Strategy koupila 4 603 bitcoinů za 80 318 USD za kus a zvýšila svou zásobu na 845 050 BTC. Nákup je zatím pod vodou, protože bitcoin se obchoduje kolem 78 000 USD.
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.
Nykredit A/S ve 2. čtvrtletí koupila nový podíl ve Strategy, 27 417 akcií za zhruba 2,383 milionu USD. Firma zároveň oznámila čtvrtletní ztrátu 24,45 USD na akcii při tržbách 122,37 milionu USD.
Nykredit A S acquired a new stake in Strategy Inc (NASDAQ:MSTR – Free Report) during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 27,417 shares of the software maker’s stock, valued at approximately $2,383,000.
Several other hedge funds also recently added to or reduced their stakes in the stock. Fideuram Asset Management Ireland dac purchased a new stake in shares of Strategy in the fourth quarter worth about $25,000. Westfuller Advisors LLC purchased a new stake in shares of Strategy during the 1st quarter valued at about $25,000. Ancora Advisors LLC raised its holdings in shares of Strategy by 111.7% during the 2nd quarter. Ancora Advisors LLC now owns 290 shares of the software maker’s stock valued at $25,000 after buying an additional 153 shares during the period. Wilkerson Advisory Group LLC acquired a new position in Strategy during the 4th quarter worth approximately $30,000. Finally, Binnacle Investments Inc lifted its position in Strategy by 492.9% during the 2nd quarter. Binnacle Investments Inc now owns 83 shares of the software maker’s stock worth $34,000 after acquiring an additional 69 shares in the last quarter. 59.84% of the stock is owned by hedge funds and other institutional investors.
Strategy Price Performance Shares of NASDAQ MSTR opened at $142.80 on Tuesday. Strategy Inc has a fifty-two week low of $81.81 and a fifty-two week high of $365.21. The business has a 50 day moving average price of $104.87 and a two-hundred day moving average price of $128.41. The company has a quick ratio of 5.39, a current ratio of 5.39 and a debt-to-equity ratio of 0.22. The firm has a market cap of $54.87 billion, a PE ratio of -1.47 and a beta of 3.59.
Strategy (NASDAQ:MSTR – Get Free Report) last announced its earnings results on Friday, July 31st. The software maker reported ($24.45) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($2.19) by ($22.26). The business had revenue of $122.37 million during the quarter, compared to analyst estimates of $122.90 million. Strategy had a negative net margin of 6,102.95% and a negative return on equity of 74.18%. The business’s revenue for the quarter was up 6.9% on a year-over-year basis. During the same period in the previous year, the company earned $32.52 earnings per share. Sell-side analysts expect that Strategy Inc will post -23.74 earnings per share for the current fiscal year. Insider Buying and Selling In related news, CEO Phong Le acquired 11,000 shares of Strategy stock in a transaction on Monday, June 22nd. The shares were purchased at an average cost of $90.80 per share, for a total transaction of $998,800.00. Following the purchase, the chief executive officer directly owned 11,000 shares of the company’s stock, valued at $998,800. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Jarrod M. Patten sold 1,850 shares of the firm’s stock in a transaction on Thursday, August 27th. The stock was sold at an average price of $130.00, for a total transaction of $240,500.00. Following the transaction, the director directly owned 28,406 shares of the company’s stock, valued at approximately $3,692,780. This represents a 6.11% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 13,950 shares of company stock valued at $1,615,809 in the last three months. Corporate insiders own 6.49% of the company’s stock.
