Strategy, formerly known as MicroStrategy Inc, purchased 245 Bitcoin between June 16, 2025 and June 22, 2025, according to a filing with the US Securities and Exchange Commission (SEC).

The acquisition, valued at US$26 million, is the company’s second-smallest weekly Bitcoin purchase in over six months.

The average price paid was US$105,856 per Bitcoin.

Led by Michael Saylor, Strategy now holds about US$60 billion in Bitcoin, funded by selling preferred stock.

This marks the fourth straight week of Bitcoin purchases without selling common stock, despite criticism from figures like Jim Chanos.

Since 2020, Strategy’s stock has surged over 3,000%, while Bitcoin has gained about 1,000%.

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🔗 Source: Bloomberg

🧠 Food for thought

1️⃣ Bitcoin’s correlation with equities challenges its diversification narrative

Strategy’s ongoing Bitcoin purchases come at a time when the cryptocurrency is increasingly behaving like a tech stock rather than an independent asset class.

Research shows Bitcoin’s correlation with the Nasdaq and S&P 500 has intensified significantly, with institutional behavior increasingly influencing trading patterns1.

This correlation has practical implications: when tariffs were announced, Bitcoin dropped from $84,600 to $75,000 – a 10.5% decline that mirrored movements in technology stocks1.

Multiple studies confirm this relationship, with research documenting positive short- and long-run effects of S&P 500 returns on Bitcoin prices, suggesting a fundamental coupling of these markets2.

The institutionalization of Bitcoin has actually reduced its volatility, with annualized volatility decreasing from 95% in March 2021 to 52% in March 2025, making it more predictable but potentially less differentiated from other risk assets1.

2️⃣ Strategy’s concentrated Bitcoin approach amid market performance comparisons

Strategy’s continued Bitcoin accumulation represents a specific investment thesis that warrants comparison with alternative growth investments.

While Bitcoin delivered impressive 130% returns over the past year, several technology stocks outperformed it significantly – AppLovin returned 227.6%, NVIDIA 180.7%, and TG Therapeutics 160.1% during the same period3.

These performance differences raise questions about Strategy’s concentrated approach, especially as they’ve now purchased without selling common stock for four consecutive weeks despite the premium their shares command over their Bitcoin holdings.

The company’s stock has surged over 3,000% since beginning Bitcoin purchases in mid-2020, significantly outpacing Bitcoin’s approximately 1,000% gain during the same period – suggesting the market values Strategy’s Bitcoin-focused treasury strategy beyond the underlying asset’s performance.

This performance disparity between Strategy shares and Bitcoin itself reflects the market’s continued confidence in Michael Saylor’s treasury approach despite alternative growth investments potentially offering higher returns.

Recent Strategy developments

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