Bitcoin (BTC) treasury company Strategy acquired an additional 1,550 BTC for approximately $101.3 million at an average price of $65,332 per bitcoin between June 1 and June 7, according to an 8-K filing with the Securities and Exchange Commission on Monday.

Strategy now holds a total of 845,256 BTC — worth around $53.5 billion — bought at an average price of $75,680 per bitcoin for a total cost of around $64 billion, including fees and expenses, according to the company’s co-founder and executive chairman, Michael Saylor. To put that in perspective, Strategy’s holdings are the equivalent of more than 4% of bitcoin’s 21 million supply cap, but imply around $10.5 billion of paper losses at current prices.

The latest acquisitions were made using proceeds from at-the-market sales of its Class A common stock, MSTR. Strategy recently extended its ATM programs to include up to an additional $21 billion of MSTR, alongside a further $21 billion of its STRC preferred stock and $2.1 billion of STRK preferred stock.

Saylor posted another Strategy bitcoin acquisition tracker chart on Sunday with the caption “A good time to add more dots,” a commonly-understood signal that the largest corporate bitcoin holder may disclose fresh bitcoin purchases this week. The framing this time goes further than the usual nod toward another buy, in that it explicitly positions current price levels as attractive, with bitcoin currently trading in the low $60,000 range.

STRC, a variable‑rate, cumulative preferred stock offering monthly dividends, with adjustable rates designed to keep it near $100 par value, had increasingly become the primary driver of its bitcoin acquisitions in recent weeks and currently offers an annualized rate of 11.5%. However, it has struggled to regain par since mid-May and, therefore, has not been used to accumulate more bitcoin for the past three weeks.

Sunday’s signal is also the first such post since Strategy disclosed on June 1 that it had sold 32 BTC between May 26 and May 31, which marked its first bitcoin sale since late 2022. The sale returned roughly $2.5 million at an average net price of $77,135, with proceeds earmarked for the dividend on STRC.

Bitcoin had been trading for around $73,700 before the sale announcement. However, the news, despite increasingly being flagged by the company as a possibility in recent weeks, saw the market subsequently drop around 20% to a low of roughly $59,300 on Friday, before recovering back above the $63,000 level over the weekend.

Last week, JPMorgan analysts said Strategy’s recent decision to sell 32 BTC “spooked” markets even if the sale was “symbolic and voluntary,” intended to demonstrate the company’s commitment and flexibility to preferred stockholders. The analysts added that the company may need to rebuild its dollar reserves to restore confidence and reduce investor concerns. After Strategy agreed to buy back $1.5 billion face value of its zero-coupon 2029 convertible notes for approximately $1.38 billion, retiring the debt at roughly 92 cents on the dollar, its current dollar reserves (around $900 million) cover only about 6.3 months of dividend payments, they warned.

Meanwhile, Grayscale Head of Research Zach Pandl said Strategy’s ability to accumulate additional bitcoin is constrained at current STRC and MSTR share prices, suggesting that “other buyers will need to step in for bitcoin’s price to establish a sustainable bottom.”

However, analysts at Bernstein struck a more positive tone on Monday, arguing in a note to clients that STRC’s annual cash dividends are well covered by its cash reserves, liquidity from equity ATMs, and its ability to even sell its bitcoin. “MSTR has raised over a billion dollars in a week several times and equity liquidity remains strong,” they said.

Sunday’s post also follows a Friday essay from Saylor arguing that bitcoin’s long-term success depends on accommodating competing visions rather than embracing a single ideology. The piece was published as observers debated whether Strategy’s June 1 disclosure had itself contributed to the latest leg lower.

Strategy’s annual meeting is scheduled for later on Monday, at which voting closes on a proposal to shift STRC dividend payments from monthly to twice monthly. Retail shareholders hold roughly 80% of outstanding STRC shares, making retail turnout central to whether the amendment passes. The company has said the change could “lead to reduced reinvestment lag, enhanced liquidity, market efficiency, and increased price stability.”

According to Bitcoin Treasuries data, 198 public companies have adopted some form of bitcoin acquisition model. Tether-backed Twenty One, Metaplanet, MARA, Adam Back, and Cantor Fitzgerald-backed Bitcoin Standard Treasury Company, Bullish, Strive, Coinbase, Riot Platforms, and Cleanspark, and make up the remainder of the top 10, with 43,514 BTC, 40,177 BTC, 35,303 BTC, 30,021 BTC, 24,300 BTC, 19,000 BTC, 16,492 BTC, 15,680 BTC, and 13,453 BTC, respectively.

However, the value of many of the cohort’s shares is down significantly from their summer 2025 peaks as their market cap-to-net asset value ratios sharply contracted. MSTR itself is still down around 74%, for example, with an mNAV of 0.89, per Bitcoin Treasuries, or 1.2, according to Strategy, when including debt and preferreds.

Strategy’s stock fell 19.7% overall last week, broadly in line with bitcoin’s decline, closing on Friday at $120.44, according to The Block’s MSTR price page, and taking it 22% negative year-to-date. MSTR is currently up around 3% in pre-market trading on Monday.

[The Block]