Strategy Buys 1,550 BTC, Rebuilds $1B Cash as Strive Adds 32 BTC Near $63K

Bitcoin News

Strive, Inc. (Nasdaq: ASST) disclosed Monday that it acquired 32 Bitcoin between June 2 and June 7 at an average cost of roughly $63,911 per coin, a total outlay near $2.1 million, according to a Form 8-K filing with the SEC. The buy lifts the Dallas-based firm's stack from 19,000 BTC to 19,032 BTC. Notably, the price marks a 14% discount to Strive's prior round, when it paid an average of $74,092 for 2,500 coins in late May. As of early June, Strive ranked seventh among public corporate Bitcoin holders globally, funding accumulation through its at-the-market equity program.

Strategy returned to accumulation, purchasing 1,550 Bitcoin for approximately $101.3 million at an average price of $65,332 per coin. The acquisition pushes the firm's treasury to 845,256 BTC, a position assembled at a blended cost of $75,680 per coin, or about $63.97 billion total. The company financed the purchase with $181 million in net proceeds from Class A common stock sales executed through its at-the-market offering during the first week of June. At current prices, the holdings carry a market value near $53.8 billion, leaving the aggregate position several billion dollars underwater on paper.

Beyond the headline buy, Strategy emphasized a rebuilt cash position rather than the Bitcoin itself. The firm restored reserves to $1 billion after depleting most of that buffer weeks earlier to repurchase debt at a discount. Last month it had slashed cash holdings by 61%, leaving thinner resources to service dividend obligations on its flagship Stretch (STRC) preferred stock, which traded near $94.72 on Monday as it climbed toward its $100 par value. Management set aside roughly $80 million from recent activity to cover dividends and debt servicing, signaling a sharper focus on balance-sheet liquidity.

The renewed buying followed Strategy's worst weekly stretch since November 2022, a slump triggered by its first Bitcoin sale in more than three years. The company parted with 32 BTC for about $2.5 million, a token amount that nonetheless shook confidence in Michael Saylor's long-term thesis and sent shares tumbling 24% over the week. Sentiment reversed on Monday: the stock jumped as much as 6.55% in pre-market trade to $126.90 once the fresh purchase hit the wire, suggesting the brief flirtation with selling did little lasting damage to the equity in a souring bear market.

The accumulation restart came after Saylor posted over the weekend that it was "a good time to add more dots," a characteristic signal ahead of the disclosure. The sale had rattled traders who warned of a potential "doom loop" should the largest corporate holder ever be forced to liquidate reserves into a falling tape. Analysts pushed back on that fear, framing Strategy's overcollateralized, liquid balance sheet as resilient through a roughly 50% drawdown and reiterating an Outperform rating with a $450 price target, an outlook that hinges on continued access to equity and debt markets rather than forced selling.

The controversy carried real price consequences. Bitcoin slid 21% in the aftermath of the sale, briefly retesting $61,000 for the first time in four months and dragging the asset to its lowest level since October 2024. Some commentators went as far as accusing Saylor of damaging the market, but on-chain analysts countered that corporate demand has structurally supported prices, arguing Bitcoin could have fallen toward $22,000 absent years of treasury accumulation. The episode underscored how concentrated holdings can amplify both upside narratives and downside fears across the broader market.

Technically, Bitcoin trades near $63,759, up about 2.85% on the day after reclaiming ground from the sub-$60,000 flush. The relative strength index sits at 28.34, deep in oversold territory and hinting at exhausted selling, though the MACD remains bearish and the broader structure stays a downtrend. Immediate resistance lines up at $64,258, then $65,869, with $71,036 the larger hurdle. Support rests at $62,854, $61,056 and $59,146. A daily candlestick close back above $64,258 would strengthen the recovery case, while a break below $59,146 would invalidate the bounce and reopen lower targets.