Bitcoin giant Strategy, the firm formerly known as MicroStrategy, just made another massive move. It snapped up 4,980 BTC last week for a cool $531.9 million, solidifying its dominance in the bitcoin treasury race and pushing its total stash past 597,000 coins.

That puts the company’s bitcoin holdings at roughly $64 billion in current market value. The buy, funded through a mix of stock and preferred share offerings, is part of its bold “42/42” campaign—an $84 billion capital blueprint to gobble up as much bitcoin as possible by 2027.

The Numbers Behind the Latest Buy

Between June 23 and June 29, Strategy acquired 4,980 BTC at an average price of $106,801 per coin. It disclosed the purchase in an SEC 8-K filing on Monday.

The company has now spent approximately $42.4 billion on bitcoin, including fees. That puts its average cost basis at $70,982 per coin. With BTC trading near $107,000 at the time of the filing, Strategy sits on nearly $21.6 billion in paper profits.

Let that sink in.

Capital Machine Still Has Fuel

The buying power didn’t come from thin air. Strategy tapped into multiple fundraising tools last week, including its traditional MSTR stock and two newer offerings: STRK and STRF perpetual preferred shares.

Here’s the breakdown:

$519.5 million from 1,354,500 MSTR shares
$28.9 million from 276,071 STRK shares
$29.7 million from 284,225 STRF shares

That haul was enough to fund the recent BTC buy outright. And there’s plenty more gas in the tank. As of June 29, Strategy still had:

Share Class	Remaining Issuance Capacity
MSTR	$18.1 billion
STRK	$20.5 billion
STRF	$1.9 billion

That’s $40.5 billion left to potentially funnel into bitcoin—nearly the market cap of Goldman Sachs.

From 21/21 to 42/42: Saylor’s Supersized Bet

The company’s original “21/21” plan aimed to raise $21 billion by 2021 to buy bitcoin. That was ambitious. But Strategy ripped that script up.

Now? It’s going even bigger with the “42/42” plan—a bid to raise $84 billion by 2027. And so far, it’s tracking well ahead of pace.

Michael Saylor, the firm’s co-founder and executive chairman, isn’t being subtle. On Sunday, he teased the buy on X (formerly Twitter) with a cryptic, “In 21 years, you’ll wish you’d bought more.” A reference to his BTC Prague keynote, where he projected bitcoin could hit $21 million per coin by 2046.

That kind of talk doesn’t exactly calm critics. But Saylor’s consistent—and loud—message is this: Bitcoin is the reserve asset of the future, and Strategy intends to own a piece big enough to matter.

Preferred Shares: A New Kind of Firepower

What’s new in Strategy’s model this year is how it’s raising the funds. MSTR has always been its go-to stock. But the newer tools—STRK and STRF—add more options, and less dilution, for investors.

The perpetual preferred shares offer steady yields, appealing to more conservative holders while freeing up capital to buy more bitcoin.

STRK and STRF weren’t part of the earlier playbook, but they’re now essential pieces of the puzzle. And investors seem to be warming up to them, slowly.

Strategy’s Influence Is Catching On

It’s not just Strategy anymore. Its moves are becoming a blueprint for others. According to public records and company reports:

Over 130 public companies now hold BTC
Trump Media, GameStop, and Tether-backed Twenty One have all joined the fray
Japanese firm Metaplanet added 1,005 BTC just this week

Even Semler Scientific and KULR are getting in on it. That’s a wide range—from politics to gaming to medtech.

Strategy set the tone. Now others are following, cautiously at first—but with increasing confidence.

Valuation Gap Grows, But So Does Conviction

Despite the firm’s bitcoin holdings being worth around $64 billion, Strategy’s market cap stands at over $105 billion. That’s a big premium. Some say it’s too big.

But analysts at Bernstein are holding firm. Their reasoning?

Strategy has minimal debt
No major repayments due before 2028
Its cost basis on bitcoin remains well below current prices

Still, not everyone’s sold. Investors wary of premium-to-NAV valuations remain on edge, especially given BTC’s volatility. One bad quarter could wipe out years of gains.

On Friday, MSTR closed slightly down at $383.88. BTC, meanwhile, ended the week up 5.6%. Monday’s pre-market? A modest 1.7% bounce for the stock.

It’s steady, not flashy—but Strategy doesn’t seem to mind.