Bitcoin Is Falling—Strategy Just Spent $2.1 Billion on BTC

Bitcoin’s price may be falling as markets digest U.S. President Donald Trump’s renewed push for Greenland, but Strategy just notched one of its largest purchases within the past year.

Although the largest corporate holder of Bitcoin has stepped up to the plate in recent weeks, its recent purchase of 22,300 Bitcoin for $2.1 billion represents its biggest swing in more than nine months, as the asset’s price wavers around the $90,000 mark, according to CoinGecko.

After Trump threatened to impose tariffs on European nations standing in opposition to his efforts to take control of Greenland, Bitcoin fell from $95,000 on Friday, with the asset showing a 2.0% decrease over the past week. Over that period of time, the asset climbed as high as $97,500.

Strategy’s shares changed hands around $161, dropping more than 7% compared to Friday’s close, while entering negative territory on the month, according to Yahoo Finance. Strategy’s stock price had been battered over the past six months, with shares sliding more than 60%.

Strategy’s latest purchase was financed primarily by issuing common stock, accounting for 77% of the funds it raised. The company also took in nearly $300 million by selling preferred shares, including STRC, a product which Strategy co-founder and Executive Chairman Michael Saylor has marketed as a superior alternative to a savings account for retirees.

Strategy’s preferred shares entail dividend payments, and the company started stockpiling cash last year to address concerns that it might eventually not be able to make payments on the products, which it steadily embraced as an alternative source of funding last year.

The company did not add to its so-called USD Reserve within the past week. Strategy rather spent $300,000 more on Bitcoin than it raised, suggesting that the Bitcoin-buying firm dipped into its pockets. The company currently holds $2.2 billion in cash, according to its website.

On Myriad, a prediction market owned by Decrypt’s parent company, Dastan, traders penciled in a 24% chance on Tuesday that Strategy sells Bitcoin this year.

Within the past week, Saylor has shined a spotlight on STRC, which is designed to trade near its $100 par value, while paying a variable-rate dividend that’s currently 11%. When STRC trades above $100, the company can sell more STRC shares to keep its price in line.

On Friday, Saylor posted a screenshot to X of STC trading at $100.04, describing it as “probably nothing.” STRC’s price fell as low as $90.52 in November, according to Yahoo Finance.

Saylor has described STRC as the company’s iPhone moment, arguing that the product has broad appeal and the potential to be a game-changer in corporate finance. STRC is short for “Short Duration High Yield Credit” and is ranked senior to Strategy’s common equity.

At the same time, Saylor highlighted SATA from Strive, a similar type of preferred share that the asset manager unveiled in December. CEO Matt Cole said on X last week that the company had purchased 12,800 Bitcoin since inception, a sum that’s currently worth $1.1 billion.

“The word of the day is PAR,” Cole said, while sharing a screenshot of SATA, while observing “insatiable demand for digital credit.”