June 23, 2025 — Global Markets / Business News — MicroStrategy’s corporate treasury, now formally rebranded as Strategy, has quietly added 245 Bitcoin—approximately $26 million—to its holdings during a recent price dip tied to renewed geopolitical tensions in the Middle East. The move reiterates CEO Michael Saylor’s steadfast pledge to “buyers at the tops”—even amid turbulent macroeconomic conditions.
Bitcoin slid sharply from around $108,900 to just under $99,000 between June 16 and 20, triggered by heightened risk aversion following global geopolitical developments. MicroStrategy seized the opportunity, purchasing 245 BTC at an average price of $105,856 per coin during the week ending Sunday.
This latest tranche, disclosed via an SEC Form 8-K filing on Monday, marks the smallest monthly purchase since March—and notably follows Strategy’s historic $1 billion acquisition of 10,100 BTC just days earlier. Despite this, some analysts questioned why Strategy didn’t purchase more amid lower prices. The firm’s rationale: maintain its core strategy of “buying the top,” irrespective of Bitcoin’s ebb and flow.
Following the acquisition, Strategy reports a year-to-date (YTD) Bitcoin yield of 19.2%, a tiny 0.01% increase from its previous update and inching closer to its revised 25% yield target by year-end—up from an earlier 15% goal.
The yield metric compares the current market value of Strategy’s Bitcoin holdings to the company’s own shares, effectively measuring Bitcoin value per share. With a current average cost of $70,681 per BTC for its ~592,345 BTC stack—a total valued at over $41.9 billion—the company retains a wide margin above its cost basis.
Michael Saylor has long embraced a counterintuitive mantra: to buy at the tops, signaling unwavering confidence in Bitcoin’s long-term trajectory. He recently proclaimed on X that he’s prepared to “buy Bitcoin at $1 million a coin—probably $1 billion a day at $1 million”.
This ideology is reflected in Strategy’s consistent treasury accumulation—across 10 consecutive weeks, including the latest buy. In mid-June, Saylor reiterated his unwavering bullish outlook, forecasting a Bitcoin price of $21 million by 2046—highlighting his long-term vision even amidst current volatility.
The catalyst for Bitcoin’s recent dip was geopolitical tension in the Middle East—particularly concerns surrounding oil supply disruptions. Oil spiked 6%, equity markets wavered, and risk assets like Bitcoin took a hit. The sell-off pushed Bitcoin near six-figure losses, yet Strategy pounced .
Analysts point out that such acquisitions are a hallmark of institutional “crisis alpha” strategies—buying digital assets during macro turmoil in anticipation of upside rebounds. For Strategy, buying during geopolitical dips aligns neatly with its digital-asset hedge proposition .
The SEC’s Form 8-K reveals Strategy’s updated holdings and yield, but also highlights its issuance of convertible preferred stock—such as STRD, carrying a 10% non-cumulative dividend—to raise capital for purchases. While offering attractive yield, STRD ranks behind debt in the event of liquidation—underscoring the need to balance refinancing strategies with Bitcoin’s price outlook.
Historically, Strategy has leveraged stock issuance and convertible notes to fund its treasury. Nearly $2 billion was raised via at-the-market offerings late last year, and the firm now holds $9.5 billion in convertible debt, maturing post-2027—a structure that enables aggressive accumulation while mitigating short-term sell pressure.
Strategy’s high-profile purchases send a powerful message to markets: even amid volatility and political uncertainty, institutional investors are doubling down on Bitcoin. This corporate treasury trend continues to gain momentum, with other firms such as Sequans and Cardone Capital recently entering the stage .
These actions reinforce Bitcoin’s evolving status as a strategic asset class and a central treasury instrument. Moreover, Saylor’s unwavering confidence and transparent communication through crypto-centric channels like X helps maintain narrative consistency.
Yet, Strategy’s approach carries inherent risks:
- Leverage exposure: The firm’s heavy use of convertible debt, if paired with falling Bitcoin prices or rising rates, could pressure refinancing strategies.
- Valuation vulnerability: With micro-dips often ignored, large-scale declines below cost basis could trigger market backlash.
- Legal scrutiny: Following a recent lawsuit tied to Q1 unrealized losses, some question governance and financial transparency.
Investors should track several indicators to assess whether Strategy’s momentum and yield targets are sustainable:
- Yield Progress: Will Strategy hit its revised 25% YTD BTC yield target?
- Debt Metrics: How will future rate changes affect servicing of convertible debt and preferred issuance?
- BTC Price Reaction: Will geopolitical short-term spikes create recurring buying opportunities?
- Regulatory Developments: Watch whether increased scrutiny (e.g., investor lawsuits, SEC stance) impacts Strategy’s accumulation.
MicroStrategy’s fresh purchase of 245 BTC for $26 million amid geopolitical unease reinforces its long-term promise to “buy the top”—not merely to average cost. With over half a million Bitcoin accumulated and a strategy reliant on transparent yield metrics, the firm continues to define corporate Bitcoin treasury policy.
While the yield-gathering strategy has strengthened investor confidence, it also faces macro and financial risks—from interest rates to debt cycles. But in the eyes of Michael Saylor, these considerations pale in comparison to the transformative journey of Bitcoin—from speculative asset to institutional portfolio staple.