MicroStrategy Sells More Stock Than It Spent on Bitcoin

Between June 8 and June 14, MicroStrategy purchased 1,587 Bitcoin for $100 million, paying an average of $63,024 per coin. The purchases increased the company’s holdings as part of its ongoing Bitcoin accumulation program.

To fund the buys, MicroStrategy sold 1,732,553 shares of common stock through its at-the-market program, raising $209 million. The company did not draw on its preferred stock lines during that period.

Rather than directing all proceeds to Bitcoin, MicroStrategy increased a U.S. dollar cash reserve to $1.1 billion. The company created the reserve in December 2025 and the latest filing ties the cash specifically to preferred dividends and interest payments on debt.

MicroStrategy’s preferred instruments carry coupons up to 11.5 percent, and payouts on its STRC preferred shifted from monthly to semi-monthly earlier this year. In late May the company sold 32 Bitcoin to cover a dividend payment, its first crypto sale since 2022.

After the June purchases, MicroStrategy holds 846,842 Bitcoin at a blended cost of $75,656 per coin, equal to about $64.07 billion on its books. Bitcoin traded near $66,230 on June 15, leaving MicroStrategy’s average entry price above the market. The company reported an unrealized loss of $14.5 billion in the first quarter.

The recent use of common stock to raise funds increases the number of shares outstanding and can dilute existing holders. MicroStrategy still has a large common-stock program authorized in March with capacity of about $21 billion.

Analyst Quinn Thompson calculates MicroStrategy’s stock is trading at roughly 0.8 times the net value of its Bitcoin holdings. Founder and executive chairman Michael Saylor posted “Still adding dots” on June 14 after the purchase.

MicroStrategy began buying Bitcoin in August 2020 and has continued purchases intermittently since then. Over the past year the company often relied on high-yield preferred issues such as STRC to fund Bitcoin acquisitions; the most recent activity shows common equity was the funding source used while the share price remained under pressure.

Whether additional purchases will change the gap between MicroStrategy’s book cost per coin and market prices will depend on future Bitcoin price movements.