Strategy Resumes Bitcoin Buying With 520 BTC Purchase on June 22, But Market Eyes Struggling Preferred Stock

According to Barron's, Strategy (formerly MicroStrategy) purchased 520 Bitcoin on June 22 for approximately $34.9 million, at an average price of $67,068 per coin, bringing its total holdings to 847,363 BTC. However, the market's primary concern has shifted to the company's preferred stock STRC, which has become its main financing tool for Bitcoin acquisitions.

STRC fell to $82.53 last Thursday with an effective yield of 14%, market conditions that typically signal distressed debt status. Benchmark analyst Mark Palmer noted that the stock sale pressure has weighed on Strategy's overall stock price amid concerns about the sustainability of this financing mechanism.