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MicroStrategy bought 520 BTC for $35 million, raising its treasury to 847,363 BTC while issuing $335 million of new shares. See the impact on its $104 stock
MicroStrategy (NASDAQ:MSTR) bought 520 Bitcoin between June 15‑21 2026 for roughly $35 million, lifting its treasury to 847,363 BTC and leaving the stock trading around $104—a price still below the on‑balance‑sheet Bitcoin value.
| At a glance | |
|---|---|
| BTC added | 520 BTC |
| Purchase price | $67,068 per BTC (≈$35 M total) |
| Shares sold | 2.71 M shares for $335.5 M |
| Stock price | ≈$104, still below Bitcoin‑backed valuation |
The June 15‑21 acquisition was disclosed by Strategy Inc., the rebranded MicroStrategy, and valued each of the 520 coins at about $67,068, a price roughly 5% below Bitcoin’s market level of $70,000 at the time【2】. The purchase increased the company’s reported Bitcoin holdings to 847,363 BTC, a marginal rise on a massive base but enough to keep the “Bitcoin treasury” narrative alive. Simultaneously, the firm sold 2.71 million shares, generating $335.5 million in gross proceeds—far exceeding the cash outlay for the new coins【2】.
Despite the larger Bitcoin stash, MSTR’s market cap—about 351.6 million shares multiplied by a $104 price—remains near $36.5 billion, still under the $54.4 billion worth of Bitcoin it holds (based on a $64,000 BTC price)【1】. This creates a “discount” where buying the entire company would cost less than acquiring its Bitcoin assets. Short‑term traders are defending a $104 floor, while larger investors await a deeper discount, reflecting the stock’s tight coupling with Bitcoin’s price movements (30‑day correlation near 0.75 as of June 23)【1】.
Technical charts show a double‑bottom forming around $103.84, with the next resistance at $135.27 (the 0.236 Fibonacci level). Below $135.27, any rally is likely a bounce rather than a true recovery. A break below $103.84 could test $97.13 (0.382 Fibonacci) and, if breached, expose deeper support near $66.31【1】.
On‑chain data from Hyperliquid’s perpetual market indicates smart‑money wallets are net long by about $297,000, a modest position that has grown over the past week【1】. Options activity turned bullish, with the daily put‑call ratio falling from 1.11 to 0.92 between June 17 and June 23, even as the stock slipped【1】.
MicroStrategy’s dual strategy of modest Bitcoin accumulation and sizable equity issuance underscores the tension between crypto exposure and financing risk, leaving investors to watch whether the stock’s discount narrows as Bitcoin rebounds or widens under continued share dilution.
Coverage is mostly measured — 158 of 169 reports stay neutral.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 2 outlets · Jun 29, 2026 · How we report
MicroStrategy treats Bitcoin as its primary treasury asset, using a combination of equity and credit instruments to accumulate holdings while managing liquidity for corporate obligations.
While the firm has historically emphasized long-term accumulation, reports indicate that it has engaged in Bitcoin sales to strengthen dollar reserves and cover dividend payments.
The company raises capital primarily through at-the-market sales of common stock and the issuance of perpetual preferred shares.
MicroStrategy stock often mirrors the performance of Bitcoin, with both assets frequently rising or falling in tandem during market shifts.