Strategy Bought $35M in Bitcoin Last Week — and Stashed $300M in Cash
Strategy's latest bitcoin purchase in 2026 added only 520 BTC worth $35 million — but the headline number is misleading. The real signal is the $300 million cash cushion the company quietly built alongside it, and what that says about the health of its STRC preferred stock. The post Strategy Bought $35M in Bitcoin Last Week — and Stashed $300M in Cash appeared first on Memeburn.
Strategy Bought $35M in Bitcoin Last Week — and Stashed $300M in Cash
- 25 June 2026
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Strategy's latest bitcoin purchase in 2026 added only 520 BTC worth $35 million — but the headline number is misleading. The real signal is the $300 million cash cushion the company quietly built alongside it, and what that says about the health of its STRC preferred stock.
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TL;DR
- Strategy sold 2.7 million MSTR shares last week, raising $335.5 million in total.
- It used $35 million to buy 520 bitcoin at $67,068 each, lifting total holdings to 847,363 BTC.
- The other $300 million went to cash — bringing Strategy's liquidity buffer to $1.4 billion.
- The cash build is a direct response to investor panic around STRC, which crashed below $83 in mid-June.
- STRC has bounced to around $90 — still well below its $100 target — and preferred share issuance remains paused.
Strategy — the company formerly known as MicroStrategy — just posted one of its smallest bitcoin buys in months. But the $35 million purchase isn’t really the story. The $300 million cash reserve that came with it is. Here’s what happened, why it matters, and what it signals about the state of Michael Saylor’s bitcoin machine in mid-2026.
The Numbers: What Strategy Actually Did Last Week
Between June 15 and June 21, 2026, Strategy sold roughly 2.7 million shares of its Class A common stock (Nasdaq: MSTR) through its at-the-market (ATM) offering program, according to an SEC filing submitted Monday morning.
The proceeds: $335.5 million. How that money got split says everything.
- $34.9 million went to buy 520 bitcoin at an average price of $67,068 per coin.
- $300 million went to cash, bringing total reserves to $1.4 billion.
That 9:1 ratio — cash over bitcoin — is unusual for Strategy. The company has spent two years buying as much BTC as possible. It now holds 847,363 BTC in total. The cumulative cost: $64.1 billion, at an average of $75,651 per coin.
Why So Much Cash?
The cash pile isn’t random. It’s a direct answer to a problem building for weeks.
Strategy’s STRC preferred stock hit a record intraday low of $82.53 on June 18, now recovered to around $88. That’s down over 17% from its $100 target. Investors panicked. Volume spiked. And Strategy paused new STRC share issuance — the mechanism it uses to raise capital for bitcoin purchases.
How the Flywheel Works (and Why It Broke)
STRC — formally the Variable Rate Series A Perpetual Stretch Preferred Stock — is a high-yield instrument paying a variable annual rate of around 11.5–12.9%. It trades on Nasdaq. When it trades near $100, Strategy issues new STRC shares, collects the proceeds, and buys bitcoin. Bitcoin rises, Strategy’s balance sheet grows, investors feel good, the cycle repeats.
When STRC trades below $100, that issuance pipeline freezes. And so does the bitcoin buying.
Weaker bitcoin prices spooked investors. Then Strategy’sfirst bitcoin sale since 2022 — a $2.5M disposal in early June to cover dividends — made things worse. Leverage concerns piled on. The result: STRC in freefall.
What $1.4B in Cash Actually Buys
By building a $1.4 billion cash reserve, Strategy is telling STRC investors something specific: we can cover your dividends without touching bitcoin. The company declared a semi-monthly STRC dividend of $0.479 per share for June 30. With $1.4B on hand, it can keep paying that — even if BTC price stays soft for months.
What This Means for the Bitcoin Buy
Let’s be real: 520 BTC is a rounding error for a company holding nearly 850,000 coins. In early 2026, Strategy routinely bought tens of thousands per week. The pullback reflects current conditions. Bitcoin sits just under $65,000. MSTR stock has retreated sharply. And the preferred share program remains paused.
One detail stands out: Strategy sold zero shares of STRC, STRD, STRK, or STRF last week. All $335.5 million came from common stock. That tells us two things clearly.
- Strategy is still buying bitcoin — even in small amounts — keeping the signal alive.
- Financial stability is the priority now, not aggressive BTC accumulation.
TD Cowen maintained a Buy rating on MSTR this week with a $400 price target. The firm described Strategy as evolving from a leveraged bitcoin proxy into a bitcoin capital-markets platform. In soft markets, rebuilding reserves comes first.
Where STRC Stands Now
STRC has bounced from its record low. It was trading around $90.43 on Monday morning — up about 2% on the day. But it’s still well below the $100 par value Saylor targeted.
MSTR common stock rose 3.5% Monday, tracking bitcoin’s recovery to just under $65,000.
The $1.4 billion cash position gives Strategy a clear runway for near-term STRC dividends — no bitcoin selling required. That’s the stabilization story Saylor wants the market to believe. Whether investors buy back in depends on bitcoin’s price trajectory. And whether STRC can recover to $100 without a sustained rally doing all the heavy lifting.
FAQs
What is Strategy’s ATM offering program and how does it work?
An at-the-market (ATM) offering lets a public company sell new shares directly into the market at current prices. No fixed price, no large block — shares drip out gradually. Strategy uses this program to raise capital incrementally for bitcoin purchases. It’s one of the core mechanics behind the company’s bitcoin treasury strategy.
What does “par value” mean for a preferred stock like STRC?
Par value is the stated face value of a preferred share. For STRC, that’s $100. When it trades above par, Strategy can issue new shares and raise more capital. When it trades below par, that issuance stops being economical. The $100 level is effectively the on/off switch for Strategy’s bitcoin-buying flywheel.
How does Bitcoin’s price affect STRC’s dividend rate?
STRC’s dividend is variable and set monthly by Strategy’s board. It started at 9% in August 2025 and climbed to 11.5% by early 2026. If Bitcoin falls sharply, Strategy’s balance sheet weakens. Investors may then demand an even higher dividend rate — or they sell. That’s the doom loop critics like Peter Schiff have flagged. Our full report on the STRC crash walks through this dynamic in detail.
Has Strategy sold Bitcoin before to cover its obligations?
Yes — in early June 2026, Strategy sold 32 BTC for roughly $2.5 million, according to CoinDesk. The proceeds funded STRC dividend payments. That was its first bitcoin sale since December 2022. The market reaction was outsized. Investors read it as a signal that the bitcoin reserve isn’t entirely untouchable — and that spooked them.
What happens if STRC remains below $100 for an extended period?
Strategy can’t raise cheap capital through preferred share issuance. Its main bitcoin-buying funding source dries up. The company falls back on common stock sales — or, in a worst-case, more bitcoin disposals. A prolonged STRC slump could meaningfully slow accumulation. It would also add pressure to MSTR’s stock price. That’s exactly why the $1.4 billion cash cushion matters right now.
Vincee Cole
Vincee Cole is a technology journalist with four years of experience covering the full spectrum of modern tech — from consumer devices, artificial intelligence, to quantum computing, blockchain, and digital assets. His reporting cuts through complexity to deliver stories that are sharp, grounded, and relevant to both general readers and industry insiders. Previously, he worked with fintech research teams across Southeast Asia, analysing how emerging technologies are reshaping financial systems at scale.
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