Strategy, the company formerly known as MicroStrategy, just added another 1,587 Bitcoin to its already massive pile. The purchase, disclosed on June 15, cost approximately $100 million at an average price of $63,024 per BTC.

That brings the company’s total stash to 846,842 BTC. To put that in perspective, that’s roughly 4% of all Bitcoin that will ever exist, sitting on the balance sheet of a single publicly traded company.

The buying machine keeps running

This latest acquisition follows a purchase announced just one week earlier on June 8, when Strategy scooped up 1,550 BTC for $101 million at an average price of $65,332 per coin. Two buys in two weeks, totaling over $200 million in fresh Bitcoin exposure.

The company has been on this trajectory since 2020, when Michael Saylor first pivoted his enterprise software firm into what is essentially a Bitcoin holding company with a software business attached. Every quarter since has followed a familiar script: raise capital through equity offerings or other instruments, buy Bitcoin, file an 8-K with the SEC, post about it on X.

Saylor, who serves as Executive Chairman, has turned the routine into something of a ritual. Each purchase announcement lands on his social media feed with clockwork regularity, functioning as both corporate disclosure and investor relations in one move.

But the pattern did break slightly earlier this month. On June 1, Strategy sold 32 BTC for $2.5 million. It was notable because it marked the company’s first Bitcoin sale since 2022.

The numbers behind the strategy

Strategy rebranded from MicroStrategy in February 2025, a name change that pretty much acknowledged what everyone already knew. The software business still exists, but Bitcoin is the main event.

The company’s mid-June filings reported Bitcoin yield metrics in the range of 9-13%. That’s the metric Strategy uses to measure how effectively its Bitcoin holdings are growing relative to diluted shares outstanding. In English: it tracks whether the company is accumulating Bitcoin faster than it’s issuing new stock to pay for it.

The funding mechanism itself has been consistent. Strategy routinely taps equity markets and various capital raising tools to finance its purchases. The company has managed to do this while maintaining significant cash reserves, avoiding the kind of liquidity crunch that would force selling into weakness.

What this means for investors

At 846,842 BTC, Strategy’s holdings dwarf every other public company’s Bitcoin position. This concentration means Strategy’s stock essentially functions as a leveraged Bitcoin ETF for investors who want amplified exposure without directly holding the asset.

The brief sale of 32 BTC on June 1 is worth watching as a potential signal. If sales become more frequent, it would represent a meaningful philosophical shift for a company that has essentially marketed itself on the promise of never selling.

The real risk remains what it’s always been: concentration. Strategy has put an extraordinary amount of its corporate value into a single, volatile asset. The 9-13% yield looks great in an uptrend, but yield metrics don’t insulate you from a 50% drawdown in the underlying asset.