Strategy Buys 1,550 Bitcoin at $65K While Everyone Else Was Selling
Saylor bought the dip. Total holdings hit 845,256 BTC - worth $53 billion - just weeks after Strategy's first-ever Bitcoin sale raised eyebrows across the industry.
Michael Saylor posted his Bitcoin tracker on X Sunday with the caption "A good time to add more dots." Monday morning, Strategy confirmed: 1,550 BTC purchased between June 1-7 for $101.3 million. MSTR surged 6% on the news.
This is the first meaningful buy since Strategy did something that rattled the entire Bitcoin treasury thesis - it sold Bitcoin. 32 BTC went out the door in late May at $77,135 per coin, raising $2.5 million to cover preferred stock dividends. The first net disposal in the company's history.
Two weeks later, Saylor bought back 48x that amount at a lower price.
The Numbers
The math is uncomfortable right now. With BTC at $63K and an average cost basis of $75,681, Strategy is sitting on roughly $10.7 billion in unrealized losses. That's a 16.7% drawdown on their total cost basis.
But Saylor isn't managing for this quarter. He's managing for the cycle. And buying 1,550 BTC at ~$65K lowers his blended average cost while BTC trades well below it.
The Sale That Shook People
In late May, Strategy sold 32 BTC for $2.5 million to fund preferred stock dividends. It was the first time the company had ever been a net seller. It wasn't a change in thesis - it was a cash management decision. But it broke Saylor's decade-long streak of never selling, and the narrative damage was real.
The 32-BTC sale happened at ~$77K. Two weeks later, the 1,550-BTC buy happened at ~$65K. Whether planned or not, Strategy sold high and bought low on a $12,000 swing. The net result: 1,518 more BTC in treasury and roughly $12.6 million in paper savings from the price difference.
How Strategy Funded the Buy
Strategy raised $181 million through an at-the-market (ATM) offering of 1,409,600 shares of Class A common stock. Of that, $101.3 million went to buying Bitcoin and the rest replenished the company's working capital.
The playbook hasn't changed. Strategy issues equity, buys Bitcoin. Rinse, repeat. They've been doing this since August 2020 when they first bought 21,454 BTC at $11,653. The question has always been whether diluting shareholders to buy BTC is value-accretive over time. At $126K per BTC last October, the answer was obviously yes. At $63K today with a $75K cost basis, it's more complicated.
Where This Fits in the Bitcoin Treasury Picture
Strategy alone holds 4% of all Bitcoin that will ever exist. For context, all 11 spot Bitcoin ETFs combined hold about 6%. One company - technically a software firm - holds two-thirds as much BTC as the entire ETF complex.
The Bottom Line
Saylor is buying while the market panics. He sold 32 BTC at $77K to cover dividends, then bought 1,550 BTC at $65K two weeks later. Whether that's genius or reckless depends entirely on where BTC goes from here. With a $75K average cost and BTC at $63K, Strategy is underwater. But if Bitcoin is anywhere near its October $126K high in 12-18 months, this purchase looks like buying the panic at a discount. The bear case: BTC keeps falling, Strategy's unrealized losses grow, and the equity dilution starts to bite. The bull case: Saylor just bought 1,550 BTC near a cycle bottom while retail was panic selling. We'll know which it is by year-end.
Frequently Asked Questions
How many Bitcoin does Strategy (MicroStrategy) own? As of June 9, 2026, Strategy holds 845,256 BTC with a total cost basis of $63.97 billion and an average purchase price of $75,681 per Bitcoin. This makes Strategy the largest corporate holder of Bitcoin, owning approximately 4% of all Bitcoin that will ever exist.
Did Strategy sell Bitcoin? Yes. In late May 2026, Strategy sold 32 BTC at approximately $77,135 each, raising $2.5 million to cover preferred stock dividend obligations. It was the company's first-ever net Bitcoin disposal. Two weeks later, Strategy purchased 1,550 BTC at approximately $65,000 each.
How does Strategy fund its Bitcoin purchases? Strategy primarily uses at-the-market (ATM) stock offerings. For this purchase, it raised $181 million by selling 1.41 million shares of Class A common stock, using $101.3 million to buy Bitcoin and the rest for working capital. The company also uses convertible notes and preferred stock offerings.
Is Strategy making money on its Bitcoin? Not right now. With an average cost of $75,681 and BTC trading around $63,000, Strategy is sitting on approximately $10.7 billion in unrealized losses (about -16.7%). However, Strategy's thesis is long-term: it has held through multiple drawdowns since its first purchase in August 2020 at $11,653.
How much of the total Bitcoin supply does Strategy control? Strategy holds 845,256 BTC out of approximately 21 million total supply (the hard cap), representing about 4.03%. For comparison, all 11 spot Bitcoin ETFs combined hold roughly 1.277 million BTC (~6.08% of supply).
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NOT INVESTMENT ADVICE. This article discusses Bitcoin, digital assets, and publicly traded securities. Nothing in this piece constitutes a recommendation to buy or sell any asset. All investments carry substantial risk of loss. Do your own research.
Sean Ristau | @SeanRistau | 21Rates / The Daily Stack
