Strategy directs bulk of $335M raise to cash over Bitcoin

**Strategy buys 520 BTC, builds $1.4B cash reserve**

Between June 15–21, Strategy Inc. accumulated 520 BTC worth $34.9M, funding the purchase entirely through sales of Class A shares under its ATM program. No preferred shares were issued for the third week in a row.

Only ~10% of the $335.5M raised via the ATM went into Bitcoin. The rest — $300M — was added to USD reserves, lifting cash holdings to $1.4B. The reserve is earmarked for preferred dividends and debt interest, covering about 21 months of obligations.

Average purchase price this week: $67,068 per BTC. Volume slowed sharply from prior weeks (1,550 BTC and 1,587 BTC), despite raising the largest ATM amount in the three-week streak.

Strategy now holds 847,363 BTC at a total cost of $64.1B, averaging $75,651 per coin. Estimated market value: $54.8B, producing unrealized losses near $9.3B.

Michael Saylor’s $44B dual-track plan — split between common equity and preferred issuance — remains active, though preferred sales are paused as STRC trades below $90, making issuance unattractive versus its $100 par.

Equity capacity under current ATM and MSTR Increase programs totals $25.4B. The cash buffer is seen as a structural risk tool, potentially preventing forced BTC sales during market stress.

BTC price fell 2.7% overnight, from >$64,000 to $62,500, with traders watching the $60,000 support level closely.

**Key figures:**
- BTC reserve: 847,363 coins
- USD reserve: $1.4B (+$300M this week)
- ATM raise: $335.5M
- Purchase volume: 520 BTC
- Unrealized loss: ~$9.3B

(SOURCE: Yahoo Finance)