Strategy News Summary Here are the key news stories impacting Strategy this week:
Positive Sentiment: An analyst argues that Strategy’s stock could nearly triple, citing the company’s Bitcoin holdings and the potential for a significant recovery in the cryptocurrency. This provides an upside narrative for investors despite the stock’s substantial decline over the past year. Strategy Is Down More Than 50% in 12 Months Positive Sentiment: Strategy purchased 4,603 Bitcoin for approximately $370 million, reinforcing its position as a leveraged corporate bet on Bitcoin. Bitcoin trading near $80,000 and continued corporate demand could support the value of Strategy’s holdings and improve investor sentiment. Bitcoin Trades Near $80,000 Neutral Sentiment: A Hyperliquid trader’s heavily underwater Strategy short highlights intense positioning and volatility around MSTR. Forced covering could provide short-term support, but the report does not change Strategy’s underlying fundamentals. Trader Wins 26 Bets in a Row Negative Sentiment: Shares recently decreased after the Bitcoin acquisition, with coverage reporting a decline of about 4.2%. Investors may be concerned that continued purchases increase exposure to Bitcoin’s volatility, while Saylor’s bullish commentary and upcoming U.S. crypto legislation add further event risk. Strategy Stock Drops Following Bitcoin Purchase Negative Sentiment: Strategy’s dependence on Bitcoin means its valuation can move sharply with cryptocurrency prices and market risk appetite. The company’s latest reported quarter also included a large loss and a significant earnings miss, adding to concerns about financial volatility. Analyst Ratings Changes Several analysts have issued reports on the stock. Canaccord Genuity Group increased their price objective on shares of Strategy from $130.00 to $175.00 and gave the company a “buy” rating in a research report on Tuesday, August 25th. HC Wainwright set a $325.00 target price on shares of Strategy in a research report on Monday, August 3rd. Alliance Global Partners initiated coverage on shares of Strategy in a research note on Tuesday, September 1st. They issued a “buy” rating and a $217.00 target price for the company. TD Cowen lowered their price target on shares of Strategy from $400.00 to $260.00 and set a “buy” rating for the company in a report on Tuesday, June 30th. Finally, Sanford C. Bernstein reaffirmed an “outperform” rating and set a $350.00 price target (down from $450.00) on shares of Strategy in a report on Wednesday, August 26th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating, two have issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Strategy has a consensus rating of “Moderate Buy” and an average target price of $236.41.
View Our Latest Stock Analysis on Strategy
Strategy Profile (Free Report)
Strategy, formerly known as MicroStrategy, Incorporated (NASDAQ: MSTR) is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure.
Founded in 1989 by Michael J.
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Strategy po čtyřech prodejích znovu nakoupila Bitcoin za 370 milionů USD, a to za průměrnou cenu 80 318 USD za BTC. Firma tak dál drží přibližně 4 % celé nabídky Bitcoinu.
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.
Bitmine Immersion Technologies oznámila, že drží 5 901 112 ETH v hodnotě 15,6 miliardy USD. To odpovídá 4,9 % celkové nabídky ETH o velikosti 120,7 milionu ETH.
Bitmine owns 4.9% of the total ETH coin supply of 120.7 million
Bitmine is 98% of the way to the 'Alchemy of 5%' in just 15 months
ETH is the best performing macro asset in 3Q26 so far, outperforming the S&P 500 by 5,430bp
Bitmine was added to the Russell 1000 Large-cap index on June 26, 2026
Bitmine's Series A Preferred Stock is trading on the NYSE under the symbol BMNP
Bitmine has 5,067,309 staked ETH, representing $12.7 billion at $2,511 per ETH. MAVAN (Made in America VAlidator Network) is a premier Ethereum staking destination for BMNR and institutional investors
Bitmine owns $81 million of Eightco (NASDAQ: ORBS), now one of the only publicly listed equities in the world to provide investors indirect exposure to OpenAI
Bitmine Crypto + Total Cash Holdings & Marketable Securities + "Moonshots" total $15.6 billion, including 5.90 million ETH tokens, total cash & marketable securities of $541 million, and other crypto holdings
Bitmine remains supported by a premier group of institutional investors including ARK's Cathie Wood, MOZAYYX, Founders Fund, Bill Miller III, Pantera, Kraken, DCG, Galaxy Digital and personal investor Thomas "Tom" Lee to support Bitmine's goal of acquiring 5% of ETH
, /PRNewswire/ -- (NYSE: BMNR) Bitmine Immersion Technologies, Inc. ("Bitmine" or the "Company") a Bitcoin and Ethereum Network company with a focus on the accumulation of crypto for long term investment, today announced Bitmine crypto + total cash & marketable securities + "moonshots" holdings totaling $15.6 billion.
