Track market-moving stories before they get noisy

Strategy Inc‘s (NASDAQ:MSTR) stock has flashed a Golden Cross, a bullish technical signal that could attract momentum traders back to the Bitcoin (CRYPTO: BTC) proxy.

But the chart tells a more complicated story: MSTR remains below its short-term trend line, while momentum indicators continue to lean bearish. The signal is real, but the follow-through is not yet there.

The Golden Cross Has a CatchChart created using Benzinga Pro

MSTR stock trades at around $137.18. Its 50-day simple moving average stands at $135.67, just above the 200-day average at $135.53, confirming the golden-cross setup.

The gap is narrow, however, and the stock is only modestly above both averages. More importantly, MSTR remains below its 20-day moving average of $147.40, roughly 7.5% above the current price. That level is an important near-term hurdle if the stock is to turn the longer-term bullish signal into a sustained recovery.

Momentum indicators offer little confirmation so far. The relative strength index, or RSI, was 42.89, below the neutral 50 threshold. The chart’s MACD (moving average convergence/divergence) reading was negative at -3.72, with the MACD line at 1.24 below its signal line at 4.96. Together, those readings suggest that short-term selling pressure has not fully eased.

For bulls, the golden cross is an encouraging change in trend structure, not a guarantee of an immediate rally.

Problem No. 1: Index RiskStrategy’s first challenge sits outside the chart. Potential exclusion from MSCI indexes has raised concerns about passive-fund selling, creating a possible source of pressure independent of Bitcoin’s direction.

That matters because MSTR is not simply a reflection of Bitcoin’s price. Its shares also respond to investor demand for the company’s Bitcoin-focused strategy, its financing decisions and the potential flows associated with index membership. Even if Bitcoin strengthens, index-related selling could complicate the stock’s recovery.

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Problem No. 2: The Cost of Buying BitcoinStrategy’s capital structure is another risk. The company has financed Bitcoin accumulation through equity issuance and other funding mechanisms. Selling additional shares can dilute existing shareholders, while financing obligations can affect how much Bitcoin-related upside ultimately accrues to common stockholders.

That makes the relationship between Bitcoin and MSTR more complicated than a simple one-to-one bet. A rising Bitcoin price may help the value of Strategy’s holdings, but dilution and financing costs can change the payoff for shareholders.

For investors, the takeaway is that MSTR’s golden cross is bullish, but the stock still needs to reclaim its $147.40 20-day average and show improving momentum. Until that happens, index risk and the cost of financing its Bitcoin strategy remain two reasons to be cautious.

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Photo Courtesy: Phongphan via Shutterstock.com

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Strategy (formerly known as MicroStrategy) stock MSTR fell on Friday as investors assessed the potential removal of the Bitcoin treasury company from MSCI's global equity indexes, despite a rise in Bitcoin prices.

The company also announced plans to maintain a 12% annualised dividend rate on its STRC preferred stock for November, subject to shareholder approval and related amendments taking effect.

Strategy shares declined 6% on Friday, while Bitcoin traded around $82,290, having gained more than 1.3% over the previous 24 hours.

Strategy, led by Michael Saylor, is the world's largest corporate Bitcoin holder, with 848,250 BTC.

The stock's decline highlights how factors beyond cryptocurrency prices, including index inclusion and financing costs, can influence investor sentiment towards the company.

MSCI said on Thursday that non-operating companies would be ineligible for its Global Investable Market Indexes from the close of November 30.

The index provider plans to publish the final list of affected companies on November 11.

Strategy and Japan's Metaplanet are among the companies potentially facing removal.

SharpLink and several other cryptocurrency treasury companies are on a watchlist for possible exclusion.

The policy follows a review that MSCI began last year into whether digital asset treasury companies resemble investment funds, which are already excluded from its indexes.

MSCI deferred its original proposal in January before broadening the review to cover non-operating companies more generally.

The potential exclusion matters because passive funds tracking MSCI benchmarks are required to hold constituent stocks.

Strategy previously warned that removal could lead to $2.8 billion worth of its shares being liquidated.

Strategy has disputed MSCI's proposed classification. In a statement on Friday, the company said, “We believe the proposal is misguided.”

Strategy also argued that MSCI's distinction between operating and non-operating companies was undefined and lacked a basis in US GAAP, IFRS or recognised legal frameworks.

The company said funds tracking MSCI's Global Investable Market Indexes held just 3.1% of its outstanding shares, potentially limiting the direct impact of an exclusion.

Strategy maintains 12% STRC dividend rateSeparately, Strategy's board declared daily cash dividends on its STRC preferred stock for each calendar day in November, subject to shareholder approval and the effectiveness of related amendments.

The annualised dividend rate will remain at 12%.

Strategy said management would continue recommending that rate until STRC demonstrates “sustained, healthy trading near $100 per share.”

Payments are scheduled to begin on November 2, with each dividend payable on the business day following its record date, according to a regulatory filing.

STRC is one of Strategy's key fundraising instruments for Bitcoin purchases.

Daily dividend payments could help make the preferred stock more attractive to investors and support trading around its $100 par value.

STRC was down 0.2% at $99.33.

Strategy added 250 Bitcoin for $21.5 million last week, bringing its total holdings to 848,250 BTC.

During the week ending October 4, the company repurchased $176 million worth of STRC, spending more than six times as much on the buybacks as on its $28 million in Bitcoin purchases.

The company introduced a capital framework on June 29 that allows it to sell Bitcoin to fund dividend payments.

It also raised STRC's annual dividend rate to 12% at the time.

Strategy's business model relies on raising capital through stock and debt sales to acquire Bitcoin.

While that approach has made the company a major proxy for cryptocurrency exposure in equity markets, its shares remain sensitive to financing conditions and index-related developments.

Index-related risks like MSCI’s proposed exclusion are closely watched by traders who follow stock reactions through top online trading platforms.

Strategy (formerly known as MicroStrategy) stock MSTR was in the red on Monday, reversing an early gain as Bitcoin retreated from a session high of $84,227 to $82,788.

The decline came after the company disclosed its smallest Bitcoin purchase of the year, adding 250 BTC to its holdings over the past week.

The Bitcoin treasury company acquired the cryptocurrency between October 5 and October 11 at an average price of $86,194 per Bitcoin, according to its filing with the US Securities and Exchange Commission.

The purchase was valued at approximately $21.5 million, according to the company's announcement.

The latest acquisition brings Strategy's total Bitcoin holdings to 848,250 BTC, accumulated at an average purchase price of $75,444 per coin.

The company said its holdings had cost approximately $64 billion, including fees and expenses.

The 250 BTC acquisition marks Strategy's smallest Bitcoin purchase in 2026 and its 14th-smallest overall since the company began building its Bitcoin treasury.

At current prices, the company's holdings were valued at approximately $70.6 billion.

The position represents more than 4% of Bitcoin's maximum supply of 21 million coins and implies paper gains of around $6.6 billion.

However, Strategy's latest purchase price of $86,194 per Bitcoin was above the cryptocurrency's reported trading level of $82,788 at the time of writing.

The company's accumulation strategy remains central to its business, with its growing Bitcoin holdings exposing its financial position to changes in the cryptocurrency's market value.

Strategy financed the latest Bitcoin acquisition using proceeds from the sale of its Class A common stock and cash reserves.

The company sold 125,183 MSTR shares during the week for approximately $21 million.

It used those proceeds, together with funds from its USD Cash reserves, to finance the Bitcoin purchase.

Strategy also repurchased 1,932,145 STRC preferred shares for approximately $192.4 million under its digital credit securities repurchase programme.

As of October 11, the company held $4.88 billion in its USD Reserve and another $640.5 million in USD Cash.

It also reported that approximately $354.8 million remained available under its digital credit securities repurchase programme.

Separately, around $1 billion remained available under its MSTR stock repurchase programme, according to the company's disclosure.

The company also said $18.8 billion worth of MSTR shares remained available for issuance and sale under its at-the-market stock offering programme.

These figures highlight the range of financing tools Strategy uses to manage its Bitcoin accumulation and capital structure.

TD Cowen maintains $260 price target on StrategyStrategy's latest purchase comes as analysts assess the outlook for Bitcoin and the company's shares.

TD Cowen raised its Bitcoin price forecasts on Thursday but maintained its $260 price target on Strategy.

The brokerage said dilution and the company's financial obligations would likely limit the potential upside for shareholders.

The $260 target implies approximately 70% upside for MSTR.

TD Cowen's analysts forecast Bitcoin reaching around $109,000 by the end of the year and $280,000 by 2029.

A Look at Strategy Inc (MSTR) After 6.8% Decline -- GF Value $113.21 vs Price $153.37

On October 07, 2026, Strategy Inc MSTR shares fell 6.8% to $153.37, a significant drop in the context of its 52-week range of $81.81 to $359.44. This decline reflects ongoing volatility as the company grapples with its financial performance amidst a challenging market environment.

GF Value™ verdict indicates that MSTR is currently priced at $153.37, which is 35.5% above the estimated fair value of $113.21.The GF Score™ stands at 57/100, indicating an average rating across various metrics.Insider activity shows a significant net selling of $45.7 million over the past 12 months, suggesting a lack of confidence among insiders.Is MSTR Overvalued or Undervalued?Currently, Strategy Inc MSTR appears overvalued based on its GF Value™, which estimates fair value at $113.21. This assessment implies that the stock is trading at a significant premium, with a 35.5% margin of overvaluation. The GF Valuation label categorizes MSTR as significantly overvalued, which raises concerns for potential investors. Given that MSTR is unprofitable and cash-flow-negative, relying on earnings-based valuation metrics like Price-to-Earnings (P/E) would not be appropriate. Instead, a Price-to-Sales (P/S) analysis could provide a more relevant perspective, particularly when examining historical performance and market trends.

The GF Value™ is a proprietary intrinsic-value estimate generated by GuruFocus, based on historical trading multiples, past business growth, and future performance forecasts. In the case of MSTR, the stark difference between its current market price and GF Value™ serves as a directional warning, indicating that the stock may not be a prudent investment at this time.

How Does MSTR's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)N/A36.2xForward P/E21.8xN/AAs MSTR currently does not have a trailing twelve-month (TTM) P/E due to its losses, we can only reference the forward P/E of 21.8x. This forward valuation suggests that the stock is trading below its five-year median P/E of 36.2x. However, this analysis does not fully align with the GF Value™ verdict, which indicates that the stock is overall significantly overvalued based on its current pricing and historical valuation metrics.

What Does MSTR's GF Score™ Tell Us?The GF Score™ provides a comprehensive overview of a company's financial health, combining multiple factors such as financial strength, profitability, growth potential, valuation, and momentum. MSTR's score of 57/100 indicates an average standing, with varying strengths across different metrics.

MetricRatingGF Score™57Financial Strength5/10Profitability4/10Growth2/10Valuation3/10Momentum5/10MSTR's strongest area is Financial Strength, with a score of 5/10, indicating a moderate ability to meet its financial obligations. However, the weakest area is Growth, scoring only 2/10, which reflects the company’s challenges in expanding its operations and revenues. The low profitability rank of 4/10 further reinforces the concerns regarding the sustainability of its business model.

What Are Gurus and Insiders Doing with MSTR?Currently, five gurus hold positions in MSTR, with three increasing their stakes and two reducing their holdings in recent quarters. This mixed activity suggests a cautious sentiment among institutional investors. The insider trading pattern is more telling, with insiders having sold $46.4 million worth of stock compared to only $0.8 million in purchases, resulting in a net selling of $45.7 million over the past 12 months. This trend raises red flags regarding insiders' confidence in the company's future performance and may indicate potential concerns that investors should consider.

What This Means for InvestorsOverall, Strategy Inc MSTR is currently deemed overvalued based on GF Value™, with a significant premium over the estimated fair value. The stock's lack of profitability, negative cash flows, and the concerning insider selling activity suggest a cautious approach for potential investors. For a deeper analysis of MSTR's financial performance, visit the Strategy Inc (MSTR) stock page, and explore other insights through the GF Value™ page or the GuruFocus Stock Screener.

Frequently Asked QuestionsWhat is MSTR's GF Score™?

The GF Score™ for MSTR is 57/100, indicating an average rating across various financial metrics.

