MicroStrategy Acquires 1,587 Bitcoin for $100M While Rally Pattern Emerges
MSTR•MicroStrategy acquired 1,587 bitcoin for $100 million, boosting its corporate reserve to 846,842 BTC through preferred equity financing and cash used to close a convertible note. Bitcoin’s June breach of its P-10 support dipped 3.07% to $60,859 before rebounding to $64,056 in a setup that once preceded a 238% rally.
1. Bitcoin Acquisition
In June 2026, MicroStrategy purchased 1,587 bitcoin for $100 million, raising its corporate reserve to 846,842 BTC. The company funded the acquisition via preferred equity offerings and cash reserves previously allocated to close a convertible note.
2. Preferred Share Sales and Cash Reserves
MicroStrategy sold shares to replenish cash used for the convertible note closure and additional bitcoin purchases, prompting investor debate over potential equity dilution as its convertible preferred share price failed to recover to par on the mid-month ex-dividend date.
3. Bitcoin Technical Setup
Bitcoin breached its P-10 support threshold for two days, dipping 3.07% to $60,859 before rebounding to $64,056. This price action mirrors March 2023’s pattern that preceded a 238% rally, suggesting a compelling technical setup.
4. Institutional Demand Trends
MicroStrategy’s bitcoin accumulation has slowed alongside consecutive outflows from spot bitcoin ETFs, driving 30-day net demand growth to a record negative and raising concerns about waning institutional appetite.