Bitmine Weekly Update
Asset Performance Relative to S&P 500 Since June 20, 2026
ETH/BTC Ratio: Future Tailwinds of Tokenization and AI
STAKING: BMNR now staking over 5 million ETH as of August 30, 2026
ALCHEMY of 5%: BMNR ranked #62 by 5D avg daily $ volume
As of August 30, 2026 at 3:00pm ET, the Company's crypto holdings are comprised of 5,901,112 ETH at $2,511 per ETH (per CoinbaseNASDAQ: COIN), 211 Bitcoin (BTC), $180 million stake in Beast Industries, $81 million stake in Eightco Holdings (NASDAQ: ORBS) ("moonshots") and total cash & marketable securities of $541 million. Bitmine's ETH holdings are 4.9% of the ETH supply (of 120.7 million ETH).
"As we enter the final month of 3Q26, ETH is the best performing macro asset, outperforming the S&P 500 by 5,430bp through last Friday. In fact, the top 3 performing assets since June 30th are ETH, BTC and SOL," stated Thomas "Tom" Lee, Chairman of Bitmine. "We believe this sets the stage for institutions to add to their crypto holdings given the substantial outperformance of crypto versus other macro assets in 3Q so far."
"We believe there are multiple positive catalysts as we head into the final months of 2026," stated Lee. "These include the upcoming CLARITY Act vote scheduled in mid-Sept. Additionally, Korean investors have again started buying crypto and rotating away from AI stocks. The 4-year cycle is bottoming within the next few weeks in our view. And this sets the stage for what we expect to be sizable institutional participation in buying crypto in the final months of 2026, especially given the tailwinds of tokenization and Agentic-AI."
"This ETH/BTC ratio has moved up during crypto bull cycles, driven by increasing use of Ethereum relative to bitcoin. These prior cycles were fueled by ICOs (2017-2018), NFTs (2020-2021), and stablecoins (2025). In this upcoming crypto cycle, we see the ETH/BTC ratio rising, driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains," continued Lee.
"Over the past week, we acquired 53,501 ETH. Bitmine has bought ETH for each of the past 65 weeks (every week since the inception of the ETH Treasury Strategy on June 30, 2025)," stated Lee.
On July 16, 2026, Bitmine released the latest Chairman's Message (link here) for July 2026. The title of the Message is "ETH is the cure for the Uncanny Valley of Wealth."
Earlier in 2026, Bitmine launched MAVAN (the Made in America VAlidator Network), the institutional-grade staking platform. While MAVAN was originally developed to support Bitmine's own Ethereum treasury, MAVAN intends to expand to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure. A portion of Bitmine's ETH is already staked on the MAVAN platform.
As of August 30, 2026, Bitmine total staked ETH stands at 5,067,309 ($12.7 billion at $2,511 per ETH). "Bitmine has staked more ETH than other entities in the world. At scale (when Bitmine's ETH is fully staked by MAVAN and its staking partners), the projected ETH staking reward is $390 million on an annualized basis (using 2.63% 7-day BMNR yield)," stated Lee.
"Annualized staking revenues are now projected at $335 million. And this 5.1 million ETH is 86% of the 5.90 million ETH held by Bitmine. Bitmine's own staking operations generated a 7-day yield of 2.63% (annualized)," continued Lee.
Bitmine is one of the most widely traded stocks in the US. According to data from Fundstrat, the stock has traded average daily dollar volume of $1.36 billion (5-day average, as of August 29, 2026), ranking #62 in the US, behind Texas Instruments (rank #61) and ahead of UnitedHealth Group (rank #63) among 5,704 US-listed stocks (statista.com and Fundstrat research).
Bitmine's crypto holdings reign as the #1 Ethereum treasury and #2 global treasury, behind Strategy Inc. (NASDAQ: MSTR), which reportedly owns 840,447 BTC valued at approximately $66 billion. Bitmine remains the largest ETH treasury in the world.
