- Strategy bought 520 BTC last week as its USD Reserve rose $300M to reach $1.4 billion.
- MSTR sales raised $335.5M, but the filing did not identify all uses of those proceeds.
- Saylor defended Strategy as Schiff criticized STRC, while no regulatory finding exists.
Bitcoin treasury firm Strategy acquired 520 BTC for about $35 million last week as its USD Reserve grew by $300 million to $1.4 billion. The filings showed the company raised far more through MSTR share sales than it spent on the latest purchase.
Michael Saylor disclosed the Bitcoin acquisition on Monday, June 22, following a cryptic post published the day before. Strategy paid an average of $67,068 per BTC for the 520 BTC purchase.
Strategy Builds Bitcoin and Cash Reserves
The transaction lifted the company’s total Bitcoin holdings to 847,363 BTC. Strategy reported a total acquisition cost of roughly $64.01 billion, with an average purchase price of $75,651 per coin.
Source: X
The latest addition was smaller than the previous week’s Bitcoin buy. Strategy had acquired about $100 million worth of BTC during that earlier reporting period.
Strategy said it plans to replenish the USD Reserve over time, subject to market conditions. The company linked the reserve to the credit quality of its Digital Credit securities. However, the update came as STRC recently traded below its $100 par value.
The filing also showed substantial common-stock sales. Strategy sold 2.71 million MSTR shares last week and generated approximately $335.5 million in proceeds.
The company confirmed that the latest Bitcoin purchase was financed through the MSTR share-sale program. However, the filing did not provide a detailed breakdown of how the remaining proceeds were used.
The reported figures placed a $35 million Bitcoin purchase beside a $300 million increase in the USD Reserve. They also showed that the cash reserve grew while Strategy continued to add BTC to its treasury.
Saylor Defends Strategy Amid STRC Criticism
Market participants have criticized the scale of Strategy’s MSTR share sales and the company’s financing structure. Much of that attention has centered on STRC and the obligations linked to its preferred securities.
However, Saylor defended the company’s funding model on June 20 as criticism around STRC intensified. He said Strategy’s combined Bitcoin and cash holdings exceed its outstanding debt by about $48 billion.
He also said the company has raised more than $60 billion in capital since 2022. According to Saylor, those funds were deployed toward Bitcoin purchases.
However, Bitcoin critic Peter Schiff criticized Strategy’s financing approach. He said investors could eventually pursue legal action against the company and Michael Saylor.
Schiff also argued that STRC promotion may have breached SEC marketing rules. No regulator has announced findings supporting those allegations.
Related: Bitcoin Trails S&P 500 by 60% as Analysts Watch for Signs of Market Bottom
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