Is MSTR overvalued or undervalued?

MSTR is currently overvalued, as indicated by its GF Value™ which estimates a fair value at $113.21, making the stock price of $153.37 a significant premium.

What is MSTR's P/E ratio?

MSTR currently does not have a TTM P/E ratio due to its unprofitability; however, its forward P/E is 21.8x, which is below its historical median P/E of 36.2x.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

Strategy stock (formerly known as MicroStrategy) MSTR fell 0.75% on Monday after the Bitcoin treasury company disclosed another purchase of 1,665 BTC for approximately $142.7 million.

According to a Form 8-K filing with the Securities and Exchange Commission, Strategy acquired the Bitcoin between Sept. 21 and Sept. 27 at an average price of $85,681 per BTC.

The latest purchase takes the company’s total Bitcoin holdings to 847,666 BTC.

Strategy’s Bitcoin holdings are worth around $70.6 billion based on current prices, according to co-founder and executive chairman Michael Saylor.

The company acquired the holdings at an average price of $75,437 per Bitcoin, with total costs of approximately $64 billion including fees and expenses.

The holdings represent more than 4% of Bitcoin’s 21 million supply cap.

Based on current prices, Strategy’s Bitcoin position implies around $6.6 billion in paper gains.

The latest acquisition continues the company’s strategy of accumulating Bitcoin as its primary treasury asset.

Strategy has continued to use its capital markets programmes to finance additional purchases while also managing its preferred-stock obligations.

The company’s latest purchase was funded partly through proceeds from sales of its Class A common stock.

Strategy sold 1,469,165 MSTR shares last week for approximately $246.2 million.

As of Sept. 27, the company had $18.84 billion of MSTR shares available for issuance and sale under its at-the-market programme.

Of the proceeds from the latest share sales, $103.5 million was used to fund the Bitcoin acquisition, while the remainder of the purchase was supported by $48.1 million from the company’s USD Cash reserve.

Strategy also repurchased 1.53 million STRC preferred shares for approximately $151.7 million during the week.

The company had $723.5 million available for additional preferred-stock repurchases and $1 billion remaining under its MSTR stock buyback programme.

As of Sept. 27, Strategy reported a USD Reserve balance of $5.02 billion and USD Cash of $1 billion.

The company also used $22.1 million from its USD Reserve to fund dividend payments on its preferred stock during the period.

Strategy’s latest purchase comes as public companies continue to adopt Bitcoin treasury strategies. According to Bitcoin Treasuries data, 195 public companies have adopted some form of Bitcoin acquisition model.

Strategy is also seeking shareholder approval to change the dividend schedules of four preferred securities: STRC, STRD, STRF and STRK.

The proposal, announced Friday, would move the preferred stocks to daily dividends, subject to a shareholder vote scheduled for Oct. 28.

The proposal would not change the dividend rates or increase the company’s total regular dividend obligations.

STRC would be the first security to move to daily dividends if approved, with an initial record date of Nov. 1 and payment scheduled for the following day. STRF, STRD and STRK would follow in January.

The latest Bitcoin purchase came after Saylor posted a Strategy Bitcoin acquisition tracker on X with the caption “A little more orange.”

Similar posts have preceded Bitcoin purchase announcements, although the company’s buying activity has varied in recent weeks.

Strategy now holds 847,666 BTC at an aggregate acquisition cost of approximately $63.95 billion.

Michael Saylor just resumed Bitcoin buying after months of selling, but now a competing financial priority is draining the same cash reserves he uses to stack more coins.

This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.

Strategy (NASDAQ:MSTR | MSTR Price Prediction), the company chaired by Michael Saylor, said it purchased 950 Bitcoin (CRYPTO:BTC) at an average price of $79,670, totaling about $76 million. This latest buy increased its total Bitcoin holdings to approximately 846,000 BTC.

Bitcoin is trading at $84,388, about 6% above the purchase price, while Strategy’s stock is near $159, up 25.8% over the past week. The question now is: Will Michael Saylor continue to buy at the $84,000 mark?

Strategy Has Bought Twice in September After Selling Bitcoin Earlier in 2026

This recent purchase of 950 Bitcoin is Strategy’s second buy this month. On September 8, the company disclosed that it bought 4,603 BTC for roughly $80,300 each, totaling about $370 million. This marked Strategy’s return to buying after a two-month pause.

Earlier in 2026, Strategy sold Bitcoin four times, which was its first sales activity since 2022. The board approved selling up to $1.25 billion in Bitcoin to build a cash reserve for dividends. The initial sale occurred in late May, when it sold 32 BTC for $2.5 million, and total sales have reached around $218.4 million in 2026.

This means that Strategy now holds fewer Bitcoin than it did in June, when it had 847,363 BTC—around 1,400 more than the current figure. Nevertheless, with an average cost of about $75,650 per coin back in June, its entire Bitcoin portfolio remains about 12% profitable at the current Bitcoin price of $84,388.

Strategy Pays for Bitcoin by Selling Stock, Not From Its Software Business

Strategy’s software division generated roughly $63 million in subscription revenue in the second quarter, which pales in comparison to a Bitcoin position valued at nearly $49.7 billion. Consequently, the company finances its Bitcoin purchases by issuing new shares of MSTR stock and preferred stock, functioning as a treasury company focused on Bitcoin.

The main preferred stock, STRC, offers a 12% annual dividend and aims to trade around $100 a share. Currently, S&P rates Strategy at B-, which is below investment grade and limits pension funds and insurers from investing in its securities.

MSTR’s 30% Climb Raises More Cash, but STRC Buybacks Compete for It

MSTR’s stock price performance directly affects how effectively Strategy can raise capital. The stock began August at roughly $123 and has risen to around $159, a 30% increase. As a result, selling new shares now raises more funds to buy Bitcoin. Saylor emphasized this strategy during the fourth-quarter earnings call in 2025, stating, “When our equity trades weak, we don’t sell it.”

Additionally, Strategy recently allocated funds to repurchase its own stock. Between September 8 and 13, it bought back about 1.42 million shares of STRC for $139 million, at around $98 each—nearly double the $76 million spent on the 950 BTC. The company still has $1.05 billion available under the preferred buyback program, along with $5.1 billion set aside for dividends and $1.3 billion in cash for other uses.

Will Michael Saylor Continue Buying Bitcoin at $84,000? It’s likely, but perhaps in smaller, more intermittent amounts. The recent 25.8% gain in MSTR makes new stock sales cheaper, giving Michael Saylor the funds to keep buying. However, the cash used for STRC buybacks and the available dividend reserve now compete for those financial resources.

The outcome will be telling. If Monday’s next filing shows another purchase near $84,000, we may see a renewed commitment to buying. Conversely, if the filing indicates a sale or if the activity focuses solely on STRC buybacks, it would indicate that the stop-and-start buying approach of 2026 is likely to continue.

Contact [email protected] for any questions or corrections.

Crypto-related stocks rose sharply on Friday as Bitcoin reclaimed the $80,000 level and investors responded to a new US regulatory framework for tokenized stocks.

Strategy (formerly known as MicroStrategy) MSTR gained about 12%, while MARA Holdings rose 9%. Coinbase Global surged 10%, Galaxy Digital and Circle Internet Group each gained 7% and 6% respectively, while Robinhood Markets added 7.5%.

Bitcoin BTC climbed more than 5% to move above $80,000 for the first time in two weeks.

The cryptocurrency had spent recent weeks consolidating between roughly $75,000 and $78,000.

The gains came after the US Securities and Exchange Commission announced a five-year exemption that allows certain platforms to facilitate trading in blockchain-based or tokenized stocks and other securities.

The SEC's new "Innovation Exemption" provides tokenized securities venues with a five-year exemption from certain rules that apply to traditional stock exchanges, including the Nasdaq and New York Stock Exchange.

The exemption also covers certain liquidity providers, which will receive a five-year exemption from dealer registration requirements.

Tokenized stocks are digital representations of shares that can be traded on a blockchain.

The SEC said the framework is intended to address regulatory challenges that could otherwise make it difficult for platforms to comply with federal securities laws without potentially burdensome changes to their business models.

Platforms will have to notify companies before listing tokenized versions of their shares. They cannot offer the tokenized securities if the underlying issuer objects.

The SEC also said synthetic tokens that provide exposure to stocks through derivatives or other products will not be permitted under the exemption.

SEC Chairman Paul Atkins said the Innovation Exemption is intended to facilitate on-chain trading of certain tokenized stocks while maintaining investor protections and market integrity standards.

The exemption is set to expire five years after publication, while the SEC has invited public comments as it considers potential further changes.

The SEC said tokenized NMS stocks traded under the exemption must provide holders with the same rights and privileges as equivalent traditional shares, including dividend and voting rights.

Tokenized securities venues can trade eligible NMS stocks through permissioned automated market makers and liquidity pools, although the SEC has imposed limits on the number of symbols and trading volume.

Venues must also stop trading a tokenized stock at the same time as trading in the underlying stock is halted on its primary exchange.

They must provide public information about their operations, trading activity, and the activities of their affiliates.

The crypto industry has argued that tokenization could change how financial markets operate by allowing shares to trade around the clock and settle transactions more quickly.

The SEC also highlighted potential benefits including greater liquidity, lower transaction costs, self-custody and fractional ownership.

Coinbase has previously signalled plans to offer tokenized stocks in the US when regulations permit.

Robinhood, Kraken and other crypto exchanges already offer tokenized stocks in overseas markets.

The SEC announcement came days after the US Senate failed to advance the broader CLARITY Act, leaving the cryptocurrency industry without the comprehensive market-structure legislation it had been seeking.

Against that backdrop, Baird reiterated a Neutral rating on Coinbase with a $130 price target, while describing the SEC's regulatory development as positive for the exchange.

Baird said the exemption could allow Coinbase to offer tokenized equities with full shareholder rights, bringing its asset offering more in line with Robinhood Markets.

The firm also cited a rebound in trading volumes and favourable regulatory activity, as well as Coinbase's continued development of its "Everything Exchange" strategy.

The SEC's decision could also create a path for crypto-native platforms to compete more directly with traditional brokerage businesses.

Analysts said tokenized equities could eventually bring platforms such as Coinbase and Robinhood into greater competition with established firms including Morgan Stanley's E*Trade and Charles Schwab.

For crypto-related stocks, Friday's gains therefore came alongside a regulatory development that could broaden the range of financial products offered through blockchain-based platforms.

Bitmine detiene il 4,9% dell'offerta complessiva di ETH, pari a 122,0 milioni di token

In soli 15 mesi, Bitmine ha raggiunto il 98% dell'obiettivo «Alchemy of 5%»

Nel terzo trimestre del 2026, ETH è finora l'asset macro con le migliori performance, superando l'S&P 500 di 5.866 punti base

Tom Lee terrà il keynote alla Korea Blockchain Week il 30 settembre 2026

Bitmine è stata inclusa nel Russell 1000 Large-cap Index il 26 giugno 2026

Le azioni privilegiate Series A di Bitmine sono negoziate al NYSE con il simbolo BMNP

Bitmine ha 5.067.309 ETH in staking, per un valore di 12,7 miliardi di dollari calcolato a 2.513 dollari per ETH. MAVAN (Made in America VAlidator Network) rappresenta una piattaforma di riferimento per lo staking di Ethereum destinata a BMNR e agli investitori istituzionali

Bitmine detiene una partecipazione da 98 milioni di dollari in Eightco (NASDAQ: ORBS), una delle poche società quotate al mondo che offrono agli investitori un'esposizione indiretta a OpenAI

Il valore complessivo delle disponibilità di Bitmine in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot» ammonta a 15,8 miliardi di dollari e comprende 5,96 milioni di ETH, liquidità e titoli negoziabili per 549 milioni di dollari, oltre ad altre criptovalute

Bitmine continua a essere sostenuta da un gruppo di investitori istituzionali di primo piano, tra cui Cathie Wood di ARK, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital e l'investitore privato Thomas «Tom» Lee, a sostegno dell'obiettivo della società di acquisire il 5% dell'offerta di ETH

, /PRNewswire/ -- Bitmine Immersion Technologies, Inc. (NYSE: BMNR) («Bitmine» o la «Società»), società attiva nell'ecosistema Bitcoin ed Ethereum e focalizzata sull'accumulo di criptovalute come investimento di lungo termine, ha annunciato oggi che il valore complessivo delle proprie disponibilità in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot» ammonta a 15,8 miliardi di dollari.

