Strategy funded a 10,100-bitcoin purchase with preferred stock

MicroStrategy Incorporated, doing business as Strategy, disclosed on June 16, 2025 that it had acquired 10,100 bitcoin for $1.0512 billion during the seven-day period from June 9 through June 15. The company reported an average purchase price of $104,080 per bitcoin, inclusive of fees and expenses.

The acquisition lifted Strategy’s holdings to 592,100 BTC as of June 15. Its aggregate purchase cost stood at $41.8415 billion, with an average cost of $70,666 per bitcoin, also including fees and expenses. Those are company-reported acquisition figures in a Form 8-K, not an independent valuation of the holdings on June 16.

Preferred stock became bitcoin funding

The filing tied the purchases to proceeds from three preferred-stock channels: the STRK at-the-market program, the STRF at-the-market program and the completed STRD offering. During June 9 through June 15, Strategy said it sold 452,487 STRK shares for $48.4 million in net proceeds and 286,101 STRF shares for $30.0 million in net proceeds. It reported no common-stock sales during that window.

The larger component came from STRD. Strategy had completed the public offering on June 10, selling 11,764,700 shares of its 10% Series A Perpetual Stride Preferred Stock at $85 per share. The company expected approximately $979.7 million of net proceeds after underwriting discounts, commissions and estimated offering expenses.

Adding the disclosed preferred-stock net proceeds gives approximately $1.0581 billion. That total closely matches, but is not identical to, the $1.0512 billion aggregate bitcoin purchase cost. The filing says the three preferred-stock sources funded the purchases; it does not provide a coin-by-coin allocation among them.

Why the structure mattered

The consequential development was not simply another corporate treasury purchase. Strategy demonstrated that it could convert demand for several classes of perpetual preferred equity into more than $1 billion of bitcoin within one reporting week, without selling common shares in that same window.

That structure widened the company’s capital-raising toolkit. STRK, STRF and STRD carried different economic terms, but each placed a preferred claim ahead of common equity and introduced potential recurring dividend commitments. For bitcoin markets, the immediate significance was a large, disclosed source of demand. For Strategy investors, the transaction also increased the company’s exposure to bitcoin while adding financing commitments that had to be considered separately from the asset purchase itself.

The scale was material even against Strategy’s existing position. Subtracting the acquisition from the resulting balance implies prior holdings of 582,000 BTC. The 10,100 BTC addition therefore increased the reported coin count by approximately 1.7%. That percentage is Coinburn’s calculation from the filing, not a metric stated by the company.

What the record establishes

The SEC filing establishes the announcement date, purchase window, acquisition cost, average purchase price, resulting holdings and named financing sources. A contemporaneous Strategy publication and same-day industry reporting independently repeat the central disclosure.

The record does not establish where the bitcoin was bought, the execution times, the trading venues, the custodians receiving the assets or whether the purchases affected the market price. It also does not disclose individual transactions or public wallet addresses that would permit an independent on-chain reconciliation.

No daily bitcoin return, intraday high, low or closing price is asserted here. The $104,080 figure is Strategy’s average acquisition cost for its own purchases from June 9 through June 15, inclusive of fees and expenses; it is not a June 16 spot-market benchmark. The defensible conclusion for June 16, 2025 is narrower: Strategy had turned an expanded preferred-stock financing stack into a 10,100 BTC addition and reported a 592,100 BTC treasury.