Two weeks after disclosing its first Bitcoin sale since 2022, Strategy Inc purchased 1,550 BTC for approximately $101 million between June 1 and June 7. The company reported an average cost basis of $65,332 per coin — meaningfully below the price at which the earlier 32 BTC were sold.
Reading the sequence
The sale funded a dividend obligation on the STRC preferred shares. The subsequent purchase re‑applied the operating cash generated by the ongoing at‑the‑market equity program. Read together, the two transactions do not indicate a change in accumulation posture — they demonstrate that Strategy is willing to use small BTC sales as a cash‑management tool while continuing to add on the way through.
The buy also arrived into weakness. Bitcoin had broken $62,000 support on June 5 and liquidations across leveraged longs reached $1.5 billion in a single day, per exchange data cited by CoinDesk and Bloomberg.
What to watch next
The relevant question is not whether Strategy sells, but whether the average purchase price of the following quarter falls below the average sale price. If it does, the “Bitcoin per share” framing is validated. If not, the narrative that Strategy simply never sells will keep taking damage.
