Strategy Controls 75% of Public Company Bitcoin Holdings

Published by James Harris on June 16, 2026June 16, 2026

Strategy bought 1,587 BTC last week for roughly $100 million, becoming the only tracked public company to purchase Bitcoin during that period. According to its latest 8-K filing, the purchase was made at an average price of $63,024 per coin, lifting total holdings to 846,842 BTC.

The more telling detail is not what Strategy did, but what everyone else did not. SoSoValue data shows tracked public companies made approximately $100 million in net Bitcoin purchases for the week, with Strategy accounting for the entire amount. Metaplanet, previously one of the more consistent accumulators outside of Strategy, has not made a new purchase in two consecutive months. The concentration problem this creates is significant: Strategy now controls roughly 75% of the approximately 1.12 million BTC held across all tracked public companies, which represents about 5.6% of circulating supply. The corporate buyer concentration that institutional Bitcoin pitches tend to gloss over is becoming harder to ignore when one company is effectively the entire category.

Strategy’s average acquisition cost sits at $75,656 per coin. At recent prices, that implies an unrealized loss of roughly $8 billion.

That gap matters because of how Strategy funds itself. The company raised $209 million last week through its at-the-market stock program, deploying $100 million into Bitcoin and holding the rest as cash reserves, which stood at $1.1 billion as of June 14. STRC, its variable-rate preferred stock paying an annualized 11.5% dividend, has traded below par since mid-May and has not been used for Bitcoin acquisitions in the past month. Shareholders voted last week to shift STRC dividend payments from monthly to twice-monthly, a structural adjustment aimed at stabilizing the instrument’s price. As JPMorgan analysts noted, Strategy needs to build larger dollar reserves to reassure investors, and the current $1.1 billion is estimated to cover roughly six months of dividend and interest obligations.

The bind is structural. Sygnum Bank analysts pointed out that Strategy could technically meet its preferred dividend obligations by selling a portion of its Bitcoin, but doing so would undermine the core premise that justifies the stock’s premium over its net asset value. Strategy’s equity trades at a premium precisely because the market treats it as a pure Bitcoin accumulation vehicle. The moment it becomes a treasury that sells Bitcoin to service debt, that premium compresses. The corporate treasury model has not yet been stress-tested at scale through a prolonged drawdown, and Strategy is now the test case.

Strategy still has $25.7 billion in MSTR shares available under its existing at-the-market program, plus remaining preferred stock capacity across several instruments. CEO Michael Saylor signaled the purchase in advance by posting a chart of the company’s Bitcoin buys with the phrase “Still adding dots,” consistent with his pattern before Monday disclosure filings.