Strategy purchased just 520 bitcoin for $34.9 million in the week ending June 21, roughly two-thirds less than the prior week’s 1,587 BTC.
The company raised $335.5 million through its MSTR common stock at-the-market offering but used less than 11% of those proceeds to buy bitcoin, funneling the rest into its growing USD Reserve.
Dilution continues for a third straight week
Strategy sold 2,714,839 MSTR Class A common shares during the period, marking the third consecutive week of shareholder dilution through equity issuance.
The sustained selling pressure on MSTR stock comes as the company’s year-to-date BTC Yield has slipped to 11.8%, down from 13.0% at the start of June.
The average purchase price rose to $67,068 per coin, up from $63,024 the week before, bringing total holdings to 847,363 BTC at an aggregate cost basis of $75,651.
$1.4 billion reserve takes priority
As of June 21, Strategy’s USD Reserve stood at $1.4 billion, including unsettled ATM proceeds.
The reserve, established in December 2025, covers preferred stock dividends and debt interest payments.
The shift was first signaled in late May when Strategy sold 32 BTC to fund dividend payments on STRC, its first net bitcoin sale since 2022.
Financing machine shows strain
On-chain analyst Axel Adler Jr. warned that Strategy’s preferred shares have traded well below their $100 par value, undermining the cheap-financing mechanism that fueled prior bitcoin purchases:
“The financing machine has started to creak.”
If STRC remains under par, Strategy’s ability to accumulate bitcoin on pullbacks via preferred share issuance could be impaired.
The company still has $25.4 billion of remaining ATM capacity, including the $21 billion increase announced on March 23.
MSTR shares were up over 4% in pre-market trading around $117.
