TLDR
- Strategy bought 520 bitcoin last week for ~$34.9 million at an average price of $67,068 per coin
- The company sold ~2.7 million MSTR shares, raising $335.5 million total
- $300 million of that was added to cash reserves, bringing the total to $1.4 billion
- The cash boost is aimed at protecting dividend payments on preferred stock STRC, which hit a record low below $83 last Thursday
- Benchmark maintained its Buy rating and $570 price target on MSTR; MSTR was up 3.5% Monday
Strategy (MSTR) stock climbed 3.5% Monday after the company disclosed it had purchased 520 bitcoin and added $300 million to its cash reserves. MSTR was trading around $112.53 as of Monday, still down around 14% over the past week.
The company sold roughly 2.7 million MSTR shares through its at-the-market offering program, raising $335.5 million. Around $34.9 million of that went toward the bitcoin purchase, with the remainder going to cash.
The 520 BTC were acquired at an average price of $67,068 each. Strategy’s total bitcoin holdings now stand at 847,363 BTC, purchased at a total cost of approximately $64.01 billion, or an average of $75,651 per coin.
Strategy has increased its USD Reserve by $300 million to $1.4 billion and plans to continue replenishing it to support the credit quality of its Digital Credit securities. We also acquired 520 BTC for $35 million, increasing our $BTC Reserve to ₿847,363. $MSTR $STRC…
— Michael Saylor (@saylor) June 22, 2026
The decision to hold back $300 million in cash was a direct response to investor concern over STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock. That concern came to a head last Thursday when STRC fell to a record low below $83.
STRC has a par value of $100, a level Michael Saylor had previously targeted as a near-floor for the price. The drop triggered comparisons on social media to the Terra/Luna collapse, with some claiming the preferred stock had “depegged.”
STRC Preferred Stock Under Pressure
STRC closed at around $89 to end last week’s holiday-shortened session. By Monday morning, it had recovered further to $90.43, up about 2% — still well below par.
Strategy’s shareholders also approved a change to the STRC dividend payment schedule during the 2026 Annual Meeting of Stockholders. Payments will now be made semi-monthly instead of monthly.
The $1.4 billion in total cash reserves is intended to give investors confidence that dividend payments on the preferred stock can be maintained. The move appears to have eased some near-term pressure.
Benchmark Holds Buy Rating
Benchmark analyst Mark Palmer reiterated a Buy rating and $570 price target on MSTR following the disclosures. Palmer had also maintained his rating earlier in the week as STRC was falling.
Cantor Fitzgerald had previously reiterated an Overweight rating on Strategy after an earlier bitcoin purchase, where the company bought 1,587 BTC at an average price of $63,024 using $100 million in proceeds from share sales.
Bitcoin itself was trading just below $65,000 on Monday, bouncing back after last week’s pullback. That recovery helped lift MSTR alongside the cash reserve announcement.
Strategy’s total bitcoin stack of 847,363 BTC represents one of the largest single corporate holdings of the asset anywhere in the world.
The cash reserve move and STRC’s partial recovery suggest that the immediate pressure on the preferred stock has eased, at least for now.
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