Al 13 settembre 2026, alle 17:30 ET, le disponibilità della Società comprendevano 5.956.378 ETH valutati a 2.513 dollari per ETH, sulla base dei dati Coinbase (NASDAQ: COIN), 212 Bitcoin (BTC), una partecipazione da 180 milioni di dollari in Beast Industries, una partecipazione da 98 milioni di dollari in Eightco Holdings (NASDAQ: ORBS), classificata tra gli investimenti «moonshot», e liquidità e titoli negoziabili per un totale di 549 milioni di dollari. Le partecipazioni in ETH di Bitmine rappresentano il 4,9% dell'offerta complessiva di Ethereum, pari a 122,0 milioni di ETH.

«Il rapporto ETH/BTC ha raggiunto il livello più alto dal 30 gennaio di quest'anno e ha dato avvio a un nuovo trend rialzista, superando la trendline in essere dai massimi registrati durante la pandemia di COVID-19. A nostro avviso, questo andamento riflette il rafforzamento del ruolo di Ethereum come infrastruttura di regolamento per la tokenizzazione di Wall Street e la crescente consapevolezza che Ethereum potrebbe assumere un ruolo centrale nella gestione dell'IA agentica. È particolarmente significativo osservare questa forza sia nel prezzo assoluto di ETH sia nel rapporto ETH/BTC mentre i mercati azionari globali restano sostanzialmente laterali a causa dei rischi geopolitici e dell'aumento dei rendimenti», ha dichiarato Thomas «Tom» Lee, Chairman di Bitmine.

Tom DeMark, fondatore di DeMark Analytics e consulente di Bitmine per i mercati dei capitali, prevede un forte rialzo di ETH nelle prossime settimane. Secondo Tom DeMark: «Ad agosto, ETH si è mosso lateralmente senza rompere al ribasso e l'indicatore a 12 giorni si è esaurito, suggerendo una possibile ripresa del movimento rialzista. Riteniamo che questo rappresenti un ulteriore elemento a sostegno della prosecuzione del precedente trend positivo. A nostro avviso, il forte rally registrato in una sola seduta alla fine di agosto potrebbe aver anticipato il movimento rialzista atteso».

«Con l'ingresso nell'ultimo mese del terzo trimestre del 2026, ETH è l'asset macro con le migliori performance del trimestre, con una sovraperformance di 5.866 punti base rispetto all'S&P 500 fino a venerdì scorso. I tre asset con le migliori performance dal 30 giugno sono infatti ETH, SOL e BTC», ha dichiarato Lee. «Riteniamo che questo scenario crei le condizioni affinché gli investitori istituzionali aumentino la propria esposizione alle criptovalute, alla luce della significativa sovraperformance del comparto crypto rispetto agli altri asset macro nel terzo trimestre finora».

«Riteniamo inoltre che vi siano diversi catalizzatori positivi in vista degli ultimi mesi del 2026», ha aggiunto Lee. «Tra questi figura l'imminente votazione sul CLARITY Act, prevista per metà settembre. Inoltre, gli investitori coreani hanno ripreso ad acquistare criptovalute, riducendo al contempo l'esposizione ai titoli legati all'IA. A nostro avviso, il ciclo quadriennale dovrebbe toccare il minimo nelle prossime settimane. Questo potrebbe creare le condizioni per una significativa partecipazione istituzionale agli acquisti di criptovalute negli ultimi mesi del 2026, soprattutto grazie ai fattori favorevoli rappresentati dalla tokenizzazione e dall'IA agentica».

Tom Lee terrà inoltre il keynote della Korea Blockchain Week 2026 il 30 settembre alle 11:20 presso il Walkerhill Hotels & Resorts di Seoul. L'intervento, della durata di 25 minuti, farà parte della Korea Blockchain Week, una delle principali conferenze asiatiche dedicate alla blockchain e agli asset digitali. Ulteriori informazioni sono disponibili sul sito web della Korea Blockchain Week.

«Il rapporto ETH/BTC tende a crescere durante i cicli rialzisti del mercato crypto, sostenuto dal maggiore utilizzo di Ethereum rispetto a Bitcoin. I cicli precedenti sono stati trainati dalle ICO nel 2017-2018, dagli NFT nel 2020-2021 e dalle stablecoin nel 2025. Nel prossimo ciclo del mercato crypto, ci aspettiamo un aumento del rapporto ETH/BTC, sostenuto dalla tokenizzazione su blockchain da parte di Wall Street e dall'utilizzo delle blockchain da parte dell'IA agentica», ha proseguito Lee.

«Nell'ultima settimana abbiamo acquistato 27.180 ETH. Nessuna società quotata al mondo può vantare una continuità negli acquisti di criptovalute paragonabile a quella di Bitmine. Bitmine ha acquistato ETH ogni settimana dall'avvio della propria ETH Treasury Strategy, il 30 giugno 2025», ha dichiarato Lee.

Il 16 luglio 2026 Bitmine ha pubblicato il più recente messaggio del Presidente (link qui) relativo a luglio 2026. Il messaggio è intitolato «ETH è la risposta alla "valle perturbante" della ricchezza» (ETH is the cure for the Uncanny Valley of Wealth).

All'inizio del 2026, Bitmine ha lanciato MAVAN, acronimo di Made in America VAlidator Network, la propria piattaforma di staking di livello istituzionale. Inizialmente sviluppata per supportare la tesoreria in Ethereum di Bitmine, MAVAN è stata successivamente ampliata per servire investitori istituzionali, società di custodia e partner dell'ecosistema alla ricerca di un'infrastruttura di staking di livello professionale. Una parte degli ETH detenuti da Bitmine è già in staking sulla piattaforma MAVAN.

Al 7 settembre 2026, Bitmine aveva complessivamente 5.067.309 ETH in staking, per un valore pari a 12,7 miliardi di dollari, calcolato a 2.513 dollari per ETH. «Bitmine ha messo in staking più ETH di qualsiasi altra entità al mondo. A regime, quando tutti gli ETH di Bitmine saranno messi in staking tramite MAVAN e i suoi partner, le ricompense da staking previste ammonteranno a 392 milioni di dollari su base annualizzata, sulla base di un rendimento BMNR a 7 giorni del 2,62%», ha dichiarato Lee.

«I ricavi annualizzati derivanti dallo staking sono attualmente stimati in 334 milioni di dollari. I 5,1 milioni di ETH in staking rappresentano l'85% dei 5,96 milioni di ETH detenuti da Bitmine. Le attività di staking gestite direttamente da Bitmine hanno generato un rendimento a 7 giorni pari al 2,62% su base annualizzata», ha proseguito Lee.

Bitmine è uno dei titoli più scambiati negli Stati Uniti. Secondo i dati di Fundstrat, il titolo ha registrato un controvalore medio giornaliero degli scambi pari a 924 milioni di dollari, calcolato sulla media di quattro giorni all'11 settembre 2026, classificandosi al 98° posto negli Stati Uniti tra 5.704 titoli quotati, dietro Intuit Inc. al 97° posto e davanti a Verizon Communications al 99° posto, secondo statista.com e le analisi di Fundstrat.

Le disponibilità in criptovalute di Bitmine la collocano al primo posto tra le società con una tesoreria in Ethereum e al secondo posto tra le tesorerie crypto a livello globale, dietro Strategy Inc. (NASDAQ: MSTR), che secondo quanto riportato detiene 845.080 BTC per un valore di circa 71 miliardi di dollari. Bitmine rimane la maggiore società al mondo per consistenza della tesoreria in Ethereum.

Il management di Bitmine ritiene che il GENIUS Act e Project Crypto della Securities and Exchange Commission (SEC) possano avere sui servizi finanziari nel 2026 un impatto trasformativo paragonabile a quello dell'intervento statunitense del 15 agosto 1971, che pose fine al sistema di Bretton Woods e sganciò il dollaro statunitense dalla convertibilità in oro 55 anni fa. L'evento del 1971 rappresentò il catalizzatore della modernizzazione di Wall Street, contribuendo alla nascita dei grandi protagonisti della finanza e delle infrastrutture finanziarie e di pagamento che conosciamo oggi. Questi si sono poi rivelati investimenti più redditizi dell'oro.

Il messaggio del Presidente è disponibile qui:
https://www.Bitminetech.io/chairmans-message

La presentazione dei risultati dell'intero esercizio fiscale 2025 e la presentazione societaria sono disponibili qui: https://Bitminetech.io/investor-relations/ 

Per ricevere aggiornamenti, è possibile registrarsi qui: https://Bitminetech.io/contact-us/ 

Informazioni su Bitmine
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), insieme alle proprie controllate («Bitmine» o la «Società»), è un'azienda attiva nelle infrastrutture tecnologiche blockchain e opera nei servizi istituzionali di staking e validazione di asset digitali, nel mining di Bitcoin e nella gestione strategica di asset digitali. In qualità di principale società al mondo con una tesoreria in Ethereum, adotta una strategia innovativa di gestione degli asset digitali destinata agli investitori istituzionali e agli investitori dei mercati regolamentati. La Società fornisce infrastrutture di staking e validazione di livello istituzionale, attraverso le quali genera ricompense da staking e ricavi derivanti dalla validazione, oltre a svolgere attività di mining di Bitcoin. Bitmine detiene strategicamente asset digitali e genera rendimenti su tali disponibilità a sostegno della liquidità e della raccolta di capitale. Dal 2025, la Società ha ampliato le proprie capacità infrastrutturali nel settore blockchain, includendo lo sviluppo e l'implementazione di MAVAN, la propria piattaforma istituzionale di staking e validazione. Le attività della Società comprendono inoltre investimenti in opportunità blockchain in fase iniziale, ad alto potenziale, nonché servizi accessori di mining, gestione di infrastrutture e consulenza.

Per ulteriori informazioni, segui Bitmine su X:
https://x.com/bitmnr
https://x.com/fundstrat

