mark, which has the potential to become a new support level and allow for new records to be reached in the coming weeks. Year-to-date, the cryptocurrency has gained 56%. Featured image from DALL-E, chart from TradingView.com
The capital raise would see the Trump-linked firm joining a slew of public companies following the playbook of Michael Saylor's Strategy.
Strategy, the largest corporate holder of bitcoin, has funded its latest acquisition through three different at-the-market progrtams.
Bitcoin slumped just modestly from record high levels on Friday, but the carnage in related stocks was far worse.
Strategy (formerly MicroStrategy) has unveiled plans to raise $2.1 billion via sales of its Series A Perpetual Strife Preferred Stock (STRF). According to the May 22 statement, the stock will be issued under an at-the-market (ATM) program. This structure allows Strategy to sell shares gradually, based on favorable market conditions like trading volume and price. […]
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Proceeds to support corporate initiatives including bitcoin acquisitions and working capital.
A data driven metric reveals which companies are truly stacking sats and which are lagging behind the valuations investors are giving them.
STRK has risen more than bitcoin and the S&P 500 index while offering an attractive yield and differentiated market exposure.
Two of the largest corporate Bitcoin holders, Strategy (formerly MicroStrategy) and Japan-based Metaplanet, have significantly expanded their crypto treasuries this week. According to separate May 19 announcements, both firms collectively acquired 8,394 BTC, spending nearly $870 million. This follows their buying spree the previous week, when the companies added almost 15,000 BTC. As a result, […]
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Company buys additional BTC via stock offerings, bringing total holdings to record levels.
Bitcoin’s steady rise amid easing macroeconomic pressures is drawing renewed interest from institutional giants. On May 12, Japan’s Metaplanet and US-based Strategy (formerly MicroStrategy) each confirmed large Bitcoin purchases, signaling deepening institutional confidence in the digital asset. Together, the two firms added nearly 15,000 BTC to their treasuries, reinforcing Bitcoin’s appeal as a hedge in […]
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The Michael Saylor-led company now holds 568,840 bitcoin.
In a recent filing with the US Securities and Exchange Commission (SEC), Strategy (formerly Microstrategy), disclosed the purchase of an additional 6,556 Bitcoin (BTC) at an average price of $95,167 per coin between April 28 and May 4. This latest acquisition brings the company’s total Bitcoin holdings to 555,450 BTC, valued at approximately $38.08 billion, with an average purchase price of $68,550 per BTC. Strategy Announces New $21 Billion ATM Offering The acquisition was financed through a strategic combination of common and preferred stock sales. Specifically, Strategy raised $128.5 million through its common stock at-the-market (ATM) program and an additional $51.8 million from the sale of STRK preferred shares. Notably, this latest transaction exhausts the company’s previous $21 billion ATM offering that was initiated last year. Related Reading: BNB Bulls Target $644 As Classic Chart Formation Emerges Michael Saylor, co-founder of Strategy and a well-known advocate for BTC, also shared on social media that the company has achieved a year-to-date Bitcoin yield of 14.0% as of May 4, 2025. He emphasized that the firm currently holds 555,450 BTC, acquired for approximately $38.08 billion. In a bid to further bolster its BTC accumulation strategy, Strategy announced last week plans to double its capital raising capacity. This includes introducing a new $21 billion ATM offering and expanding its debt purchase program to $42 billion. These initiatives indicate the company’s commitment to enhancing its BTC-heavy balance sheet, even in light of recent financial challenges, including five consecutive quarterly net losses. Institutional Demand For Bitcoin Surges During its latest earnings call, Strategy unveiled the “42/42 Plan,” a roadmap aimed at raising $84 billion in capital over the next two years. The plan involves splitting the funding equally between equity and fixed-income instruments, all earmarked for future BTC acquisitions. Despite reporting ongoing losses, investor sentiment remains optimistic. Strategy continues to be the largest corporate holder of BTC, with its holdings representing nearly 3% of Bitcoin’s maximum supply. At current market prices around $94,000, the company’s bitcoin assets are valued at over $52 billion. Related Reading: Analyst Says $2 XRP Price Is Low As It Still Isn’t “Activated” This recent purchase comes amid a backdrop of strong institutional demand for BTC, particularly through regulated investment vehicles. Notably, BlackRock’s iShares Bitcoin Trust ETF (IBIT) has experienced significant inflows in the past two weeks, reflecting growing interest from institutional investors. However, despite the positive outlook on its BTC strategy, Strategy’s shares were down 2.7% in pre-market trading on Monday, following a gain of over 3% last Thursday. Bitcoin, on the other hand, is trading at $94,596, a slight decrease of 0.2% in the 24-hour time frame, and gains of up to 13% in the monthly period for the market’s largest cryptocurrency. Featured image from DALL-E, chart from TradingView.com
The 'Strategy Model' is good for BTC. But what about the rest of crypto? CoinDesk Indices’ Andy Baehr has questions.
