Strategy uses common stock sale to bolster cash reserve as STRC pressure slows Bitcoin buying

Strategy sold about 2.71 million MSTR shares between June 15 and June 21, raising $335.5 million and directing $300 million of the proceeds to its U.S. dollar reserve while spending $34.9 million on 520 Bitcoin. The move lifted the reserve to $1.4 billion and came as STRC, the company’s Variable Rate Series A Perpetual Stretch Preferred Stock, fell well below its $100 stated value, making that preferred-security market a less efficient source of funding for Bitcoin purchases. Strategy sold no preferred shares during the week, relying instead on common stock issuance to strengthen liquidity and support dividends and interest across its capital structure. The shift highlighted how Strategy can use MSTR as a backstop when demand for preferred securities weakens. STRC has about $10.5 billion in stated value outstanding and pays an annualized dividend of 11.5%, but issuing more shares below $100 would raise less cash while still adding dividend obligations based on the full stated amount. The company’s diluted share count rose to about 388.6 million from 386.1 million a week earlier, while its year-to-date BTC Yield fell to 11.8% from 13% four weeks earlier, reflecting the effect of issuing common shares with most proceeds held in cash rather than deployed into Bitcoin. Strategy said the 520-Bitcoin purchase increased its holdings to 847,363 BTC. The transaction was substantially smaller than the 1,587 Bitcoin it acquired a week earlier, underscoring how stress in STRC could slow one of the market’s largest institutional sources of Bitcoin demand. Bitwise Europe estimated Strategy has acquired about 174,300 Bitcoin this year, with roughly 96,000 of that, or 55%, financed through STRC issuance. The company still has roughly $25.4 billion of capacity under its MSTR issuance programs and $17.5 billion under STRC, though the preferred-stock channel is less likely to be used aggressively while STRC remains below its stated value.