Dichiarazioni previsionali
Il presente comunicato stampa contiene dichiarazioni che costituiscono «dichiarazioni previsionali» ai sensi del Private Securities Litigation Reform Act del 1995, e successive modifiche. Le dichiarazioni previsionali comprendono tutte le dichiarazioni che non hanno natura esclusivamente storica e possono generalmente essere identificate dall'uso di termini quali «prevede», «proietta», «intende», «pianifica», «ritiene», «si aspetta», «stima», «prevede», «mira», «obiettivi», «può», «potrà», «potrebbe», «dovrebbe», «ritiene», «considera» o espressioni analoghe, nonché dalla forma negativa di tali termini o da altra terminologia equivalente. In particolare, il presente comunicato stampa contiene dichiarazioni previsionali riguardanti, tra l'altro: (i) l'obiettivo della Società di acquisire il 5% dell'offerta complessiva di ETH, nell'ambito dell'iniziativa «Alchemy of 5%», e le dichiarazioni secondo cui, in 15 mesi, la Società avrebbe raggiunto il 98% del percorso necessario per conseguire tale obiettivo; (ii) la strategia della Società relativa all'accumulo e alla gestione di asset digitali in tesoreria, incluse le dichiarazioni riguardanti gli acquisti settimanali continuativi di ETH dall'avvio della ETH Treasury Strategy il 30 giugno 2025 e il posizionamento della Società come maggiore tesoreria in ETH al mondo; (iii) le attività di staking della Società, incluse le ricompense annualizzate da staking di ETH stimate in circa 392 milioni di dollari a regime, ipotizzando che tutti gli ETH di Bitmine siano messi in staking tramite MAVAN e i relativi partner e applicando un rendimento BMNR a 7 giorni del 2,62%, i ricavi annualizzati da staking attualmente stimati in circa 334 milioni di dollari e il rendimento a 7 giorni del 2,62% su base annualizzata; (iv) l'espansione di MAVAN per servire investitori istituzionali, società di custodia e partner dell'ecosistema alla ricerca di infrastrutture di staking di livello avanzato, nonché l'obiettivo di posizionare MAVAN come una delle principali piattaforme di staking di Ethereum per BMNR e gli investitori istituzionali; (v) le aspettative relative all'andamento futuro del prezzo di ETH e ai movimenti di mercato, inclusa la previsione di Tom DeMark secondo cui ETH potrebbe registrare un forte rialzo nelle prossime settimane sulla base dell'analisi tecnica, nonché la convinzione che il movimento laterale di agosto possa indicare una ripresa del trend rialzista e che il precedente rally registrato in una sola seduta possa aver anticipato il rialzo atteso; (vi) le dichiarazioni relative alla performance di ETH, indicato finora come l'asset macro con le migliori performance nel terzo trimestre 2026, con una sovraperformance di 5.866 punti base rispetto all'S&P 500, e all'ipotesi che tale andamento possa creare le condizioni affinché gli investitori istituzionali aumentino le proprie esposizioni alle criptovalute; (vii) la convinzione del management secondo cui, in vista degli ultimi mesi del 2026, sussistono diversi fattori potenzialmente favorevoli, tra cui l'imminente votazione sul CLARITY Act prevista per metà settembre 2026, la ripresa degli acquisti di criptovalute da parte degli investitori coreani e la riduzione dell'esposizione ai titoli legati all'IA, l'ipotesi che il ciclo quadriennale delle criptovalute possa toccare il minimo nelle prossime settimane e l'aspettativa di una significativa partecipazione istituzionale agli acquisti di criptovalute negli ultimi mesi del 2026, in particolare alla luce dei fattori favorevoli legati alla tokenizzazione e all'IA agentica; (viii) le dichiarazioni e le aspettative relative al rapporto ETH/BTC, inclusa l'affermazione secondo cui tale rapporto avrebbe raggiunto il livello più alto dal 30 gennaio di quest'anno e avrebbe avviato un nuovo trend rialzista, nonché l'aspettativa che possa aumentare nel prossimo ciclo del mercato crypto, trainato dalla tokenizzazione su blockchain da parte di Wall Street e dall'utilizzo delle blockchain da parte dell'IA agentica, analogamente ai cicli precedenti sostenuti dalle ICO nel 2017-2018, dagli NFT nel 2020-2021 e dalle stablecoin nel 2025; (ix) le dichiarazioni relative al rafforzamento della posizione di Ethereum come infrastruttura di regolamento per la tokenizzazione di Wall Street e alla crescente convinzione che Ethereum possa svolgere un ruolo centrale nella gestione dell'IA agentica; (x) la convinzione del management secondo cui il GENIUS Act e Project Crypto della SEC potrebbero avere nel 2026 un impatto trasformativo sui servizi finanziari paragonabile alla fine del sistema di Bretton Woods nel 1971 e secondo cui gli investimenti derivanti da tale trasformazione potrebbero rivelarsi più redditizi dell'oro; (xi) le dichiarazioni relative agli investimenti della Società, inclusa l'affermazione secondo cui l'investimento in Eightco Holdings (NASDAQ: ORBS) offrirebbe agli investitori un'esposizione indiretta a OpenAI, nonché la partecipazione da 180 milioni di dollari in Beast Industries; e (xii) le dichiarazioni relative al valore delle disponibilità della Società in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot», incluse disponibilità complessive per 15,8 miliardi di dollari e partecipazioni in ETH pari al 4,9% dell'offerta complessiva di ETH.

Tali dichiarazioni previsionali comportano rischi e incertezze significativi che potrebbero determinare risultati effettivi sostanzialmente diversi da quelli espressi o implicitamente indicati. Tra i fattori che potrebbero determinare o contribuire a tali differenze figurano, a titolo esemplificativo e non esaustivo: l'estrema volatilità e imprevedibilità dei prezzi degli asset digitali, inclusi ETH e Bitcoin, e la natura speculativa degli investimenti in asset digitali; il rischio che i movimenti storici del prezzo di ETH, gli indicatori di analisi tecnica, le tendenze del rapporto ETH/BTC e la performance relativa rispetto ad altri asset macro non si ripetano o non siano indicativi delle performance future; la dipendenza della Società da fonti terze per la determinazione dei prezzi, inclusa Coinbase, e dai valori di mercato riportati ai fini del calcolo del valore delle proprie disponibilità in criptovalute, liquidità, titoli negoziabili e investimenti «moonshot», nonché il rischio che tali valori subiscano variazioni significative dopo la data e l'ora indicate nel presente comunicato; le variazioni delle condizioni di mercato che possono influire sul prezzo e sui volumi di negoziazione delle azioni ordinarie e delle azioni privilegiate di Serie A della Società, nonché il rischio che l'inclusione della Società nell'indice Russell 1000 non produca i benefici attesi; la capacità della Società di attuare con successo la propria strategia di acquisizione di asset digitali, mantenere la continuità degli acquisti settimanali di ETH e raggiungere i propri obiettivi di accumulo di ETH, compreso l'obiettivo «Alchemy of 5%»; la capacità della Società di finanziare le proprie attività operative, le attività legate alla tesoreria in Ethereum e l'espansione di MAVAN; i rischi operativi, di sicurezza e tecnologici connessi alle attività di staking e validazione della Società, inclusi guasti di rete, eventi di penalizzazione o slashing, violazioni della cybersicurezza e modifiche ai protocolli; il rischio che i livelli effettivi di partecipazione allo staking, i rendimenti, le ricompense e i ricavi differiscano in misura significativa dagli importi previsionali descritti nel presente comunicato, che si basano su un rendimento a 7 giorni e presuppongono che, a regime, tutti gli ETH siano messi in staking; la concorrenza nei settori della tesoreria di asset digitali, dello staking e del mining; la dipendenza della Società da figure chiave, tra cui i dirigenti e consulenti come Tom DeMark; gli sviluppi normativi riguardanti gli asset digitali, la tecnologia blockchain e le attività di staking negli Stati Uniti e a livello globale, inclusi i tempi e l'esito della prevista votazione sul CLARITY Act, nonché l'eventuale approvazione definitiva, attuazione e interpretazione del GENIUS Act e di altre proposte legislative e iniziative normative in corso; le iniziative della SEC, della CFTC e di altri organismi di regolamentazione che possono incidere sugli asset digitali e sulle attività a essi correlate; i rischi connessi agli investimenti della Società in opportunità blockchain in fase iniziale, definiti investimenti «moonshot», inclusi gli investimenti in Eightco Holdings, compresa la natura e l'entità di qualsiasi eventuale esposizione indiretta a OpenAI, e in Beast Industries; i fattori macroeconomici, tra cui inflazione, tassi di interesse, politica monetaria della Federal Reserve, condizioni del mercato del lavoro, rischi geopolitici e bellici, aumento dei rendimenti e condizioni economiche generali che possono influire sul sentiment degli investitori nei confronti degli asset digitali, compreso il comportamento degli investitori coreani e di altri investitori internazionali; l'accuratezza delle previsioni basate sull'analisi tecnica e delle aspettative del management in merito ai movimenti del prezzo di ETH, al rapporto ETH/BTC, al ruolo di Ethereum nella tokenizzazione di Wall Street e nell'IA agentica, nonché all'impatto delle applicazioni di tokenizzazione e IA agentica su Ethereum; l'imprevedibilità dei cicli del mercato delle criptovalute e l'accuratezza delle aspettative relative ai futuri cicli del settore crypto, inclusa la possibilità che il ciclo quadriennale raggiunga effettivamente il minimo previsto e che la partecipazione istituzionale si concretizzi; eventuali modifiche al protocollo Ethereum, incluse le modalità di staking, i requisiti dei validatori e le strutture delle ricompense; le performance dei fornitori terzi di servizi, degli exchange, delle società di custodia e dei partner di staking; i rischi connessi alla concentrazione degli asset della Società in valute digitali, in particolare Ethereum; nonché gli altri fattori di rischio descritti nei documenti depositati dalla Società presso la SEC.

Le dichiarazioni previsionali contenute nel presente comunicato stampa si basano sulle informazioni a disposizione del management alla data del presente comunicato e riflettono le attuali aspettative, stime, previsioni, proiezioni, valutazioni e convinzioni del management in merito a eventi e circostanze future. I risultati effettivi potrebbero differire in misura significativa da quelli espressi o implicitamente indicati nelle dichiarazioni previsionali per effetto di numerosi fattori, tra cui quelli sopra descritti e quelli riportati nella sezione «Risk Factors» dell'Annual Report della Società su Form 10-K relativo all'esercizio chiuso al 30 settembre 2025, depositato presso la SEC il 21 novembre 2025, nei Quarterly Reports della Società su Form 10-Q e negli altri documenti depositati dalla Società presso la SEC, come eventualmente modificati o aggiornati nel tempo. Copie di tali documenti sono disponibili sul sito web della SEC all'indirizzo www.sec.gov e sul sito web della Società all'indirizzo:
https://Bitminetech.io/investor-relations/. La Società invita i lettori a non fare eccessivo affidamento sulle dichiarazioni previsionali, che riflettono esclusivamente le circostanze esistenti alla data in cui vengono formulate. Bitmine declina espressamente qualsiasi obbligo o impegno di aggiornare, rivedere o integrare le dichiarazioni previsionali al fine di riflettere eventuali cambiamenti delle proprie aspettative o variazioni negli eventi, nelle condizioni o nelle circostanze su cui tali dichiarazioni si basano, salvo quanto richiesto dalla normativa o dalla regolamentazione applicabile.

Michael Saylor just broke a ten-week silence with a massive Bitcoin buy, but the timing raises an uncomfortable question about whether Strategy's comeback signals conviction or a costly mistake.

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Strategy (NASDAQ:MSTR | MSTR Price Prediction), the software company that executive chairman Michael Saylor turned into the world’s largest corporate Bitcoin (CRYPTO:BTC) holder, disclosed on August 31, 2026, that it bought 4,603 bitcoin at $80,318 per coin in the week of August 24 to 30, lifting its total position to 845,050 BTC.

It was Strategy’s first Bitcoin purchase in about 10 weeks, after the company sold roughly 7,000 BTC between June 30 and August 10 for between $59,000 and $64,000 per coin.

Bitcoin trades around $78,000 today, below the $80,318 price Strategy paid on August 31. That puts the latest purchase underwater on paper, with the coins currently worth less than the company paid for them. So did Saylor buy near the top, or is he simply sticking to the strategy he has followed all along?

Inside Strategy’s Latest Bitcoin Purchase

Strategy has been buying and holding Bitcoin since August 2020, making it the largest corporate Bitcoin holder. Strategy funds its purchases through common stock sales, convertible debt and perpetual preferred securities marketed as “Digital Credit,” including STRC, STRK, STRF, STRD and STRE.

The August 31 filing shows that Strategy spent $369.7 million on its latest purchase, buying 4,603 BTC at an average price of $80,318 per coin. It funded the purchase with $602.8 million from common stock sales and used $151.8 million to repurchase STRC.

After the purchase, Strategy held 845,050 BTC at an average cost of $75,412 per coin, bringing its total Bitcoin outlay to $63.73 billion. That average is simply the total amount spent divided by the total Bitcoin owned, so buying above $75,412 pushes the average higher. Since the latest coins cost $80,318 each, this purchase was about $5,000 above Strategy’s average and increased its overall cost basis.

Strategy Sold Bitcoin Four Times Before Buying It Back

Strategy paused its Bitcoin purchases in June 2026 as falling prices put pressure on its financing model and weighed on its common and preferred shares. In late June, the company announced a plan to keep cash available for dividend and interest payments, while retaining the option to sell Bitcoin if necessary.

The company then reduced its Bitcoin holdings four times between June 30 and August 10. It sold 1,363 BTC at $59,256 on June 30, another 2,225 BTC at $60,773 on July 6, 1,638 BTC at $63,957 on August 3, and 1,690 BTC at $64,262 on August 10. Together, those sales amounted to 6,916 BTC, with the sale prices ranging from about $59,000 to $64,000 per coin.

CEO Phong Le said the sales were intended to cover preferred dividends and reduce debt rather than signal a change in Strategy’s long-term view of Bitcoin. The timing, however, means the company sold thousands of Bitcoin below the $80,318 price it paid for its latest purchase on August 31.

Saylor posted “We’re ₿ack” on August 30, one day before the latest purchase was disclosed. Strategy now reports 0.0% net leverage, $6.71 billion in dollar assets and $1.61 billion in cash, showing how much liquidity the company rebuilt during the pause.