A combination of sales of common stock and STRK preferred stock funded the latest purchase.
The company boosted its BTC Yield target to 25% from 15% and its BTC $ Gain Target to $15 billion from $10 billion.
In a explainer video, Joe Burnett, Director of Market Research at the Bitcoin-native financial services firm Unchained, dissects what many retail traders still perceive as a paradox: how Strategy (formerly MicroStrategy) can accumulate “tens of thousands of Bitcoins” without catapulting the spot price into a vertical climb. Burnett’s core argument is that Michael Saylor’s billion-dollar shopping sprees are not the direct injection of fresh demand they appear to be, but rather a sophisticated reallocation of existing exposure within the Bitcoin ecosystem. Why Is Bitcoin Not Skyrocketing? Burnett opens by reminding viewers that Bitcoin’s explosive move “from the $16,000 lows of 2022 to $95,000 today” has historically been accompanied by the awakening of dormant supply. He points to on-chain “hodl wave” data, noting that when price accelerates, “older coins start to move,” a signal that seasoned holders are willing to part with inventory into strength. Those coins, he says, “transfer…to new hands,” a cohort he defines broadly as “Strategy, ETF buyers, institutions, nation-states, and of course, more individuals.” Strategy sits squarely in that cohort, yet Burnett stresses that the software company’s trading style is calibrated to minimize market disturbance. “They use a disciplined, patient strategy, placing thousands or even millions of small buy orders over several days,” he says, quoting Saylor’s own public comments that the firm prefers letting “sellers come to them without bidding against themselves.” The tactic allows long-term, arguably less-price-sensitive holders to exchange coins for cash without triggering runaway order-book imbalances. Related Reading: Bitcoin To Explode To $210,000 This Year, Says Quant Powerhouse Presto The video’s analytical pivot arrives when Burnett introduces what he calls an “additional theory” on why Strategy’s purchases fail to ignite parabolic price action: the funding structure. He unpacks it with a simple but pointed analogy. “If you sell one Bitcoin on Kraken and buy one Bitcoin on Coinbase, what happens to the price? Nothing,” he states. “That’s an economically neutral trade.” According to Burnett, Strategy’s balance-sheet maneuvers replicate that neutrality on a corporate scale. When the firm raises cash by issuing new equity, “someone buys that stock instead of buying Bitcoin,” Burnett explains. Strategy then turns the equity proceeds into spot BTC. “Net effect? A shift in exposure. No net new demand.” The same mechanics, he argues, apply to the company’s convertible-note programs. Hedge funds that subscribe to the notes simultaneously hedge by short-selling MSTR shares, expanding float rather than siphoning dollars from unrelated asset classes. “In both cases… the dollars that flow into Bitcoin are first pulled out of a Bitcoin proxy, MSTR shares,” he says, underscoring the zero-sum nature of the flow. New Demand Is Needed Burnett likens the dynamic to the cash migration that followed the launch of US spot Bitcoin exchange-traded funds in early 2024. Billions poured into products from BlackRock and Fidelity, but “billions also flowed out of GBTC,” he notes, leaving aggregate demand for Bitcoin largely unchanged: “From A to B. Not new demand.” Related Reading: Bitcoin Demand Momentum Yet To Recover From Deep Negative Zone, Analyst Says What, then, would constitute price-moving capital? Burnett’s answer is unequivocal: money that “enters Bitcoin without exiting another Bitcoin proxy.” He cites hypotheticals ranging from Apple’s treasury to sovereign wealth funds, or individuals reallocating real-estate and bond holdings directly into BTC. Against that benchmark, Strategy’s transactions look more like intra-system plumbing than fresh inflows. None of this, Burnett emphasizes, should be read as criticism of Saylor. He calls the Strategy chairman “a world-class Bitcoin educator” whose accumulation strategy is “brilliant.” Yet the market impact, Burnett cautions, “is more nuanced than [it may] appear.” In fact, he suggests that the upcoming Saylor-branded STRF funds—which target fixed-income investors rather than equity buyers—could deliver the genuine outside capital that finally “sends the price of Bitcoin parabolic.” Until such exogenous demand materializes, the Bitcoin market is likely to keep absorbing Strategy’s billion-dollar bids with surprising calm. In Burnett’s words, “Saylor can buy a lot of Bitcoin without moving the price much because he’s buying from long-term wealthy holders and doing so in a way that minimizes short-term price impact.” For traders who expected fireworks each time the software company files a new 8-K, that explanation may prove as sobering as it is illuminating. At press time, BTC traded at $94,971. Featured image created with DALL.E, chart from TradingView.com
The company stack is worth more than $52 billion at bitcoin's current price of $95,000.
TD Cowen says launch of Twenty One could shift institutional sentiment and validate MSTR’s long-term bitcoin strategy.