MicroStrategy Expands Bitcoin Holdings With $26 Million Purchase as Corporate Treasury Crypto Trend Accelerates

MicroStrategy Incorporated, operating under the name "Strategy," has added another 245 bitcoins to its massive cryptocurrency treasury, paying an average price of $105,856 per bitcoin in a transaction that underscores the company's unwavering commitment to its digital asset strategy despite current market conditions.

According to a Form 8-K filing submitted to the Securities and Exchange Commission on June 23, 2025, the Virginia-based business intelligence company completed the purchase between June 16 and June 22, spending approximately $26 million in total. This latest acquisition brings MicroStrategy's total bitcoin holdings to 592,345 BTC, representing one of the largest corporate cryptocurrency treasuries in the world.

Strategy has acquired 245 BTC for ~$26.0 million at ~$105,856 per bitcoin and has achieved BTC Yield of 19.2% YTD 2025. As of 6/22/2025, we hodl 592,345 $BTC acquired for ~$41.87 billion at ~$70,681 per bitcoin. $MSTR $STRK $STRF $STRD https://t.co/bnE0OC9kEv

— Michael Saylor (@saylor) June 23, 2025

Premium Pricing Reflects Long-Term Conviction

The purchase price of $105,856 per bitcoin represents a significant premium over MicroStrategy's cumulative average cost basis of $70,681 across its entire bitcoin portfolio. The company's aggregate investment in bitcoin now totals approximately $41.9 billion, demonstrating the scale of its commitment to the cryptocurrency as a primary treasury asset.

At current market valuations, MicroStrategy's bitcoin holdings represent approximately $60 billion in value, further cementing its position as the world's largest publicly traded corporate holder of bitcoin. The company's willingness to purchase at premium prices suggests management's confidence in bitcoin's long-term trajectory, regardless of short-term price fluctuations.

Funding Strategy Through Preferred Stock Offerings

The bitcoin purchases were financed through proceeds from MicroStrategy's at-the-market (ATM) offering programs, specifically from sales of the company's STRK and STRF preferred stock series. According to the filing, the company maintains three active ATM programs with a combined capacity of over $44 billion.

During the same period, MicroStrategy sold 166,566 shares of its 8.00% Series A Perpetual Strike Preferred Stock (STRK), generating $17.4 million in net proceeds, and 84,354 shares of its 10.00% Series A Perpetual Strife Preferred Stock (STRF), yielding $8.7 million in net proceeds. These specialized preferred stock offerings have become a key mechanism for funding the company's bitcoin acquisition strategy without diluting common shareholders.

The company's Common Stock ATM program, with $18.6 billion still available for issuance, remains unused, suggesting management's preference for funding bitcoin purchases through preferred equity instruments rather than common stock dilution.

Strategic Rationale and Performance Metrics

MicroStrategy's bitcoin strategy represents more than an opportunistic investment; it reflects a fundamental thesis about monetary policy and asset preservation. The company's leadership has consistently argued that bitcoin's programmatic scarcity and decentralized nature make it superior to traditional treasury assets, particularly in an environment of expanding money supply and currency debasement concerns.

The strategy has generated significant returns for shareholders, with the company reporting a 19.2% bitcoin yield for 2025 to date. This metric, which measures the accretive impact of bitcoin acquisitions on the company's per-share bitcoin holdings, has become a key performance indicator for investors evaluating MicroStrategy's execution of its bitcoin strategy.

Broader Corporate Treasury Transformation

MicroStrategy's approach has catalyzed a broader movement among public companies toward bitcoin treasury adoption. This trend extends beyond U.S. markets, with international corporations increasingly viewing bitcoin as a legitimate treasury asset class.

In Japan, Metaplanet has emerged as a prominent follower of the MicroStrategy playbook, accumulating 11,111 bitcoins since adopting its bitcoin treasury strategy in 2024. The company's recent acquisition of 1,111 bitcoins has positioned its holdings comparably to those of Tesla, which has maintained a more conservative approach to bitcoin treasury allocation.

Metaplanet's management has explicitly cited MicroStrategy's success as validation of the bitcoin treasury model, particularly in the context of Japan's monetary policy environment and yen weakness. The company frames its bitcoin accumulation as a hedge against currency devaluation while pursuing enhanced shareholder returns.

Global Expansion of Bitcoin Treasury Strategies

The corporate bitcoin treasury trend is gaining momentum across multiple markets. South Korean exchange operator Parataxis recently secured $18 million in funding to establish a bitcoin treasury vehicle for listing on the KOSDAQ exchange, representing the first dedicated bitcoin treasury play in the Korean market.

In the United States, healthcare company KindlyMD is pursuing a strategic merger with bitcoin investment firm Nakamoto Holdings, signaling a corporate pivot toward bitcoin treasury operations. These developments suggest growing institutional acceptance of bitcoin as a legitimate corporate treasury asset, particularly among companies seeking to differentiate their capital allocation strategies.

Market Context and Institutional Adoption

MicroStrategy's continued bitcoin accumulation occurs against a backdrop of evolving institutional cryptocurrency adoption. While bitcoin has experienced range-bound trading in recent months, corporate treasurers are increasingly evaluating cryptocurrency as a component of diversified treasury strategies.

The company's willingness to purchase bitcoin at premium prices relative to its cost basis demonstrates management's conviction that current market prices represent attractive entry points for long-term holders. This contrarian approach to market timing has characterized MicroStrategy's bitcoin strategy since its initial adoption in 2020.

Regulatory and Disclosure Framework

MicroStrategy maintains comprehensive disclosure practices around its bitcoin holdings and acquisition activities. The company operates a dedicated dashboard on its website (www.strategy.com) that provides real-time information about bitcoin purchases, holdings, and other key performance metrics.

This transparency framework serves multiple purposes: it satisfies regulatory disclosure requirements under Regulation FD, provides investors with timely access to material information, and establishes best practices for corporate bitcoin treasury disclosure that other companies are beginning to adopt.

Financial Structure and Capital Allocation

The company's sophisticated capital structure, featuring multiple classes of preferred stock with varying dividend rates and characteristics, enables flexible funding for bitcoin acquisitions while managing dilution across different investor constituencies. The 8.00% STRK shares and 10.00% STRF and STRD preferred stock series provide alternative funding sources that preserve common equity value while supporting aggressive bitcoin accumulation.

This financial engineering approach allows MicroStrategy to maintain its bitcoin acquisition pace without directly impacting common shareholders through dilution, a consideration that has become increasingly important as the company's bitcoin holdings have grown to represent the majority of its enterprise value.

Looking Forward

MicroStrategy's latest bitcoin purchase reinforces the company's position as the standard-bearer for corporate cryptocurrency treasury strategies. With substantial remaining capacity across its ATM programs and a proven track record of execution, the company appears positioned to continue its aggressive accumulation strategy.

The broader adoption of similar strategies by international corporations suggests that MicroStrategy's approach is evolving from outlier positioning to mainstream corporate finance practice. As traditional treasury assets face challenges from monetary policy uncertainty and currency volatility, bitcoin's role as a corporate treasury asset appears to be gaining institutional legitimacy.

For investors and corporate treasury professionals, MicroStrategy's continued execution of its bitcoin strategy provides a real-time case study in cryptocurrency treasury management, offering insights into both the opportunities and challenges of corporate digital asset adoption at scale.