MicroStrategy Leads Bitcoin Buying Spree with $786 Million Purchase Ranking as Top Institutional Conviction

On June 6, 2025, MicroStrategy (MSTR) saw a trading volume of $3.51 billion, marking a 21.6% decrease from the previous day. The stock price rose by 1.54%.

MicroStrategy has once again positioned itself at the forefront of institutional Bitcoin conviction with its latest purchase in June 2025. The company acquired 11,931 BTC for approximately $786 million in cash, executed at an average price of $65,883 per coin. This acquisition brings MicroStrategy's total Bitcoin holdings to 226,331 BTC, valued at nearly $14.9 billion. This level of exposure transforms MicroStrategy from a business intelligence company into a high-beta Bitcoin ETF in corporate form, albeit without management fees but with substantial risk from capital markets volatility and dilution.

MicroStrategy raised the necessary cash for this significant purchase through an $800 million convertible senior notes offering due in 2032, with a 2.25% coupon and a 35% conversion premium over MSTR’s then-price of $1,497. By issuing new debt at relatively favorable terms, MicroStrategy continues to leverage fiat capital to accumulate hard assets, betting that long-term BTC appreciation will outpace interest obligations and dilution pressure.

Chairman Michael Saylor has not sold a single share, reinforcing his long-term commitment to Bitcoin as a balance sheet reserve. Instead, MicroStrategy continues to fund BTC buys via debt issuance and ATM (at-the-market) equity programs. In Q1 2025 alone, the company sold $1.2 billion in equity under its $2 billion ATM program. The remaining firepower from this facility, combined with strong investor appetite for BTC-exposed equities, gives MSTR a deep well of liquidity.

However, this aggressive issuance is not without consequences. Share count dilution now exceeds 55% since 2020. Still, management appears willing to accept this trade-off, calculating that NAV appreciation per share from BTC price increases will more than offset share count expansion—especially with Bitcoin near $66,000 and eyeing a push toward $70,000.

MicroStrategy shares have found major resistance around the $1,600 level, with the 200-day moving average sitting lower around $1,220. Short-term support holds at $1,420–$1,450, a zone repeatedly tested during recent BTC volatility. If BTC convincingly breaches $70,000 and heads toward new highs, MSTR could see a breakout above $1,700 and potentially revisit its 2021 all-time high above $1,900. But if BTC fails at the current level and drops below $60,000, MSTR risks a fast decline back to the $1,200 support line. Given the heavy equity issuance and leverage, this is a two-sided bet with asymmetric exposure to BTC price. RSI levels are moderately elevated, showing increased bullish participation but not yet overbought. Volume has picked up alongside the June BTC purchases, suggesting institutional accumulation is underway.

MicroStrategy’s strategy remains highly sensitive to macro policy. If the Federal Reserve signals rate cuts in Q3 or Q4, as currently priced in by futures markets, BTC could rally sharply—strengthening MSTR’s book value and market sentiment. On the other hand, any shift to prolonged restrictive policy or regulatory crackdown on Bitcoin ETFs or custody could destabilize MicroStrategy’s positioning.

MicroStrategy is not a traditional tech company anymore. It is a high-conviction BTC accumulation engine wrapped in a public equity wrapper. With 226,331 BTC on the books, every $1,000 move in Bitcoin translates into roughly $226 million in embedded portfolio delta. While fundamentals such as revenue from software remain steady but minor, the real valuation question is tied to Bitcoin’s trajectory. If BTC hits $100,000 in the next 12 months, MSTR shares could easily climb past $2,200 due to NAV premium and investor momentum. But if BTC falls to $45,000, the dilution and debt could weigh MSTR down to sub-$1,000 territory fast.