Who Else Is Buying Bitcoin?

The market is also attracting buyers beyond Strategy, with spot Bitcoin ETFs—exchange-traded funds that hold actual bitcoin and allow investors to gain exposure through a regular brokerage account—recording $3.52 billion in inflows in August 2026. BlackRock, Fidelity, and several other major financial firms now operate these funds, giving investors a more familiar way to gain exposure to bitcoin without having to buy and hold the asset themselves.

CEO Phong Le made the same point from the traditional-finance side on the first-quarter 2026 earnings call, saying, “We also continue to see traditional finance and major banks including Morgan Stanley, Goldman Sachs, and Citi announcing bitcoin ETFs, trading, custody, and lending services.”

However, ETF numbers themselves show that institutional buying has not moved in a straight line. Spot Bitcoin ETFs recorded $2.43 billion in outflows in May and another $4.51 billion in June, before flows turned positive again in July with $172.43 million in inflows. The stronger $3.52 billion recorded in August suggests that demand had begun picking up again, opening the market again to institutional players, pension funds, insurers, and wealth-management channels that had far fewer ways to access bitcoin three years ago.

Is Saylor Back? Saylor appears to be back in the market, but it is too early to say that Strategy has fully returned to its old buying pattern. The August 31 purchase shows that the ten-week pause did not represent a permanent shift away from Bitcoin, while the company’s rebuilt cash position gives it more room to keep buying if prices remain under pressure. 

At the same time, Strategy sold nearly 7,000 BTC at prices between $59,000 and $64,000 before buying 4,603 BTC at $80,318, making the latest purchase look more like a renewed commitment than a particularly well-timed trade.

If Strategy continues buying at prices below $85,000 and keeps using its capital-markets machine to fund those purchases, Saylor’s “we’re back” message will carry more weight. If this turns out to be a one-off purchase after a long pause, the ten-week break may have been the stronger signal.

Contact [email protected] for any questions or corrections.

Strategy (MSTR +4.42%) is back to buying Bitcoin (BTC +1.29%).

On Aug. 31, the firm acquired $370 million of Bitcoin at an average purchase price of $80,318. The purchase came after four straight sales. In combination, these sales brought in roughly $430 million.

On paper, the moves appear confusing. Why dump $430 million in Bitcoin over a period of two months just to buy most of that stake back within weeks of the last sale?

The moves get even more confusing when you consider that Strategy executed its latest purchase at a higher price than its recent sales. Strategy's sales were executed at prices between $59,000 and $64,000 per Bitcoin. The latest purchase, however, was executed at roughly $80,000. The result was more than $80 million in sacrificed shareholder value when accounting for both the higher repurchase price and the foregone opportunity cost.

What exactly is Strategy's strategy here? The details of the situation may not be what you think.

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Here's why Strategy is buying more BitcoinFor years, all Strategy did was add to its Bitcoin holdings. From its first purchase in the summer of 2020 all the way through late July of this year, the company never booked a net sale of the crypto asset. This summer, however, the firm booked four straight sales, only to buy back most of that stake on Aug. 31.

Crypto investors may naturally feel like the transactions reflect Strategy's stance on Bitcoin's valuation. But the truth is likely far less exciting.

Michael Saylor, the founder of Strategy, has long advised investors to "never" sell their Bitcoin. Earlier this year, however, Saylor floated the idea of selling some of the company's Bitcoin holdings.

"I said to you, 'Never sell your Bitcoin!' I never said that the company wouldn't sell its Bitcoin," he explained. "Strategy is a public company, not my wallet," he added, noting that he has never sold any of his personal Bitcoin holdings.

Why, then, did his company sell down its stake? The obvious reason is capital management. Strategy posted a $12.5 billion loss in the first quarter of 2026. The company also needed to fund a preferred dividend payment by June 30. Indeed, Strategy has been repurchasing its preferred shares at a discount to par in order to lower those obligations.

Image source: Getty Images

Saylor, of course, put a more positive spin on the sales.

"We'll probably sell some Bitcoin to fund a dividend just to inoculate the market, just to send the message that we did it. 'Look, the company's fine, the market's fine, the world didn't come to an end,'" he explained to investors. The sales, under this framework, were to be a sign of strength, not financial fragility or a reversal of its long-term Bitcoin thesis.

The truth is likely somewhere in between. Strategy has likely not lost faith in Bitcoin's long-term promise. But from a corporate management standpoint, it likely made sense to raise some extra cash, even if its management team wishes to downplay the need.

Regardless, Strategy still owns roughly 4% of all Bitcoin supply. The fact that the firm is buying again, and the fact that its period of selling did not trigger a market panic, are both positives for Bitcoin's long-term promise.

Strategy Inc. MSTR (formerly known as Microstrategy) shares rose more than 12% on Thursday as Bitcoin broke above the $80,000 level, lifting investor sentiment toward the company, which is often viewed as a leveraged equity proxy for the cryptocurrency because of its large Bitcoin holdings.

The Nasdaq Composite was up 1.5%, while the S&P 500 gained 0.81%.

Strategy's rally came despite mixed signals from Wall Street, with Bernstein lowering its price target while Canaccord raised its target.

Bernstein reduced its price target for Strategy to $350 from $450 while maintaining an Outperform rating.

The brokerage attributed the reduction to an updated Bitcoin cycle timeline and faster-than-expected equity dilution from share sales.

Bernstein remains bullish on Bitcoin over the longer term.

The firm expects the cryptocurrency to reach $150,000 by mid-2027 and around $300,000 at the peak of its next cycle in 2029.

Its bull-case scenario sees Bitcoin reaching $500,000 by 2029.

The analysts, led by Gautam Chhugani, said rising sovereign debt and higher interest expenses could increase pressure on governments and potentially encourage currency debasement.

They argued that such a backdrop could benefit scarce assets such as Bitcoin.

Bernstein's outlook also points to broader adoption.

The analysts cited institutional and retail access, spot Bitcoin ETFs and corporate treasury purchases as factors supporting the cryptocurrency's role as a potential hard asset.

Strategy currently holds 840,447 Bitcoin, representing roughly 4% of the cryptocurrency's total supply.

Bernstein said the company's strengthened balance sheet provides about 3.9 years of cash coverage for annual interest and preferred dividend obligations.

The analysts also said continued Bitcoin strength and a recovery in Strategy's STRC preferred stock toward $100 could allow the company to resume Bitcoin purchases more aggressively.

The broader market has also shown signs of increased interest in assets linked to the so-called debasement trade.

Bloomberg Senior ETF Analyst Eric Balchunas said the “debasement trade is starting to replace AI mania,” noting that BlackRock's spot Bitcoin ETF, IBIT, and SPDR's gold ETF, GLD, had returned to the top 10 most-traded ETFs.

Bernstein said about 59% of Bitcoin's supply had not moved over the previous 12 months. The cryptocurrency had gained 28% over 10 days following an approximately 50% decline from its October 2025 peak.

While Bernstein lowered its target, Canaccord analyst Joseph Vafi raised his price target on Strategy to $175 from $130 and maintained a Buy rating.

Canaccord said the setup for Strategy shares had improved over recent weeks as company-specific and macroeconomic factors converged.

Strategy TechnicalsTechnical indicators also point to a sharp near-term recovery.

Strategy is trading above its 20-day and 50-day simple moving averages, while remaining below its 200-day average. Its relative strength index stands at 73.26, placing the stock in overbought territory.

The stock remains 2.2% below its 200-day moving average of $141.60, making that level a potential test for the longer-term trend.

The broader trend is still recovering from a death cross recorded in October 2025, while the shares remain down 59.5% over the past 12 months.

MicroStrategy (NASDAQ:MSTR | MSTR Price Prediction), now branded as Strategy, looks structurally vulnerable at $119.25, even after a sharp rebound this month. The stock sits at the intersection of a bitcoin drawdown and a balance sheet built entirely on continuous capital markets access.

Strategy is the world’s largest corporate bitcoin holder, funding accumulation through equity offerings, convertible notes, and preferred instruments. The legacy analytics business is small and shifting to cloud subscriptions. What brought MSTR to this price is a violent round trip in Bitcoin (CRYPTO:BTC), an $8.32 billion unrealized loss last quarter, and a year that has reset the entire bull thesis.

Why Bulls See a Coiled Spring at $119 Strategy owns 846,000 bitcoin, so any bitcoin recovery flows straight into mark-to-market earnings. Bitcoin has rallied 19.98% in the past week to $77,203, and MSTR followed with a 28.17% weekly surge. In Q3 2025, a similar bitcoin move produced a $3.89 billion unrealized gain and swung EPS to $8.42.

Analyst support remains intact. Subscription software revenue grew 54% year over year, convertible debt fell 18% to $6.7 billion, the USD Reserve reached $3.75 billion, and a $1.0 billion MSTR buyback authorization sits ready.

Why Bears See a Debt-Funded Bitcoin Bag Shares have fallen 64.68% over the past year, with bitcoin holdings carried at $49.7 billion against a $63.9 billion cost basis. Strategy posted a $12.54 billion loss in Q1 2026 and an $8.22 billion loss in Q2. Preferred dividends alone consumed $400.7 million in one quarter, and the STRC dividend rate has climbed to 12%, signaling funding stress.

Dilution is severe. Strategy issued $25.3 billion of equity in 2025 and another $8.41 billion via ATM in Q2 alone. The board authorized selling up to $1.25 billion of bitcoin to fund the reserve, injecting forced-seller risk into the asset anchoring the equity story. Reddit’s most cited MSTR thread targets $40 in 8 to 12 weeks, and Benchmark, Mizuho, Citigroup, and TD Cowen have all trimmed price targets recently on mNAV compression.

Where Patience Still Has a Case Bitcoin is the swing factor. If BTC reclaims prior highs, Strategy’s unrealized losses reverse in weeks. The USD Reserve now covers 2.1+ years of preferred dividend and interest obligations. Bitcoin Per Share still grew 5% in Q2, so the accumulation engine is running.

Recovery depends on capital markets remaining open at attractive costs, which breaks first in extended drawdowns. A Hold verdict works only if you already believe bitcoin has bottomed and STRC will settle near par without further rate hikes.

What Analyst Ratings and Price Action Show MSTR currently trades at $119.25, against an average analyst target of $229.07. Coverage skews bullish:

Strong Buy: 2 Buy: 12 Hold: 1 Sell: 0 Performance tells a different story. MSTR is down 21.52% year to date and 64.68% over the trailing year, while the S&P 500 is up 12.29% YTD and 20.48% over the same twelve months. Price-to-book sits at 1.5, but that book value is bitcoin exposed to the same drawdown. Beta reads 3.5.

Why $119.25 Still Looks Vulnerable Bitcoin still trades 31.82% below its level a year ago. If BTC fades from current levels, Strategy faces another mark-to-market loss quarter, another climb in the STRC dividend, and more ATM issuance into a weaker share price. Target cuts from Benchmark, Mizuho, Citi, and TD Cowen are already pricing in this dilution spiral.

The 28.17% weekly rally leaves the structural risks intact. A full-chain put-call ratio of 0.33 shows options positioning leaning heavily long into a still broken structure, and the forced-seller catalyst of up to $1.25 billion in bitcoin sales is now live. Reddit sentiment stayed bearish throughout the rally itself.

The thesis flips only if bitcoin decisively reclaims prior highs, STRC trades cleanly at par without further rate hikes, and MSTR reopens a meaningful NAV premium. None of those conditions are visible today. Until those conditions materialize, the risk/reward continues to skew unfavorably at current levels.

Contact [email protected] for any questions or corrections.

As Bitcoin (BTC) price pumped by more than 24% over the past seven days, Strategy Inc. (NASDAQ: MSTR), under Executive Chairman Michael Saylor, has seen its holdings record more than $12.9 billion in unrealized profits.

On August 21, Strategy held 840,447 Bitcoin, after acquiring 167,947 coins year-to-date (YTD), according to its official data. With BTC price having climbed by approximately $15,400 per coin over the past seven days, this company’s Bitcoin holdings recorded roughly $12,942,883,800 in paper profits during this period. 

