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MicroStrategy bought 520 Bitcoin for $34.9 M, boosting its USD reserve by $300 M while MSTR shares fell 3.5% to $112.53.
MicroStrategy announced a $34.9 million purchase of 520 Bitcoin and a $300 million boost to its U.S. dollar reserve, funded by a $335.5 million equity raise; the news coincided with MSTR stock slipping 3.46% to $112.53【2】.
| At a glance | |
|---|---|
| Bitcoin bought | 520 BTC |
| Cash added to reserve | $300 M |
| MSTR price after news | $112.53 |
| Stock move | –3.46% |
The company raised $335.5 million through its ATM equity program, using $34.9 million of the proceeds to acquire the new Bitcoin and allocating the remainder to a USD reserve that supports dividend payments and debt service【2】. The reserve is intended to be replenished over time based on market conditions, according to the SEC filing【2】. The equity raise also underpins the company’s “self‑repairing mechanism” for its perpetual preferred stock (STRC), which is designed to halt new share issuances when the security trades below its $100 reference level, thereby limiting supply and potentially enhancing yield for existing holders【2】.
MSTR closed at $112.53, down 3.46% on the day, while the preferred stock slipped 0.46% to $88.59【2】. Despite the fresh Bitcoin addition, the stock remains priced below the net value of its Bitcoin holdings. MicroStrategy’s treasury holds roughly 845,000 BTC (about $54 billion at a $64,000 price) against a market cap of roughly $36.5 billion, creating a discount of nearly $10 billion【1】. Analysts note that the stock’s 30‑day rolling correlation with Bitcoin is now about 0.75, up from 0.40 in May, meaning MSTR price movements are tightly linked to Bitcoin’s trajectory【1】.
On‑chain data from the Hyperliquid perpetual contract shows smart‑money wallets net long the contract by about $297,000, a modest increase over the past week, while whale‑tagged wallets remain flat and public‑figure accounts are net short by roughly $180,000【1】. Options activity turned bullish, with the daily put‑call volume ratio falling from 1.11 to 0.92, indicating more call buying even as the stock declined, though open interest stayed near neutral【1】.
MicroStrategy’s latest Bitcoin purchase expands its treasury but does not close the valuation gap between its market cap and Bitcoin holdings, leaving investors to watch both the stock’s price action and the company’s financing decisions for clues on future upside.
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AI-assisted synthesis by the TrendWatcher Editorial Desk · sourced from 3 outlets · Jun 26, 2026 · How we report
MicroStrategy is a business intelligence company that provides analytics, reporting, data visualizations, and cloud-based services.
The company began purchasing Bitcoin in August 2020, initially spending $250 million followed by a $175 million purchase weeks later.
It used a combination of common stock issuances, convertible debt offerings, and preferred stock sales, raising over a billion dollars without heavily impacting its core operations.
The sale coincided with a near 20% drop in Bitcoin price over the following days, though the immediate reaction to the 32‑BTC sale was modest (~3%).
Deutsche Bank describes Bitcoin as maturing into an institutional asset but notes bearish pressures from fund flows, Fed expectations, and competing risk themes.