Strategy’s $101 Million Bitcoin Purchase Defies Market Rout as Liquidations Top $1.6 Billion

While a wave of forced selling erased $1.6 billion in leveraged crypto positions in the span of a few hours, the software firm formerly known as MicroStrategy quietly added to its already colossal Bitcoin stash. The contrasting moves underscore a market split: retail and speculative traders are being washed out, yet one of the largest corporate holders is doubling down.

The trigger for the chaos came from traditional finance. A US jobs report released on June 5 sent the Nasdaq 100 sliding roughly 5%, and the risk-off wave instantly flooded into cryptocurrencies. Bitcoin tumbled to $59,101 — its lowest level in nearly four months and a new year-low for the digital asset. The subsequent bounce took the price to around $62,700 in the following days, but the recovery remained fragile.

In the middle of that turmoil, Strategy announced it had purchased 1,550 Bitcoin for approximately $101 million, paying an average of just over $65,000 per coin. The company financed the acquisition by selling Class A shares, raising $181 million through the stock offering. The software company now holds a total of 845,256 Bitcoin, valued at roughly $53.9 billion at current market rates.

Should investors sell immediately? Or is it worth buying Bitcoin?

The market’s mood could hardly be more pessimistic. The Crypto Fear & Greed Index has cratered to 12 — “extreme fear” — down from 47 just a month earlier. On the prediction platform Polymarket, the implied probability that Bitcoin will trade below $50,000 at any point before the end of 2026 has climbed to a record 65%. Technical indicators reinforce the bearish tilt: the relative strength index sits near 24, deep in oversold territory, and Bitcoin is trading roughly 20% below its 200-day moving average and more than 50% below the all-time high of $126,080 set in October 2025.

Institutional capital continues to flee. US spot-Bitcoin exchange-traded funds have seen net outflows exceeding $2 billion recently, driven by lingering inflation fears, shifting expectations for Federal Reserve policy, and geopolitical tensions. Simultaneously, transfers from corporate treasury desks to exchange brokerage accounts have added further sell pressure.

On the network side, the Bitcoin mining ecosystem is cooling. Hashrate has fallen to 885 exahashes per second, reducing competition for block rewards and easing transaction fee pressure. Strategy, meanwhile, maintains a cash reserve of $1 billion to cover dividend payments and interest obligations, a buffer that allows it to act counter-cyclically.

The company’s average purchase price across all its Bitcoin holdings stands at $75,680 — well above the current spot price. By buying at $65,000, the company is effectively lowering its aggregate cost basis, exploiting the very weakness that has forced so many others to capitulate. The divergence between institutional accumulation and widespread deleveraging could set the stage for the next directional move, but for now, fear dominates the tape.

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