BTC/USD 7-day chart. Source: Finbold However, Strategy’s average Bitcoin cost was around $75,385 at the time of publication. As such, the company’s net unrealized gains were about $2,407,880,655, at the time of reporting. 

The significant Bitcoin price rally above $75,385 has pushed Saylor’s company into profit, for the first time since May 26, 2026. Notably, Strategy’s Bitcoin trove sat on an unrealized loss of over $14.17 billion on July 1, 2026, as BTC price retested its 2026 bear market bottom.

What’s next for Strategy amid Bitcoin price rebound? As Strategy faced intense criticism of a potential liquidity crunch amid the bear market turmoil in the first half of 2026, as Finbold highlighted, this company has since increased its focus on building its cash reserves. Earlier this week, Saylor announced that Strategy had added $150 million to its USD Reserve and repurchased $132 million of STRC, one of the company’s perpetual preferred stock.

As a result, this company lifted its cash reserves to $4.8 billion, without any Bitcoin sale or purchase. YTD, Strategy has sold nearly 6,948 BTC, according to an 8-k filing with the United States Securities and Exchange Commission (SEC).

With the company’s BTC holdings already in net profit amid its reduced sales to bolster cash reserves, Bitcoin price is well positioned to experience further bullish sentiment.

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The first thing you need to know about Strategy (MSTR -5.28%) -- the company currently doing little else besides buying and hoarding Bitcoin (BTC +0.47%) -- is that it has not purchased any new Bitcoin since June 22. Since then, the company has instead sold Bitcoin four different times.

So just how concerned should investors be? According to Strategy CEO Phong Le, Bitcoin accumulation will continue later this year, as soon as the company builds a stronger balance sheet and props up the value of its STRC (STRC -0.37%) preferred stock offering.

A new strategy for Strategy In June, Strategy (the company formerly known as MicroStrategy) announced a brand-new capital management plan designed to put the company on a stronger financial footing, given that the price of Bitcoin continues to drift downwards. The strategy relies on a newfound willingness to sell Bitcoin when necessary, something the company previously said it would never do.

Image source: Getty Images.

This new strategy has had some early success, at a cost. The company's U.S. dollar cash reserves are now $4.65 billion, meaning that it should now have enough cash to cover operating expenses and dividend payments for the foreseeable future.

That reserve wasn't built from Bitcoin sales alone. The most recent round raised $653.1 million by selling Strategy shares, which outweighed the $108.6 million from the 1,690 BTC sale. Shareholders are funding the balance-sheet repair through dilution.

The company has had some success in propping up the value of its STRC ("Stretch") preferred stock offering. It traded as low as $75 this summer, but at a current price of $95, it's now almost back to par ($100).

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From this perspective, it could be time for investors to get back to buying Strategy soon. The company's financial performance appears to be leveling out, and it has become much more strategic about how it deploys Bitcoin.

With that in mind, Le recently promised to resume buying Bitcoin by the end of the year. He also emphasized that the company remains a heavy net buyer of Bitcoin. Year to date, Strategy has acquired 175,000 BTC and sold just 7,000 BTC.

Where does Bitcoin go from here? However, everything still depends on the price of Bitcoin, which is down about 27% for the year and trades at just $64,000. That's alarmingly low, given that Strategy acquired its 840,447 BTC at an average price of $75,385.

The August sale went off at $64,262, below the company's own cost basis.

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As long as Bitcoin remains mired below $75,000, the company will continue to report massive unrealized losses. It recently reported a paper loss of nearly $10 billion on its Bitcoin position.

These losses have made it nearly impossible for Strategy's Bitcoin buying operations to continue as before. In fact, it's quite possible that the company's aggressive Bitcoin buying strategy might be on hold until 2027. The company continues to spend cash buying back its preferred stock, and that's money that should have been spent buying more Bitcoin.

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For that reason, I'm out on Strategy right now. Its stock price has done nothing since June. That coincides with the period of time when the company stopped buying Bitcoin. For now, investors are better off buying Bitcoin directly.

Strategy (formerly known as MicroStrategy) MSTR stock surged 3% on Monday as the Bitcoin-focused company led by Michael Saylor kept its Bitcoin holdings unchanged over the past week while continuing to raise cash through sales of its own shares.

According to a filing with the US Securities and Exchange Commission, Strategy sold 3.46 million shares of MSTR common stock between Aug. 10 and Aug. 16, generating about $333.7 million in net proceeds.

The company did not buy or sell any Bitcoin during the period.

The latest stock sale comes as Strategy continues to use equity markets to strengthen its liquidity position while maintaining its long-term Bitcoin treasury strategy.

Strategy allocated the proceeds from the latest share sale across three areas.

About $52.4 million was used to fund dividends on its STRC preferred stock, while another $132.2 million went toward repurchasing STRC shares under its Digital Credit Securities Repurchase Program.The remaining $149.1 million was added to the company's USD Reserve, which is designed to cover preferred-stock dividends and interest payments on debt.

The reserve reached approximately $4.8 billion following the latest transaction, according to the filing.

It has increased by roughly $1.5 billion over the past three weeks, providing Strategy with a larger liquidity cushion as it manages its financing obligations.

The latest stock offering continues a broader pattern of using MSTR shares to raise capital.

Strategy sold roughly 4.8 million shares for $466.7 million in July and followed that with additional sales in August.

The company has said such transactions are intended to fund preferred-stock dividends and strengthen its USD Reserve rather than indicate a broader departure from its Bitcoin strategy.

Bitcoin holdings remain at 840,447 BTCStrategy held approximately 840,447 Bitcoin following the latest reporting period. The holdings were valued at about $53.4 billion based on the price cited in the filing.

The company acquired its Bitcoin at an average price of $75,385 per coin, with its total cost reaching approximately $63.4 billion, including fees and expenses.

Strategy's Bitcoin holdings remain equivalent to roughly 4% of Bitcoin's 21 million maximum supply.

The latest pause in Bitcoin transactions follows several sales earlier this year.

Since May, Strategy has sold approximately 6,948 BTC for about $431.8 million. Its most recent reported Bitcoin sale involved 1,690 BTC for roughly $108 million.

The company has also authorized a framework allowing it to sell Bitcoin to fund its reserve, dividends, interest payments and securities repurchases.

Strategy's approach comes as Bitcoin treasury companies face increased scrutiny over their valuations and market structure.

Under its Digital Credit Capital Framework, the company has restricted its USD Reserve to preferred-stock dividends and interest payments while authorizing a $1 billion repurchase program for digital credit securities.

It has also approved a $1 billion common-stock buyback program.

Meanwhile, Strategy and fellow Bitcoin treasury company Metaplanet could face removal from MSCI's Global Investable Market Indexes under a proposed methodology for identifying non-operating companies.

A simulation using May 2026 data showed Strategy, Metaplanet and uranium investment company Yellow Cake would be deleted from the MSCI ACWI IMI under the proposal.

Despite the scrutiny, institutional interest in Bitcoin treasury companies remains.

Norway's sovereign wealth fund increased its indirect Bitcoin exposure to a record 11,549 BTC in the first half of the year, with Strategy holdings accounting for 86% of that exposure, according to K33.

Since August 2020, when it first launched its bold Bitcoin (BTC -0.81%) treasury company model, Michael Saylor's Strategy (MSTR -2.68%) has acquired a remarkable amount of Bitcoin. All told, the company now owns 840,447 BTC. To put that number into perspective, that's roughly 4% of all Bitcoin in circulation.

That's the good news. The bad news is that Strategy's Bitcoin position is now deep under water. The current price of Bitcoin is just $65,000, but Strategy's average price to acquire Bitcoin is $75,482. Thus, a position that took nearly $64 billion to acquire is now worth just $54 billion. That's why the company is sitting on a $10 billion paper loss.

The math no longer works This might sound obvious, but when the price of Bitcoin is zooming higher, Strategy is able to report massive paper gains. When the price of Bitcoin is falling (as it is now), the company is forced to report massive paper losses. Until the price of Bitcoin moves higher, then, Strategy is going to be reporting bad news to investors for the foreseeable future.

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The problem is that these paper losses have real world consequences for how investors perceive Strategy. Just take a look at Strategy's stock price. It's down 35% year to date. By way of comparison, Bitcoin is only down 25% year to date.

So investors in Strategy stock are getting pounded even harder than investors in Bitcoin. There should be no surprise here. Strategy has always been a leveraged bet on Bitcoin, and this is what happens on the downside.

Image source: Getty Images.

For now, Strategy has suspended its Bitcoin purchasing operations and unveiled a new capital management plan, all designed to boost the value of its stock offerings (both common and preferred).

Unfortunately, a key part of this strategy is a newfound willingness to sell Bitcoin to raise cash for ongoing operations. That's something the company promised it would never do. If there's one company associated with the advice "Never sell your Bitcoin," it's Strategy.

What numbers matter for Strategy? And it's not like Strategy's $10 billion paper loss is a hidden secret, either. Strategy has been very transparent about its Bitcoin operations. When it reports quarterly earnings to investors, it tells them exactly what is happening. On social media, there are regular updates about recent purchases or sales. On its website, Strategy's home page is an orange-and-black mosaic of different numbers, statistics, and metrics about its Bitcoin holdings.

Unfortunately, there is only one number that matters anymore: the price of Bitcoin. As long as the price of Bitcoin is under $75,482, there is absolutely no reason to consider investing in Strategy. You're better off just investing in Bitcoin itself and waiting for its price to recover.

Strategy (MSTR +0.93%), once known as MicroStrategy, owns 842,138 Bitcoins (BTC +0.93%) with a market value of $54.5 billion. That makes Strategy Bitcoin's largest corporate investor with roughly 4% of the cryptocurrency's total supply on its balance sheet.

Strategy started hoarding Bitcoin back in 2020. Its share count has more than quadrupled over the past six years as it issued additional shares and convertible debt to fund those purchases. Its chairman, Michael Saylor, who led Strategy's transformation from a software company into a Bitcoin hoarder, also said he would "never" sell his own Bitcoin.

Image source: Getty Images.

That's why it was surprising when Strategy recently authorized a multi-billion-dollar sale of its Bitcoin holdings to fund its buybacks, dividends, and other corporate obligations. Let's see why it's seemingly reversing its long-term strategy -- and what it means for the company's investors.

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What did Strategy actually authorize? In late July, Strategy said it would sell Bitcoin to raise as much as $1.25 billion in U.S. dollar reserves, repurchase up to $1 billion in its preferred stock (STRC +1.75%), fund its preferred stock dividends (at an 11% yield), and buy back another $1 billion in its common stock.

By the end of July, Strategy had sold $218 million in Bitcoin to fund its preferred stock dividends and $25 million on buybacks for its preferred shares. It plans to keep buying back its preferred shares as long as they trade below $100, but it hasn't repurchased any of its common stock yet.

That shift strongly suggests that Strategy thinks its own stock, which has declined 74% over the past 12 months, is more undervalued than Bitcoin, which fell 43% during the same period. But with an enterprise value of $40.4 billion, Strategy might seem ridiculously overvalued at 82 times this year's sales.

However, that enterprise value is actually lower than the market value of its Bitcoin holdings. Therefore, if Strategy expects Bitcoin's value to keep rising over the long term, it actually makes sense to trim some of its Bitcoin holdings to buy back more of its shares.

Is Strategy losing faith in Bitcoin? Strategy's decision to sell more Bitcoin to cover buybacks and dividends might seem like a red flag for the world's top cryptocurrency. Yet it's also a prudent move, since fears of interest rate hikes could limit Bitcoin's upside potential for at least the next few months. Strategy isn't really turning bearish on Bitcoin, which accounts for almost the entire business. It simply makes more sense to convert some of its holdings to cash so it can buy back more of its shares when they become too cheap to ignore. Michael Saylor also hasn't sold any of his own personal Bitcoin holdings -- and he still expects its price to hit $21 million by 2046.

Key Takeaways Strategy's Q2 loss was $24.45 per share as revenues of $122.4 million missed estimates.Its $3.75 billion USD reserve covers 2.1 years of preferred dividends and interest, with a 2-3 year goal.Management may sell Bitcoin, issue equity or repurchase securities as it shifts to active capital management. Strategy Inc (MSTR - Free Report) centered its second-quarter 2026 earnings call on repairing its digital-credit platform. Management’s priority is restoring STRC toward par, rebuilding cash coverage and using Bitcoin sales more flexibly.

