Michael Saylor’s Strategy bought 1,587 bitcoin for about $100 million last week, its first purchase disclosed since the firm broke a multi-year buying streak with a small sale in late May. The latest coins came in well below the average price Strategy has paid to build the largest corporate bitcoin treasury.

Strategy acquired the bitcoin between June 8 and June 14 at an average price of $63,024 a coin, according to an 8-K filing submitted on Monday and echoed in a post from executive chairman Saylor on X. That lifts holdings to 846,842 BTC bought for a cumulative $64.07 billion, an average of $75,656 each. The purchases were funded by selling 1,732,553 MSTR shares for roughly $209 million in net proceeds, and the company added $100 million to its USD reserve, taking that balance to $1.1 billion.

The week’s average entry price sits about 17% below Strategy’s blended cost basis. Bitcoin traded around $66,474 on Monday, up roughly 4% on the day, per CoinGecko, leaving the firm’s 846,842-coin position worth about $56.3 billion against the $64.07 billion it has spent. The stack is close to break-even on a mark-to-market basis after a spring drawdown that pushed the coin under $63,000.

Buying below the blended cost is a shift from much of the past two years, when Strategy added coins at prices above its running average and the treasury sat comfortably in the money. Last week’s tranche of 1,550 BTC went in at about $65,000 a coin, also under the blended cost, marking a second straight week of below-average accumulation as bitcoin churned in the low $60,000s.

A Buyer Again

The purchase resumes a cadence that briefly faltered. Strategy sold 32 bitcoin for $2.5 million in late May to fund a dividend on its STRC preferred stock, its first disclosed disposal since a December 2022 tax-loss harvest. The company then bought 1,550 BTC for $101.3 million the following week, restoring the weekly accumulation pattern that has defined the treasury since 2020.

This week’s $100 million tranche keeps that rhythm intact. The buy was again funded through the firm’s at-the-market equity program, the mechanism Strategy uses to convert MSTR share sales into bitcoin.

Strategy remains the largest corporate holder by a wide margin. Its 846,842 coins are nearly 20 times the roughly 43,500 held by the next-biggest treasury, per CoinGecko’s public-company tracker. The position represents about 4% of bitcoin’s fixed 21 million supply.

The Cost-Basis Squeeze

Bitcoin’s slide this year has pushed Strategy’s treasury below its average cost. At a blended cost of $75,656 a coin and a spot price near $66,000, the company’s 846,842 BTC carry an unrealized loss of about $8 billion in aggregate, roughly 13% under cost. The position was modestly in the money as recently as early May, when bitcoin traded near $78,000.

That arithmetic has rippled into instruments built on top of the treasury. Apyx Finance’s apxUSD stablecoin slipped to $0.94 earlier this month as bitcoin fell toward $63,000, a peg break that traced through the STRC preferred shares backing the token. The late-May sale itself became the subject of a disputed Polymarket contract over whether Strategy had offloaded any coins by month-end.

Late May also saw Saylor say the firm had purchased bonds alongside its bitcoin position. This week’s disclosure puts the spending back into bitcoin, funded through equity issuance via the at-the-market program. That financing route ties the pace of accumulation directly to MSTR’s share price and trading volume.