Overview
- Between June 1 and June 7 Strategy sold about 1.41 million MSTR shares under its at-the-market program, raised roughly $181 million and used part of the proceeds to buy 1,550 BTC and lift U.S. dollar reserves to about $1 billion, bringing reported holdings to roughly 845,256 BTC.
- The company disclosed a separate, smaller sale of 32 BTC between May 26 and May 31 — its first bitcoin sale since 2022 — a transaction that triggered an outsized market reaction and heavier volatility in both BTC and MSTR shares.
- Strategy’s BTC Yield metric fell from 13.0% to 12.8% after the June transactions, prompting a public exchange between Michael Saylor and critics who argued the equity raise diluted bitcoin per share while Saylor said the deal was accretive when the added cash reserve is counted.
- Analysts and reporters flag rising fixed obligations as a key risk: combined preferred-stock and debt obligations have climbed toward about $21.8 billion with roughly $15.5 billion in preferred securities, increasing dividend and interest commitments that could hurt common shareholders if bitcoin weakens.
- Market reaction has been severe and mixed: MSTR shares sit far below prior highs and remain highly volatile, some brokers (including TD Cowen) maintain bullish price targets while others warn of structural leverage risks, and company insiders disclosed small share sales to cover tax obligations.