Strategy’s $105M Bitcoin Buy Brings Its Two-Week Total to 98x the Sale That Sparked Panic

Key Takeaways

• Strategy bought 1,587 BTC for $105M today at ~$66,164/coin, bringing its two-week total to 3,137 BTC bought below its $75,680 average cost, 98x the 32 BTC it sold two weeks ago
• Saylor introduced a new “Bitcoin Per Share” framework, including CEBE BPS, while sitting on a ~$10.5B unrealized loss, posting “Still adding dots” and replying “Conviction” to skeptics
• CEO Phong Le called the 32 BTC sale a one-time test, not financial pressure, while JPMorgan flagged Strategy’s $1.7B annual dividend obligations as the question that actually matters

Two weeks ago, a 32 BTC sale by Strategy triggered speculation that the company’s long-running accumulation strategy was changing. The sale was tiny relative to its overall position, but it was the first of its kind disclosed by the company in four years. Now, the picture looks very different. A fresh Bitcoin purchase by Strategy has pushed the firm’s two-week buying total to more than 3,100 BTC. This has further dwarfed the amount that caused concerns in the first place.

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Saylor’s New “Bitcoin Per Share” Metric Arrives as Strategy Sits on a $10.5B Paper Loss

Strategy revealed that it acquired 1,587 BTC for roughly $105 million at an average price of about $66,164 per coin. The purchase follows last week’s acquisition of 1,550 BTC for $101.3 million at an average price of $65,332.

Combined, the company has added 3,137 BTC in two weeks. This is well below its average purchase price of $75,680. The figure is notable because it comes shortly after Strategy sold 32 BTC for approximately $2.5 million between May 26 and May 31. This move pushed some market observers to question whether the company had begun trimming its position.

But the firm has consistently rejected that interpretation. CEO Phong Le described the sale as a one-time operational exercise designed to test internal systems and create tax-loss opportunities across Bitcoin acquired at different price levels. Speaking at BTC Prague, Michael Saylor’s Bitcoin comments echoed that view. He said the company had never promised it would never sell BTC and remained committed to accumulating the asset over the long term.

Saylor reinforced that message over the weekend when he posted Strategy’s familiar “Orange Dots” acquisition tracker with the caption “Still adding dots.” When one user asked whether the approach reflected “delusion or conviction,” Saylor responded with a single word, “Conviction.”

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New Metrics Focus on Bitcoin Backing Per Share

Amidst the latest purchases, Strategy introduced a new reporting framework centered on its Bitcoin per share metric. The company now tracks Bitcoin Per Share (BPS), BTC Yield, and Common Equity Bitcoin Equivalent Per Share (CEBE BPS). This aims to show how much Bitcoin backs each common share after accounting for debt and preferred stock obligations.

The new framework arrives at a time when Strategy is carrying an unrealized loss of roughly $10.5 billion. But Bitcoin managed to surge to a high of $66,297.61 earlier today. At press time, the king coin was trading at $66,185 following a nearly 3% rise over the past 24 hours. This is still well below the company’s average acquisition cost.

Despite the gap, Strategy continues to add to its position. MSTR’s Bitcoin holdings now stand at 846,843 BTC. This represents more than 4% of Bitcoin’s fixed 21 million supply, according to Bitcoin Treasuries. It remains the largest corporate Bitcoin treasury in the market and the biggest among the 198 public companies currently holding BTC.

Questions have shifted toward funding rather than accumulation. JPMorgan recently pointed to roughly $1.7 billion in annual dividend obligations tied to Strategy’s preferred shares. Meanwhile, Le said a forced Bitcoin sale remains an “edge case” connected to approximately $3.5 billion in preferred obligations due in 2028.

Strategy’s Bitcoin yield story remains unchanged. The 32 BTC sale that sparked concern has been followed by purchases nearly 100 times larger, made while Bitcoin trades below Strategy’s own cost basis.

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