On June 15, 2026, Strategy CEO Michael Saylor confirmed that the company purchased 1,587 bitcoins at an average price of $63,024 per coin, for a total value of approximately $100 million. According to an 8-K filing submitted to the U.S. Securities and Exchange Commission, the acquisition was completed between June 8 and June 14.
The funds for this purchase came from the sale of MSTR stock. During this period, the company raised approximately $209 million by selling 1.73 million shares of Class A common stock. Of this, about $100 million was used to buy bitcoin, and another roughly $100 million was injected into the dollar reserve, bringing the company’s total dollar reserves to about $1.1 billion.
After completing this additional buy, Strategy’s total bitcoin holdings increased from 843,706 to 846,842. To date, the company has spent approximately $64.07 billion to purchase bitcoin, and its overall average cost basis has dipped slightly to $75,656 per coin. Based on the current bitcoin price, the total market value of this stash is approximately $56.1 billion.
Notably, the price of the latest buy ($63,024) is significantly below the company’s overall average cost ($75,656), meaning Strategy is using relatively low market prices to dilute the average cost of its overall holdings.
How Continued Accumulation Shapes Strategy’s Holding Growth Trajectory
Strategy’s accumulation pace throughout 2026 shows a high degree of regularity. In late May, the company made a small sale of 32 bitcoins to pay preferred stock dividends—marking the first disclosed bitcoin sale since 2022. However, within a week after the sale, the company immediately bought 1,550 bitcoins for approximately $101 million; the buy size was more than 48 times the sale proceeds.
Then, in the second week of June, Strategy again executed an additional buy totaling $100 million. A two-week sequence of buying $100 million per week indicates that the company adopted a systematic accumulation strategy as bitcoin prices pulled back into the $60,000 range.
On an annual basis, Strategy’s cumulative purchases since 2026 have been significantly higher than the amount of new bitcoin added to the network over the same period. The company purchased approximately 100,000 bitcoins during the year through financing rounds totaling about $7.5 billion. As of June 14, Strategy’s holdings accounted for more than 4% of the 21 million supply cap.
This scale of holdings keeps Strategy firmly in first place among publicly listed companies globally by bitcoin holdings, while maintaining an order-of-magnitude gap versus other corporate holders.
Is Ongoing BTC Yield Decline a Sign That Buying Is Diluting Shareholder Value?
Although Strategy’s absolute bitcoin holdings keep increasing, a key metric—BTC Yield—has been moving down in parallel. BTC Yield is a measure Strategy uses to track changes in the number of bitcoins held per share on an assumed fully diluted basis. The data show that BTC Yield fell from 13.0% on June 1 to 12.8% on June 8, and after the most recent buy it dropped further to 12.5%.
This has sparked market discussion around the “dilution thesis.” Critics argue that Strategy’s practice of raising funds through issuing more shares to buy bitcoin effectively dilutes existing shareholders’ equity—because the amount of bitcoin per share does not rise proportionally even as total holdings increase. Some analysis notes that after deducting debt and preferred stock, MSTR’s common stock is currently trading at about 0.8x net asset value.
Supporters, however, propose a different analytical framework. Michael Saylor distinguishes between BPS (common stock bitcoins per share, a growth metric) and CEBE BPS (a more conservative risk metric after deducting preferred obligations), arguing that long-term low-cost financing can enhance the potential returns of common stock when bitcoin’s annual return exceeds the cost of capital. Calculations by independent analysts indicate that this purchase, together with the newly added $100 million reserve, increased common shareholders’ remaining equity by the equivalent of about 3,146 bitcoins; the bitcoin exposure per share rose from 145,142 sats to 145,319 sats.
How Institutional Capital Builds a Defense Band Around $65,000
On-chain data indicate that Strategy’s continuous buys are creating a clear capital support zone in the $65,000 price range. Even though there is still short-term pressure from profit-taking, institutional spot buying is offsetting part of the risk from potential selling.
There is a logical basis for this support effect. In early June, bitcoin briefly fell to $59,200, the first time since October 2024, down from a high point over $126,000 in October 2025 by about 50%. Against this backdrop, some institutional investors expressed interest in prices around $65,000—one view suggests that institutions like bitcoin at $125,000, remain interested at $100,000, and “even more” prefer it near $65,000.
From market data, as of June 16, 2026, bitcoin on the Gate platform is trading at $66,184, up 1.0% over the past 24 hours. Bitcoin has successfully reclaimed the $65,000 level. Historically, once bitcoin retakes key support levels, it typically attracts more momentum-driven entries.
That said, it’s important to note that the firmness of the $65,000 support band still depends on multiple factors aligning. Some analysis argues that without seeing sustained ETF inflows and a clear rebound in on-chain activity, the current bounce can only be temporarily defined as an “event-driven pulse行情.”
What Does the Ongoing Decline in Exchange Bitcoin Balances Signal?
Another major trend accompanying institutional buying is the continued decline in bitcoin balances on exchanges. On-chain data show that recently more than 11,000 bitcoins (about $700 million) were withdrawn from exchanges. Data from Glassnode and Santiment indicate that selling pressure is easing, and large holders may be steadily accumulating.
Even with bitcoin prices relatively weak, exchange withdrawals remain at a high level, suggesting the market may still be absorbing supply. A decline in exchange balances means the available circulating supply is shrinking—bitcoin is moving from trading platforms to wallets held for the long term.
This trend mutually reinforces the logic behind Strategy’s ongoing accumulation. When the largest corporate holders keep buying and remove bitcoin from market circulation, seller liquidity in the market gradually tightens. Some analysis summarizes this as the resonance of three signals: bitcoin forming higher lows, ETF capital flows stabilizing, and exchange balances continuing to fall.