The company reported a loss per share of $24.45, missing the Zacks Consensus Estimate of earnings of $52.04 per share. It generated revenues of $122.37 million, which also fell short of the Zacks Consensus Estimate of $126.95 million.

Strategy Makes STRC the Immediate PriorityPresident and CEO Phong Le said Strategy wants STRC to trade between $99 and $100 over time. The preferred security was near $89.50 during the call, and management plans to keep its annualized dividend rate at 12% while working toward par.

Le said the USD reserve has risen to $3.75 billion, covering about 2.1 years of preferred dividends and interest. Management is targeting two to three years of coverage while maintaining a one-year minimum.

Executive chairman Michael Saylor said Strategy has $975 million left under its STRC repurchase authorization. Returning the security to par is a firm priority, although the pace and amount of buybacks will depend on market conditions.

MSTR Broadens Active Capital ManagementLe described a shift from one-way capital issuance toward active capital management. Strategy can issue equity, sell Bitcoin, repay debt, fund cash reserves and repurchase securities based on relative value.

Year to date, the company bought 174,895 Bitcoin and sold 3,620, making purchases 48 times sales. Le said Bitcoin monetization can fund the USD reserve, cover dividends and interest, and support repurchases.

Saylor said future capital deployment will not default to placing 100% of proceeds into Bitcoin. Management will weigh credit demand, equity conditions, Bitcoin’s position against its 200-week moving average and cash-reserve needs.

Strategy Consolidates Around One Credit ProductDuring Q&A, Saylor said Strategy expects to reduce, rather than expand, its 11 credit instruments and concentrate liquidity around STRC.

Bitcoin analyst Samson Mow asked about covered-call strategies. Saylor rejected derivatives for now, saying they could alter MSTR’s convexity, create tax and counterparty complications, fragment liquidity and reduce transparency.

A TD Cowen analyst pressed management on whether it might issue STRC below par. Saylor said Strategy would instead pause issuance and use capital to restore stability rather than weaken the product’s price discipline.

MSTR Keeps Debt Options OpenA Cantor Fitzgerald analyst asked how management would address convertible maturities. Chief financial officer Andrew Kang said Strategy can equitize, repay or refinance debt, with no prescribed rush and STRC stabilization taking precedence.

Le said the next put date is September 2027 for the 2028 converts, which have a $183 conversion price. If conversion does not occur, Strategy could sell MSTR at a premium, sell Bitcoin or refinance.

A Benchmark Company analyst asked about borrowing against Bitcoin to strengthen cash reserves. Le and Saylor said the option is not on the table because pricing, scale, counterparty risk and the appearance of margin debt favor other routes.

Strategy Explains STRC’s June SelloffBitcoin analyst James Van Straten asked about STRC’s June 26 decline into the $70s. Saylor attributed it to traditional-finance credit providers reducing advance ratios after volatility increased.

He said the withdrawal of leverage created second- and third-order liquidations, which then triggered broader investor anxiety. Management did not characterize the event as a simple retail or decentralized-finance margin call.

The episode reinforced Strategy’s focus on low volatility and dependable liquidity. Saylor said a more stable STRC should reduce the risk that financing providers abruptly withdraw credit lines.

MSTR Leaves a Tighter Near-Term AgendaManagement’s tone was focused and more flexible than its earlier all-Bitcoin posture. The near-term agenda centers on restoring STRC, maintaining stronger dollar reserves and selectively using Bitcoin sales, equity issuance and repurchases.

Strategy tied longer-term Bitcoin-per-share growth to a functioning digital-credit engine, lower funding costs and disciplined balance-sheet management. The call placed execution ahead of adding products.

Strategy’s Zacks Signals Stay WeakMSTR currently carries a Zacks Rank #5 (Strong Sell), which reflects negative earnings estimate revisions and points to weak near-term performance potential under the Zacks methodology.

You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

The stock has a Value Score of F, Growth Score of D, Momentum Score of F and VGM Score of F. The combination indicates an unfavorable value, growth and momentum profile, while the Zacks Rank can change as analysts revise estimates following the just-reported results.

For the quarter ended June 2026, Strategy (MSTR - Free Report) reported revenue of $122.37 million, up 6.9% over the same period last year. EPS came in at -$24.45, compared to $32.60 in the year-ago quarter.

The reported revenue compares to the Zacks Consensus Estimate of $126.95 million, representing a surprise of -3.61%. The company delivered an EPS surprise of -146.98%, with the consensus EPS estimate being $52.04.

While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.

As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.

Here is how Strategy performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:

Revenue- Product Licenses and Subscription Services: $66.53 million versus the two-analyst average estimate of $65.65 million.Revenues- Subscription services: $62.86 million versus $60.1 million estimated by two analysts on average.Revenues- Product licenses: $3.67 million compared to the $6.05 million average estimate based on two analysts.View all Key Company Metrics for Strategy here>>>

Shares of Strategy have returned -0.1% over the past month versus the Zacks S&P 500 composite's -1.5% change. The stock currently has a Zacks Rank #5 (Strong Sell), indicating that it could underperform the broader market in the near term.

Strategy (NASDAQ:MSTR | MSTR Price Prediction) spent $25 million last week buying back its own preferred stock and spent nothing on Bitcoin (CRYPTO:BTC). The company has now gone five weeks without a purchase, marking its longest pause in nearly two years.

On top of that, Strategy said in the same announcement that future buybacks may be paid for by selling its MSTR stock and, depending on market conditions, by selling Bitcoin. Is Bitcoin losing its biggest corporate buyer?

What Strategy Did Instead of Buying Bitcoin

Between July 20 and 26, Strategy bought back 288,930 shares of STRC, its preferred stock, paying about $25 million at an average of $86.52 against a stated value of $100. That was the first use of a $1 billion repurchase programme approved in June, and it leaves $975 million to spend.

The company also added $525 million to its dollar reserve from sales of its own common stock, lifting the reserve to an all-time high of $3.75 billion, which it says equals roughly 25 months of expected preferred dividend payments. The Bitcoin holdings didn’t move, and Strategy still holds 843,775 coins, which is the same number as five weeks ago.

Strategy buying the preferred stock back below its stated value has a clear logic. STRC pays a 12% annual dividend, which is expensive money, and management will recommend the board keep that rate until the stock shows sustained trading near $100. 

Chief Executive Phong Le called repurchases below $100 “an attractive allocation of capital,” since retiring a $100 obligation for $86.52 cuts the future dividends the company would owe on it. STRC has traded below its stated value since mid-May, falling under $77 this month before recovering to around $88.

But the question is where the money comes from. Under board policy, Strategy is not allowed to use the dollar reserve to fund these buybacks, and the company says the cash will come from other sources, which may include further sales of MSTR stock and, depending on market conditions, Bitcoin sales. 

STRC was created to raise money for buying Bitcoin, but Bitcoin is now listed as a way to pay for supporting STRC. Strategy’s own risk disclosures name the cost of the first route, since selling common stock to fund repurchases dilutes the people holding it.

Why Strategy Stopped Buying Bitcoin

For years, Strategy ran a loop that built the whole company. It sold new MSTR shares, used the cash to buy Bitcoin, and because the stock traded above the value of the Bitcoin behind it, shareholders ended up holding more Bitcoin per share after every round.

However, the loop only works while that premium exists. Investors track it through mNAV, which compares the company’s whole valuation, debt included, against the value of its Bitcoin. Standard Chartered calculated in a July 10 note that the figure had fallen to roughly 1.0, down from well above that between 2020 and the middle of last year. At the November 2024 peak, investors paid 3.4 times the value of Strategy’s Bitcoin to own the stock.

At 1.0, a dollar of new stock buys exactly a dollar of Bitcoin, and shareholders end up where they started, minus the cost of doing it. Selling stock to buy coins now leaves them slightly worse off each time, so the buying stopped because the trade stopped working, not because Strategy stopped believing in Bitcoin.

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Meanwhile, Strategy still owes its preferred dividends whether it buys Bitcoin or not. STRC alone has about $10 billion outstanding, its 12% dividend keeps coming due whatever the Bitcoin price does, and the growing dollar reserve exists to keep those payments funded.

On top of that, Strategy’s 843,775 coins cost $63.68 billion at an average of $75,476 each, and at today’s price near $63,900 they’re worth about $53.9 billion. The company is roughly $9.8 billion underwater, and Bitcoin would have to climb about 18% before Strategy is back to what it paid.

What Bitcoin Loses Without Strategy Buying

Strategy holds about 4% of every Bitcoin that will ever exist, more than any other company. Moreover, Strategy had started stepping back before it stopped buying. It sold 32 coins in late May, its first sale since 2022 and a break from the never-sell stance it had held for years. 

Then, after two small purchases in June, it sold another 3,588 coins for about $216 million between June 29 and July 5, at average prices around $60,000 against the $75,476 it paid for them. Since then the company has neither bought nor sold.

Bitcoin trades near $63,900 now, roughly half the $126,000 ATH it set last October, and the price could move again when the Federal Reserve announces its latest interest rate decision later today. Meanwhile, wider corporate buying had already thinned before Strategy went quiet, with Glassnode’s June 10 report showing that treasury companies went from buying more than $500 million on multiple days in April and May to almost nothing since the start of June.

However, Standard Chartered kept its $100,000 Bitcoin forecast for end of the year in its July 10 note, calling Strategy’s selling mostly noise and arguing that if Strategy explains its new approach clearly, it should not need to sell more Bitcoin. But Strategy did the opposite on July 27, naming Bitcoin sales as a possible funding source in its own press release.

Will Strategy Buy Bitcoin Again? Strategy hasn’t sold a coin since July 5 and hasn’t committed to selling more. For now the company has stopped adding while it builds its cash cushion, retires expensive obligations at a discount, and waits.

The wait has a condition attached. If Bitcoin recovers and the stock trades back above the value of the coins behind it, selling shares to buy Bitcoin starts rewarding shareholders again, and Strategy has given no reason to think it wouldn’t restart. Nothing in the July 27 announcement retires the model; it just funds the obligations until the model works again.

Until then, Bitcoin really has lost its biggest corporate buyer, and the price has to climb without the company that spent five years buying almost every week.

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Contact [email protected] for any questions or corrections.

Key Takeaways Strategy's dollar reserve covers roughly 1.8 years of annual interest and dividend costs.Bitcoin sales, share repurchases and reserve funding tools may reduce forced financing in weak markets.Strategy still faces high debt, preferred-stock obligations, dilution risk and Bitcoin dependence. Strategy (MSTR - Free Report) has shifted from nonstop Bitcoin accumulation toward protecting its cash position. As of July 24, 2026, it held 843,775 BTC and a $3.225 billion reserve after selling more than 2.7 million MSTR shares for about $263.5 million.

The reserve is restricted mainly to preferred-stock dividends and debt interest. Strategy reports annual interest and dividend costs of about $1.76 billion, so the current reserve offers roughly 1.8 years of coverage.

The latest news shows why that buffer matters. Strategy sold 3,588 BTC in early July for about $216 million, its first major sale after years of steady buying, and disclosed an $8.32 billion second-quarter digital-asset loss.

The company has also approved up to $1 billion each for preferred-share and MSTR repurchases, plus Bitcoin sales of up to $1.25 billion to refill reserves. These tools may reduce forced financing during weak markets and give management flexibility when Bitcoin prices fall sharply.

However, risk remains high, because the reserve improves liquidity without reducing dependence on Bitcoin. Strategy carries about $6.75 billion of debt and $15.46 billion of preferred stock, while MSTR’s valuation premium has fallen near 1.0 times net asset value. Raising cash may, therefore, require more dilution or further Bitcoin sales.

How Are MARA Holdings and Strive Managing Bitcoin Risk?MARA Holdings (MARA - Free Report) has paired treasury defense with expansion. MARA Holdings sold 15,133 Bitcoin and repurchased about $1 billion of convertible notes, then agreed in July to acquire a Texas site with 2,000 megawatts of planned power. MARA Holdings gains flexibility, but development commitments could later rebuild financial pressure.

