Strategy is increasing its reserves again: +1,587 BTC for $100 million, total portfolio reaches 846,842 BTC
Strategy continues to aggressively accumulate bitcoins, despite market volatility. Between June 8 and 14, the firm purchased 1,587 BTC for $100 million, paying an average of $63,024 per coin. This is another step in the long-term strategy of institutional accumulation of the first cryptocurrency.
After the transaction, Strategy's total bitcoin reserves reached 846,842 BTC. The market value of the portfolio is estimated at $56.6 billion, accounting for about 4% of the total bitcoin supply. The company continues to hold the status of the largest public holder of the digital asset.
To finance the purchase, Strategy used proceeds from the sale of its own Class A shares. Under the current issuance program, the firm sold securities worth $209 million, while it still has the ability to sell shares for an additional $25.75 billion. Additionally, the company increased its dollar reserves from $1 billion to $1.1 billion, indicating the maintenance of high liquidity.
However, not all experts share the optimism regarding the accumulation strategy. Analysts at Sygnum Bank highlight potential risks: previously, Strategy promised not to sell bitcoins, but now it is possible that the company may use them to secure payments on preferred shares. This creates a precedent — the value of the firm's securities is directly tied to the long-term performance of the first cryptocurrency, which increases volatility for investors.
Recall that earlier Strategy had already made its first small sale of 32 BTC in several years, sparking discussions about a possible change in strategy. So far, this is an isolated case, but the market is closely watching every move the company makes.
My comment: Strategy's actions are a classic example of institutional DCA (dollar-cost averaging) using debt leverage through shares. However, the sale of even a small volume of BTC could be a signal that the company is beginning to diversify its approach to reserve management. If this trend continues, we may see more active use of bitcoin as a tool for raising capital, rather than just as a store of value. For now, the portfolio remains one of the largest in the world, and its influence on the market will only grow.