Strategy Keeps Buying Bitcoin as Its $64 Billion Stockpile Falls Below Cost

A $64 billion bet that is now worth less than it cost

Strategy Inc, the Virginia company that renamed itself from MicroStrategy in 2025 and rebuilt its business around bitcoin, reported in a Form 8-K on June 22 that it now holds 847,363 bitcoin. A Form 8-K is the current report a public company files with the Securities and Exchange Commission when a material event occurs. Strategy has spent $64.10 billion building that hoard, an average of $75,651 for every coin, and that average has become its problem. Bitcoin traded near $60,000 in late June, down about 50% from the record above $126,000 it set last October. At that price the company’s coins were worth only about $51 billion, some $13 billion less than it paid. It is the kind of paper loss Strategy had rarely faced during its long buying run.

How Strategy pays for more bitcoin

Even as the price falls, Strategy keeps buying. In the week ended June 21 it added 520 bitcoin for $34.9 million, an average of $67,068 a coin, and it paid for them by selling its own stock. The company runs an at-the-market program, an arrangement that lets it sell new shares straight into the open market a little at a time rather than in a single large offering. That week it sold 2,714,839 Strategy shares, raised $335.5 million, and turned the cash into bitcoin. The loop only works while investors keep buying the stock. The filing shows Strategy still has more than $25 billion of common-share capacity left to sell under the program. It has also created four series of perpetual preferred stock, traded as STRF, STRC, STRK, and STRD, as extra ways to raise cash without selling common shares.

The strain a falling price puts on the model

The approach worked for years because Strategy shares traded well above the value of the bitcoin behind each one, so issuing stock to buy more coins added value for existing holders. That cushion has thinned. The stock has fallen sharply in 2026 and lately has traded close to the worth of its bitcoin, which leaves far less room to raise cheap money. Strategy also owes dividends on its preferred shares and interest on its debt, and to cover those bills it keeps a cash buffer it calls its USD reserve. That reserve stood at $1.4 billion as of June 21, and the company says it plans to keep refilling it as market conditions allow. Strategy pioneered the idea of a public company stockpiling bitcoin with money raised from its own shares, and it remains the largest holder by a wide margin, so investors treat its filings as a gauge for every company that later copied the trade.

What to watch

1. The funding loop. Strategy pays for new bitcoin mainly by selling its own shares. Watch whether it keeps doing so as the stock falls and raising money that way grows more expensive.

2. The cost line. Strategy paid an average of $75,651 a bitcoin. Watch whether the market price stays below that mark, which would keep the holdings worth less than the company spent.

3. The dividends and debt. Strategy owes preferred dividends and interest, backed by a $1.4 billion cash reserve. Watch whether a longer downturn forces it to lean on that buffer.