Strive (ASST - Free Report) held 19,921 Bitcoin and $157.4 million in cash on July 17 after buying 21 more coins. Strive also held $43.1 million of Strategy preferred shares. Strive has liquidity, yet share issuance and Bitcoin volatility still create fixed-payment and dilution risks for investors.

MSTR’s Price Performance, Valuation and EstimatesShares of MSTR have declined 44.1% over the past three months compared with the industry’s fall of 4.8%. 

Image Source: Zacks Investment Research

From a valuation standpoint, Strategy remains highly expensive, trading at a forward 12-month price-to-sales ratio of 65.55, which is far above the sector's average. Its Value Score of F reinforces concerns that the stock is significantly overvalued.

Image Source: Zacks Investment Research

Over the past 30 days, earnings estimates for both 2026 and 2027 have been revised downward, signaling a bearish outlook from analysts.

Image Source: Zacks Investment Research

Prediction markets have become a useful sentiment thermometer for one of the most polarizing stocks on Wall Street. MicroStrategy (NASDAQ:MSTR | MSTR Price Prediction), the bitcoin-treasury company now branded Strategy, was trading at $94.85 as of Monday morning, and Polymarket bettors are actively pricing everything from margin-call risk to index removal to whether CEO Phong Le will announce another bitcoin buy this week. The odds tell a coherent story, and they line up with what the stock has done this year.

Why the Odds Matter Right Now Bitcoin is under pressure. BTC changed hands recently at $64,825.78, down 25.91% year to date and 44.74% lower over the past year. That drawdown is the backdrop for every Strategy prediction market currently open. It also frames the accounting reality: under ASU 2023-08 fair-value rules, Strategy booked a $14.46 billion unrealized bitcoin loss in Q1 2026 and posted EPS of −$38.25, missing consensus by a wide margin.

Against that setup, Polymarket has eight active markets on Strategy and Kalshi has none. Volumes are modest, so read these as directional sentiment, not deep-liquidity signals.

The Big One: Margin-Call Risk Priced at Almost Zero Despite the bitcoin swoon, bettors are not worried about a forced unwind. The market titled Will MicroStrategy be margin called in 2026? shows Yes at just 0.032 probability against No at 0.969, on $96,048.55 in total volume and $22,614.76 in open interest.

That is a strong statement given the balance sheet: Strategy carries $8.17 billion in long-term debt and roughly $229.5 million per quarter in preferred dividend obligations across its STRC, STRK, STRF, STRD, and STRE stacks. Bettors appear to trust that the company can service those obligations through its ATM equity machine and its Digital Credit issuance rather than being forced to dump BTC.

The 1M BTC Milestone Is Fading Phong Le has made bitcoin accumulation the centerpiece of the thesis, but the market is skeptical about the pace. Will MicroStrategy announce holding 1M+ BTC by December 31, 2026? prices Yes at only 0.08 probability versus No at 0.92. This is the largest of the strategic markets by volume, with $284,635.91 traded and $116,854.94 in open interest.

For context: Strategy held 818,334 BTC as of early May 2026 after buying 89,599 BTC in Q1. Reaching seven figures by year-end would require another substantial accumulation sprint at a time when the equity is trading in the low $90s rather than the near-$400 levels it saw in mid-2025. Issuing shares into a depressed price to buy a depressed asset is a harder pitch than it was a year ago.

MSCI Delisting Risk Is Material One of the more unusual markets is Microstrategy delisted from MSCI index by December 31?, which prices Yes at 0.365 probability and No at 0.635. Volume is thin at $1,001.63, but the odds themselves are striking: bettors see a better-than-one-in-three chance the stock is pulled from a major index this year. Passive selling from index funds would be a structural overhang if it happens.

Short-Term Bitcoin Activity: Buying, Not Selling The near-term event markets expiring July 21, 2026, spell out the current tape:

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Will Microstrategy announce a Bitcoin purchase July 14-20? Yes 0.11, No 0.89. MicroStrategy announces >1000 BTC purchase July 14-20? Yes 0.365, No 0.635. Will Microstrategy announce selling any Bitcoin July 14-20? Yes 0.007, No 0.994. Read together, the crowd sees essentially zero chance the company sells bitcoin this week, a modest chance it announces any purchase, and a higher conditional chance that if there is a purchase, it will be a large one. That is consistent with Strategy’s pattern of quiet weeks followed by chunky Monday disclosures.

Earnings and the Analyst Gap The Q2 2026 earnings market, Will MicroStrategy (MSTR) beat quarterly earnings?, prices Yes at 0.2 probability ahead of the July 30, 2026, report. Bettors are effectively assuming another quarter dominated by fair-value bitcoin marks rather than a clean beat on the software business, even as subscription services revenue continues to grow.

That pessimism sits uncomfortably next to the sell-side: analyst ratings show 13 Buys and one Hold, with an average price target of $303.64 against a current $94.85. Insiders have gone the other way, with 156 recent insider transactions net to selling.

The Weekly Price Grid Polymarket’s What will MicroStrategy (MSTR) hit Week of July 20 2026? market is a multi-outcome grid. The two highest-probability price levels are $90 at 0.62 and $85 at 0.57, with most other levels clustered around 0.5. Volume is $0, so treat this as a curiosity rather than a signal. Recent resolutions have not been kind to the crowd: last week’s market implied $90 while the winning outcomes were $95 and $100, a −$10 deviation.

Sentiment: Bearish, and It Got There Fast The composite sentiment score for Strategy is 37.76, flagged as bearish with medium confidence. The trend is what stands out: the composite score has moved from 73.88 on July 1 to 37.76 today, a 30-day change of −36.12. Social sentiment (Reddit) is the weakest input at 22, while news sentiment reads higher at 53.52.

What the CEO Is Saying On the Q1 2026 call, Phong Le leaned into the credit story: “Adoption of Bitcoin continues to grow in 2026. Digital Credit, highlighted by STRC, has been a big success. We raised $5.6 billion year-to-date of STRC gross proceeds, increased daily trading volume to $375 million, while bringing volatility down to 3%, all done during a bitcoin bear market.” The STRC preferred’s annualized dividend has climbed from 11.00% in January 2026 to 11.50% by May, which is another number worth tracking as the company funds its buys through preferred issuance rather than diluting common.

What to Watch Next There are three things to watch over the next two weeks. First, the Monday morning purchase disclosure window: if there is no announcement, expect the July 14–20 purchase market to resolve No and the >1000 BTC market to settle accordingly. Second, the July 30, 2026, Q2 report, where a bitcoin price near $64,825.78 at quarter-end would likely mean another large fair-value hit. Third, any MSCI review headlines that could move the 36.5% delisting odds sharply in either direction.

Polymarket is telling investors that Strategy’s solvency is fine, its ambition is discounted, its index membership is in play, and its next earnings report is unlikely to be a clean beat. That is a coherent read of a company whose fortunes are now tied to a bitcoin price that has surrendered nearly half its value in a year.

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In the latest trading session, Strategy (MSTR - Free Report) closed at $92.10, marking a -2.68% move from the previous day. This move lagged the S&P 500's daily loss of 0.79%. At the same time, the Dow lost 0.26%, and the tech-heavy Nasdaq lost 1.55%.

Prior to today's trading, shares of the business software company had lost 23.66% lagged the Finance sector's gain of 5.64% and the S&P 500's gain of 4.28%.

Market participants will be closely following the financial results of Strategy in its upcoming release. The company plans to announce its earnings on July 30, 2026. The company is forecasted to report an EPS of $52.04, showcasing a 59.63% upward movement from the corresponding quarter of the prior year. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $126.95 million, up 10.88% from the year-ago period.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $116.7 per share and a revenue of $503.9 million, indicating changes of +866.25% and +5.59%, respectively, from the former year.

Additionally, investors should keep an eye on any recent revisions to analyst forecasts for Strategy. These revisions help to show the ever-changing nature of near-term business trends. As a result, upbeat changes in estimates indicate analysts' favorable outlook on the business health and profitability.

Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Within the past 30 days, our consensus EPS projection remained stagnant. As of now, Strategy holds a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that Strategy has a Forward P/E ratio of 0.81 right now. For comparison, its industry has an average Forward P/E of 11, which means Strategy is trading at a discount to the group.

The Financial - Miscellaneous Services industry is part of the Finance sector. This industry, currently bearing a Zacks Industry Rank of 161, finds itself in the bottom 35% echelons of all 250+ industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Keep in mind to rely on Zacks.com to watch all these stock-impacting metrics, and more, in the succeeding trading sessions.

Shares of Strategy (MSTR +0.80%) -- formerly MicroStrategy -- have fallen by 42.8% in the first half of 2026, according to data from S&P Global Market Intelligence. The software provider that pivoted to becoming an aggressive Bitcoin treasury company has seen its strategy (no pun intended) begin to unravel with the price of Bitcoin down severely over the last twelve months.

To fund interest payments, Strategy has begun selling some of its Bitcoin, which has spooked the market. Here's why the stock was falling in 2026, and whether now could be a good time to buy the dip on this fallen giant.

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Following the price of Bitcoin When Bitcoin was over $100,000 a coin, Strategy actually achieved a market cap of over $100 billion, and had a nice premium to the underlying value of the assets on its balance sheet. Using this premium, Strategy was able to sell shares of its stock to buy more Bitcoin, thereby theoretically creating value per share due to the valuation premium.

With enthusiasm for cryptocurrencies beginning to wane and the price of Bitcoin falling, Strategy's stock premium has fully collapsed. Its share price is now down 80% from its highs, driven by this convergence with the underlying value of Bitcoin on its balance sheet, as well as the price of Bitcoin falling in the last year.

Now, with interest payments piling up on preferred stock and on outstanding debt used to buy Bitcoin, Strategy has been forced to liquidate some of its Bitcoin position to fulfill its ongoing obligations. As of this writing, it has been only 3,500 Bitcoin sold, which is a small amount relative to Strategy's balance sheet, but the signal to markets was nonetheless fear-inducing.

Image source: Getty Images.

Should you buy the dip? Strategy's old mandate was to keep buying Bitcoin through various forms of fundraising methods, be it debt, preferred stock, or issuing new shares. This party continued as the price of Bitcoin soared. Now, on the other side of the popping of a cryptocurrency bubble, a hangover of this business strategy is starting to rear its ugly head.

The stated value of its Bitcoin assets is over $50 billion at the current Bitcoin price of $64,000, but Strategy has $22.2 billion in liabilities, including a massive amount of preferred stock with double-digit annual interest payments, resulting in over $1 billion in funding requirements each year. With no underlying business to fund these interest payments, Strategy will be forced to sell even more Bitcoin, potentially leading to the dissolution of this entire business model unless the price of Bitcoin rises.

This makes the stock one investors should not buy the dip on right now.

What Strategy’s July 6 Filing Actually Says About Its First Major Bitcoin Sale Since 2022

The filing is specific. The coins went in two tranches: 1,363 bitcoin between June 29 and June 30, then 2,225 between July 1 and July 5 at an average of roughly $60,773. The proceeds funded quarterly dividends on four preferred series, STRF, STRE, STRK and STRD, plus the semi-monthly dividend on STRC.

The uncomfortable number is the cost basis. Strategy’s average purchase price is about $75,476 a coin, so it sold below cost, realizing a loss to raise cash. After the sale it held 843,775 bitcoin and $2.55 billion in cash.

Why A Small Sale Is A Big SignalFor years the model was simple: issue securities, buy bitcoin, never sell. This sale confirms that has changed. Strategy adopted a framework that permits sales to meet obligations — the reason is the preferred stack: those dividends, roughly $1.6 billion a year, are a standing cash call the software business cannot cover, and the sale recasts the dividend-and-capital-structure story around the coins.

The Two SidesThe bull case is that the sale is tiny, roughly 0.4% of holdings, the balance sheet still carries $2.55 billion in cash, and the same preferreds raised the capital that bought the bitcoin in the first place. This is not a solvency event.

The Bottom LineThe disclosure is small in size and large in signal: Strategy’s dividend obligations now shape its treasury decisions. For anyone following MSTR, the variable to track is the preferred dividend run-rate against cash and the company’s ability to issue equity, because that, more than the bitcoin price alone, now decides whether Strategy is a buyer or a seller.

Disclosure: The author holds no position in Strategy and no position in bitcoin.

Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.

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