Bitmine management believes the GENIUS Act and the Securities and Exchange Commission's (SEC) Project Crypto are as transformational to financial services in 2026 as the US action on August 15, 1971, which ended the Bretton Woods system and took the U.S. dollar off the gold standard 55 years ago. This 1971 event was the catalyst for the modernization of Wall Street, creating the iconic Wall Street titans and financial and payment rails of today. These proved to be better investments than gold.
The Chairman's message can be found here:
https://www.Bitminetech.io/chairmans-message
The Fiscal Full Year 2025 Earnings presentation and corporate presentation can be found here: https://Bitminetech.io/investor-relations/
To stay informed, please sign up at: https://Bitminetech.io/contact-us/
About Bitmine
Bitmine Immersion Technologies, Inc. (NYSE: BMNR), together with its subsidiaries ("Bitmine" or the "Company"), is a blockchain technology infrastructure company operating across institutional digital asset staking and validation services, bitcoin mining, and strategic digital asset management. As the world's leading Ethereum Treasury company, it implements an innovative digital asset strategy for institutional investors and public market participants. The Company provides institutional-grade staking and validation infrastructure—through which it earns staking rewards and validation income—alongside bitcoin mining activities. Bitmine holds digital assets strategically, generating yield on those holdings to support liquidity and capital formation. Since 2025, the Company has expanded its blockchain infrastructure capabilities, including developing and deploying MAVAN, its institutional staking and validation platform. The Company's activities further include investments in early-stage blockchain opportunities ("moonshot" investments) and ancillary mining, hosting, and consulting services.
For additional details, follow on X:
https://x.com/bitmnr
https://x.com/fundstrat
Forward Looking Statements
This press release contains statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, as amended. Forward-looking statements include all statements that are not purely historical and can generally be identified by terms such as "expects," "projects," "intends," "plans," "believes," "anticipates," "estimates," "forecasts," "targets," "goals," "may," "will," "would," "could," "should," "view," "see," or similar expressions, or the negative of such terms, or other comparable terminology. This press release specifically contains forward-looking statements regarding, among other things: (i) the Company's goal of acquiring 5% of the total ETH supply (the "Alchemy of 5%" initiative) and statements regarding its progress toward this goal; (ii) the Company's digital asset accumulation and treasury strategy, including statements regarding continued weekly ETH acquisitions and the Company's status as the largest ETH treasury in the world; (iii) the Company's staking operations, including projected annualized ETH staking rewards of approximately $396 million at scale (assuming Bitmine's ETH is fully staked by MAVAN and its staking partners), currently projected annualized staking revenues of approximately $340 million, and the 7-day yield of 2.67% (annualized); (iv) MAVAN's intended expansion to serve institutional investors, custodians, and ecosystem partners seeking best-in-class staking infrastructure, and its intended position as a premier Ethereum staking destination for BMNR and institutional investors; (v) expectations regarding future ETH and other digital asset price performance, including statements regarding ETH's performance relative to the S&P 500 and other macro assets in 3Q26 and the expectation that institutions will add to their crypto holdings; (vi) management's belief that multiple positive catalysts exist heading into the final months of 2026, including the CLARITY Act vote scheduled for mid-September 2026, renewed buying by Korean investors and rotation away from AI stocks, the view that the four-year crypto cycle is bottoming within the next few weeks, and the expectation of sizable institutional participation in buying crypto in the final months of 2026, including the anticipated tailwinds of tokenization and agentic-AI; (vii) statements and expectations regarding the ETH/BTC ratio, including that the ratio will rise in the upcoming crypto cycle driven by Wall Street tokenizing on the blockchain and by agentic-AI using blockchains; (viii) management's belief that the GENIUS Act and SEC Project Crypto are "as transformational to financial services" as the end of the Bretton Woods system in 1971, and that the resulting investments will prove better than gold; (ix) statements regarding the Company's investment in Eightco Holdings (NASDAQ: ORBS) as providing indirect exposure to OpenAI, and its investment in Beast Industries; (x) statements regarding the value of the Company's crypto, cash, marketable securities, and "moonshot" holdings, including aggregate holdings of $15.6 billion and ETH holdings representing 4.9% of the total ETH supply; and (xi) the future growth, advancement, and strategic direction of the Company's Ethereum treasury strategy, blockchain infrastructure capabilities, bitcoin mining operations, and MAVAN staking platform.
