MicroStrategy Raises $209M via Share Sales, Buys $100M of Bitcoin

MicroStrategy disclosed it purchased 1,587 Bitcoin for $100 million between June 8 and June 14, paying an average price of $63,024 per coin. To finance the acquisition, the company sold $209 million of common stock, more than double the amount deployed into Bitcoin. MicroStrategy directed the remaining proceeds to a US dollar cash reserve earmarked for preferred dividends and debt servicing rather than additional BTC purchases. The company said it raised the $209 million by selling 1,732,553 MSTR shares through its at-the-market program and did not draw on any preferred stock facilities during the period. The move contrasts with its recent reliance on higher-yield preferred issuances, including STRC, to fund Bitcoin buying over much of the past year. MicroStrategy still has substantial fundraising capacity, including a $21 billion common-stock program approved in March. Issuing common shares increases dilution for existing shareholders and indicates that equity issuance remained the most available financing channel while the stock price faced pressure. MicroStrategy began accumulating Bitcoin in August 2020 and has largely continued without interruption. Alongside the latest purchase, the company increased its dollar reserve to $1.1 billion. In its filing, MicroStrategy linked the reserve directly to preferred dividend payments and interest on debt. The reserve was established in December 2025 as a buffer for those obligations. The payments are sizeable. MicroStrategy has preferred shares with coupons as high as 11.5%, and STRC distributions recently shifted from monthly to semi-monthly. In late May, the company executed its first Bitcoin sale since 2022, selling 32 BTC to fund a dividend. MicroStrategy now holds 846,842 Bitcoin at a blended cost basis of $75,656 per coin, totaling roughly $64.07 billion. Bitcoin traded around $66,230 on June 15, up nearly 3% on the day, leaving MicroStrategy's average entry price above the market even after the recent buy near $63,024. The company previously reported a first-quarter unrealized loss of $14.5 billion. The valuation gap has also shown up in MicroStrategy's stock. Analyst Quinn Thompson said MSTR trades at about 0.8 times the net value of its Bitcoin holdings, a level that challenges the leverage-driven funding model. Executive Chairman Michael Saylor indicated the company remains committed, posting "Still adding dots" on June 14. The extent to which additional buying narrows the gap will depend on Bitcoin's next move.