MicroStrategy's Latest Bitcoin Acquisition
On June 30, 2025, MicroStrategy (NASDAQ: MSTR) filed an 8-K form with the SEC, revealing its purchase of 4,980 BTC between June 23-29 for $531.9 million** at an average price of **$106,801 per Bitcoin. This strategic move brings their total holdings to 597,325 BTC, representing approximately 2.8% of Bitcoin's circulating supply. The company's average acquisition cost now stands at $70,982 per BTC.
"In 21 years, you'll wish you'd bought more."
— Michael Saylor (@saylor), June 29, 2025
Funding Sources: Triple ATM Pipeline
MicroStrategy financed this purchase through three existing At-The-Market (ATM) equity offering programs:
| Funding Source | Shares Sold | Amount Raised | Remaining Capacity |
|---|---|---|---|
| MSTR Common Stock | 1,354,500 | $519.5M | $18.11B |
| STRK 8% Perpetual Preferred | 276,071 | $28.9M | $20.52B |
| STRF 10% Perpetual Preferred | 284,225 | $29.7M | $1.94B |
Total raised: $578.1 million, with **$40.6B** remaining across all pipelines. These funds also covered STRK/STRF dividend payments due June 30.
Market Impact and Strategic Position
Russell Top 200 Value Index Inclusion
Bitcoin News reported MicroStrategy's addition to the Russell Top 200 Value Index, a benchmark tracking ultra-large-cap U.S. value stocks. This institutional recognition reflects growing confidence in their Bitcoin-centric strategy.
👉 Explore Bitcoin investment strategies
Stock Performance and Bitcoin Market
- MSTR YTD Performance: +34% (NASDAQ: MSTR closed at $404.23 on July 1, +5.3% daily)
- Bitcoin Price Action: BTC has traded sideways near $107K for over a week, showing consolidation before potential breakout.
Strategic Implications
The Flywheel Effect
MicroStrategy continues executing its proven cycle:
- Equity Offering → 2. BTC Purchase → 3. Stock Appreciation
This self-reinforcing model leverages Bitcoin's scarcity to drive shareholder value.
Long-Term Vision vs. Short-Term Pressures
- Advantage: Massive BTC holdings position MicroStrategy as a proxy for Bitcoin exposure.
- Challenge: 8-10% dividend yields on preferred shares create cash flow obligations, while common stock dilution concerns persist.
FAQs
Q: How does MicroStrategy's BTC accumulation affect Bitcoin's market?
A: As the largest corporate holder, their purchases reduce available supply, potentially increasing upward price pressure during bull markets.
Q: What's the significance of the Russell Index inclusion?
A: It signals institutional validation, likely attracting more index-fund investors and improving liquidity.
Q: Could MicroStrategy's strategy fail if Bitcoin declines?
A: Yes—their equity value is tightly coupled to BTC prices. However, Saylor's long-term horizon minimizes near-term volatility concerns.
👉 Learn about Bitcoin's store-of-value proposition
Looking Ahead
With 597,325 BTC (~$64B at current prices) and **$40.6B** in remaining funding capacity, MicroStrategy shows no signs of slowing its Bitcoin accumulation. As Saylor asserts, their strategy banks on Bitcoin’s long-term appreciation outweighing dilution and dividend costs.
Key Takeaways:
- MicroStrategy owns 2.8% of circulating BTC supply
- Average buy-in cost: $70,982 (51% below current prices)
- Three funding pipelines provide $40.6B for future purchases
- Institutional adoption grows via Russell Index inclusion
The company’s relentless accumulation strategy continues reshaping corporate treasury management—one satoshi at a time.