Strategy Inc. (NASDAQ:MSTR) bought 1,587 Bitcoin (CRYPTO: BTC) for $100 million last week, surging 7% in early Monday trading.

Strategy Funded Both Bitcoin And USD Reserve Through Stock Sales Alone

The purchase ran from June 8 to June 14 at an average price of $63,024 per coin, bringing total holdings to 846,842 BTC worth roughly $56 billion. 

Over the same week, Strategy raised $209 million by selling 1.73 million MSTR shares through its at-the-market program, using the proceeds to fund both the Bitcoin buy and a $100 million increase to its USD Reserve, now standing at $1.1 billion.

Notably, Strategy funded accumulation and dividend obligations entirely through equity issuance without touching its Bitcoin stack or existing cash. 

The USD Reserve, created to cover preferred dividends and debt interest, continues growing alongside Bitcoin holdings rather than being drawn down.

Schiff Says Common Shareholders Are Being Sacrificed For Preferred Holders

Peter Schiff responded immediately on X. “So that’s your new strategy? Sacrifice common shareholders with a negative Bitcoin yield to keep paying the yield on the preferreds and prop up the Bitcoin price,” he posted.

The concern is dilution. Every stock sale to fund Bitcoin purchases or preferred dividends expands the share count, reducing per-share value for existing common equity holders.

Strategy has consistently sold equity to fund operations rather than generating cash flow organically, a dynamic Schiff argues works against common shareholders over time.

MSTR Bounces Off Long-Term Trendline But $139 Remains The Gate

MSTR bounced off the long-term rising trendline from February’s lows, with the SAR at $113.27 holding firmly below price. 

Bitcoin trading above $66,000 is doing the heavy lifting. However the death cross from October 2025 remains active with the full EMA stack overhead between $139.05 and $191.08.

The 20 EMA at $139.05 has rejected price multiple times this year. Closing above it opens a path toward $148.74 then $159.38. 

Losing the trendline and SAR at $113.27 resumes the breakdown toward $100.

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