Can Corporate Treasury Buying Fill the Gap From ETF Outflows?
The capital structure in the 2026 bitcoin market is undergoing significant changes. In a report to clients, Bernstein noted that the incremental capital in 2025 was driven more by ETFs and corporate treasuries together, while in 2026 the structure has started to diverge—net ETF investor outflows total approximately $2.6 billion over the year, but corporate treasury buying is filling that gap.
Strategy is a core representative of this corporate treasury buying. Through ongoing equity issuance financing in 2026, the company converts capital into bitcoin holdings—effectively acting as a “buyer of last resort” in the market. Unlike ETF flows, which are easily affected by short-term market sentiment, corporate treasury purchase decisions are typically based on longer-cycle strategic considerations, so their capital characteristics are more stable.
However, the sustainability of corporate treasury buying is also constrained. Strategy’s ATM (at-the-market) equity issuance plan still has about $25.75 billion in remaining capacity. In addition, the company has also added a capital markets platform for up to $21 billion in common stock, $21 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock. These financing tools provide potential funding sources for continued bitcoin buying, but they also come with the costs of equity dilution and higher debt expenses.
Does the “Sell First, Buy Later” Operation Undermine the Long-Term “Never Sell” Narrative?
In early June 2026, news that Strategy sold 32 bitcoins briefly shook the market. This was the company’s first reported bitcoin sale in many years. Even though the amount sold was only a tiny fraction of its total holdings, what the market truly worried about was whether the “long-term hold, never sell” narrative had begun to loosen.
Saylor subsequently defended the sale, saying that bitcoin financial companies must retain the ability to sell holdings to support paying dividends to securities. Benchmark analyst Mark Palmer also believes that in the future Strategy will not rely on selling bitcoin as its primary source of funds for paying preferred stock dividends; it is more likely to continue topping up cash reserves through issuing stock.
Looking at subsequent actions, within two weeks after selling 32 bitcoins, Strategy had accumulated more than 3,100 bitcoins (1,550 in the first week of June and 1,587 in the second week). The net buy volume far exceeded the amount sold. This “sell then buy” pattern suggests the sale was more of a tactical financial management arrangement rather than a directional change to the company’s long-term bitcoin strategy.
Still, the small-scale sale did create an impact on the narrative—market trust in the absolute “never sell” phrasing was discounted to some extent. Rajiv Sawhney, head of portfolio management at Wave Digital Assets International, said the number of bitcoins Strategy sold was not large, but what the market was really concerned about was the loosening of the narrative.
Summary
In the second week of June, Strategy bought 1,587 bitcoins for $100 million, bringing total holdings to 846,842 bitcoins (846.84 thousand). It remains the top publicly listed bitcoin holder globally. The average buy price of this tranche was $63,024, below the company’s overall cost basis of $75,656, achieving a cost-dilution effect. Even though BTC Yield continues to fall to 12.5% due to equity dilution—sparking debate in the market about shareholder value being diluted—supporters argue that as long as bitcoin’s long-term returns exceed the cost of capital, this strategy can still enhance the potential returns of common stock.
On-chain data show that continuous institutional buying is building a defensive capital band around $65,000, while the ongoing decline in exchange bitcoin balances reflects a tightening trend on the supply side. Against the backdrop of approximately $2.6 billion in net ETF outflows over the year, corporate treasury buying is becoming an important force filling the funding gap. Strategy’s earlier small sale of 32 bitcoins raised concerns about loosening the “never sell” strategy narrative at the narrative level, but the subsequent net buying of more than 3,100 bitcoins over the following two weeks indicates that its long-term accumulation strategy has not changed directionally.
Frequently Asked Questions (FAQ)
Q1: What are the specific data for Strategy’s most recent buy?
Strategy bought 1,587 bitcoins at an average price of $63,024 per coin between June 8 and 14, 2026, for a total value of approximately $100 million. After the buy, total holdings reached 846,842 bitcoins; total spending was approximately $64.07 billion, and the overall average cost was $75,656 per coin.
Q2: What is BTC Yield? Why is it declining continuously?
BTC Yield is an indicator Strategy uses to measure the change in the number of bitcoins held per share on an assumed fully diluted basis. Although the company’s absolute bitcoin holdings are increasing, because equity is expanded through financing by issuing shares, the number of bitcoins corresponding to each share does not increase proportionally. As a result, BTC Yield fell from 13.0% on June 1 to 12.5% on June 15.
Q3: Has Strategy’s “never sell” strategy already changed?
In early June 2026, Strategy sold 32 bitcoins to pay preferred stock dividends—marking the first time in many years that it reported a bitcoin sale. But in the following two weeks, the company accumulated more than 3,100 bitcoins; the net buy volume far exceeded the amount sold. This sale was more of a tactical financial arrangement than a directional adjustment to its long-term strategy.
Q4: How was the $65,000 support level formed?
Institutional investors like Strategy have continued to buy as bitcoin prices pulled back into the $60,000 range, creating concentrated capital follow-through near $65,000. At the same time, factors such as the continued decline in exchange bitcoin balances and easing selling pressure jointly form the support logic for this price area.
Q5: What funding sources will Strategy use for future buys?
Strategy mainly raises funding through its ATM (at-the-market) equity issuance program. Currently, the program still has about $25.75 billion in remaining capacity. In addition, the company has also added a capital markets platform for up to $21 billion in common stock, $21 billion in STRC preferred stock, and $2.1 billion in STRK preferred stock.
