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.

$1.4 Billion USD Reserve Now The Priority

As of June 21, the USD Reserve, established in December 2025, was $1.4 billion, including unsettled at-the-market (ATM) proceeds. It is the reserve for preferred stock dividends and interest on debt. The move was first signalled by the Strategy in late May when it sold 32 BTC to fund dividend payments in STRC, the first net sale of Bitcoin since 2022.

MSTR has $25.4 billion of remaining ATM capacity, including the $21 billion MSTR Increase announced on March 23. Sales under the Increase start once the current offering is more or less sold out.

MSTR’s price was up over 4%, trading around $117 in pre-market trade. On Stocktwits, retail sentiment around MSTR stayed in the 'bullish’ zone, while chatter remained at 'normal' levels over the past day.

MSTR Risks Still Remain

The Monday filing adds to concerns raised over the weekend by several analysts who said Strategy’s Bitcoin hoarding machine was starting to show the strain of its structure. 

On-chain analyst Axel Adler Jr. said the company’s preferred shares Strategy Inc Variable Rate Series A Perpetual Stretch (STRC) have traded far below their $100 par value, undermining the cheap-financing mechanism that had driven new bitcoin purchases, and that the company’s “financing machine has started to creak.” If STRC remains under par, Strategy’s ability to soak up Bitcoin on pullbacks via preferred share issuance could be impaired, Adler warned.

Bitcoin’s price was trading at $65,107, up over 1% in the last 24 hours. On Stocktwits, retail sentiment around BTC remained in the ‘neutral’ zone, while chatter stayed at ‘low’ levels over the past day.

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