Strategy Buys 705 More BTC To Expand Crypto Bet

The firm’s latest purchase boosts its holdings to over 580,000 BTC, affirming its aggressive crypto-first treasury strategy.

Strategy, the business intelligence firm helmed by Executive Chairman Michael Saylor, announced another bold move in its Bitcoin accumulation strategy, purchasing 705 BTC for approximately $75.1 million between May 26 and June 1, 2025. The acquisition brings the company’s total Bitcoin holdings to a staggering 580,955 BTC, cementing its position as the largest corporate holder of the digital asset worldwide.

The latest acquisition, funded through proceeds from its at-the-market (ATM) equity offerings, underscores Strategy’s unwavering commitment to a Bitcoin-centric corporate strategy. Even amid shifting market dynamics, the company continues to channel capital from equity instruments directly into Bitcoin.

Bitcoin Remains Strategy’s Core Treasury Asset

The newly acquired 705 BTC were purchased using funds raised from the sale of the company’s STRK and STRF preferred shares, each offering attractive dividend yields of 8.00% and 10.00%, respectively. The average price of Strategy’s latest Bitcoin buy is higher than its cumulative cost basis, a move that signals confidence in Bitcoin’s long-term value proposition rather than short-term speculation.

Following this acquisition, Strategy’s total investment in Bitcoin stands at approximately $40.68 billion, translating to an average purchase price of $70,023 per BTC. Notably, the firm has reported a 16.9% yield year-to-date on its Bitcoin holdings, further validating its aggressive treasury approach.

This continued expansion reaffirms Strategy’s core philosophy: deploying excess capital—including funds raised through equity markets—into Bitcoin as a strategic, long-term store of value.

ATM Offerings Power the Bitcoin Pipeline

Between May 26 and June 1, Strategy raised $74.6 million through its ATM equity programs, with $36.2 million generated from the sale of 353,511 STRK shares and $38.4 million from 374,968 STRF shares. These capital injections directly supported the company’s latest Bitcoin purchase.

Both share classes, launched earlier in the year, have rapidly gained investor interest, largely due to their high-yield profiles and the firm’s transparent strategy of reinvesting proceeds into digital assets. Despite the significant issuance to date, Strategy retains sizable capacity within these programs—$20.68 billion for STRK and $2.05 billion for STRF—suggesting further Bitcoin acquisitions are likely in the pipeline.

In line with its shareholder-friendly approach, Strategy also declared quarterly cash dividends for both share classes. STRK shareholders will receive $2.00 per share, while STRF shareholders are slated to receive approximately $2.64 per share, payable on June 30, 2025, to holders of record as of June 15. The STRF dividend includes accruals dating back to its March 25 issuance, highlighting Strategy’s commitment to maintaining shareholder value alongside its Bitcoin-first approach.

Market Context: Slowing Pace Amid Reduced MSTR Premium

Despite its latest purchase, Strategy’s overall pace of Bitcoin accumulation appears to be slowing, according to recent analysis from K33 Research. The firm disclosed a much larger buy of 4,020 BTC for $427.1 million between May 19 and May 25, but fundraising via its broader $21 billion ATM program has tapered off.

During the week of May 19–25, the company raised $348.7 million, a noticeable decline from the $705.7 million in the prior week and $1.31 billion in early May. This reduced momentum contrasts sharply with the company’s fundraising activity between November and mid-December 2024, when it averaged $2.13 billion per week.

Vetle Lunde, Head of Research at K33, attributes this deceleration to two primary factors: a shrinking premium on MSTR shares relative to the company’s Bitcoin net asset value, and growing competition among corporations entering the Bitcoin treasury space.

“The pace of ATM utilization is notably slower than the first round,” Lunde noted.

This shift may signal evolving investor sentiment or more cautious capital allocation, even as Strategy maintains its bullish stance on Bitcoin’s long-term outlook.

Strategic Reflection: Betting on a Bitcoin Future

Strategy’s continued capital deployment into Bitcoin—especially at elevated price levels—signals a deep institutional conviction in the asset’s future performance. While many companies still dabble at the margins of crypto, Strategy remains the archetype of a full-scale Bitcoin treasury model.

By transforming equity capital into digital assets at an unprecedented scale, the firm is reshaping how corporations approach balance sheet management and investment strategy. This model, once considered radical, is now becoming a benchmark for how businesses might hedge against fiat dilution and seek asymmetric upside in a maturing digital asset market.

In the face of slowed capital inflows and a narrowing MSTR premium, Strategy’s latest move sends a clear message: its commitment to Bitcoin is not opportunistic—it is foundational. With billions in dry powder remaining in its ATM programs and a clearly defined roadmap, the company appears poised to continue accumulating, even if others hesitate.

As the Bitcoin market matures and traditional institutions increase exposure, Strategy’s early and persistent positioning could serve as a template—or a cautionary tale—depending on how the crypto market evolves. For now, though, Strategy remains firmly in the driver’s seat of the corporate crypto revolution.