These forward-looking statements involve substantial risks and uncertainties that could cause actual results to differ materially from those expressed or implied. Factors that could cause or contribute to such differences include, but are not limited to: the extreme volatility and unpredictability of digital asset prices, including ETH and Bitcoin, and the speculative nature of digital asset investments; the risk that historical ETH price movements and relative performance versus other macro assets will not recur or are not indicative of future performance; the Company's reliance on third-party pricing sources and reported market values in calculating the value of its crypto, cash, marketable securities, and "moonshot" holdings, and the risk that such values fluctuate materially after the date and time referenced in this release; changes in market conditions affecting the trading price and trading volume of the Company's common stock and Series A Preferred Stock, and the risk that the Company's inclusion in the Russell 1000 index does not produce anticipated benefits; the Company's ability to successfully execute its digital asset acquisition strategy and achieve its ETH accumulation targets, including the "Alchemy of 5%" goal; the Company's ability to finance its business operations, Ethereum treasury operations, and MAVAN expansion; operational, security, and technological risks associated with the Company's staking and validation operations, including network failures, slashing events, cybersecurity breaches, and protocol changes; the risk that actual staking participation, yields, rewards, and revenues differ materially from the projected amounts described in this release, which are based on a 7-day yield and assume ETH is fully staked at scale; competition in the digital asset treasury, staking, and mining industries; the Company's dependence on key personnel, including executive leadership; regulatory developments affecting digital assets, blockchain technology, and staking activities in the United States and globally, including the timing and outcome of the scheduled CLARITY Act vote and the ultimate enactment, implementation, and interpretation of the GENIUS Act and other pending legislation and regulatory initiatives; actions by the SEC, CFTC, and other regulatory bodies affecting digital assets and related businesses; risks related to the Company's investments in early-stage blockchain opportunities ("moonshot" investments), including the investments in Eightco Holdings and Beast Industries and any indirect exposure to OpenAI; macroeconomic factors, including inflation, interest rates, Federal Reserve monetary policy, labor market conditions, investor flows in international markets, and general economic conditions affecting investor sentiment toward digital assets; the accuracy of management's expectations regarding the ETH/BTC ratio and the impact of tokenization and agentic-AI applications on Ethereum; the unpredictability of cryptocurrency market cycles and the accuracy of expectations regarding future crypto cycles, including whether the four-year cycle bottoms as anticipated and whether institutional participation materializes; changes to the Ethereum protocol, including staking mechanics, validator requirements, and reward structures; risks related to AI systems and their potential impact on cryptocurrency markets and blockchain technology; the performance of third-party service providers, exchanges, custodians, and staking partners; risks related to the concentration of the Company's assets in digital currencies, particularly Ethereum; and the other risk factors described in the Company's filings with the SEC.
The forward-looking statements contained in this press release are based on information available to management as of the date of this release and reflect management's current expectations, estimates, forecasts, projections, views, and beliefs concerning future events and circumstances. Actual results may vary materially from those expressed or implied by forward-looking statements based on a number of factors, including those described above and in the Risk Factors section of the Company's Annual Report on Form 10-K for the fiscal year ended September 30, 2025 filed with the SEC on November 21, 2025, the Company's Quarterly Reports on Form 10-Q, and the Company's other filings with the SEC, as amended or updated from time to time. Copies of these filings are available on the SEC's website at www.sec.gov and on the Company's website at https://Bitminetech.io/investor-relations/. The Company cautions readers not to place undue reliance on any forward-looking statements, which speak only as of the date on which they are made. Bitmine expressly disclaims any obligation or undertaking to update, revise, or supplement any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statements are based, except as required by applicable law or regulation.
Strategy (MSTR) ve čtvrtek vzrostla o více než 12 %, protože Bitcoin překonal hranici 80 000 USD. Firma je díky svým rozsáhlým bitcoinovým držbám vnímána jako páková sázka na kryptoměnu.
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.
Strategy vytvořila nový likvidní USD Cash pool za 1,59 miliardy USD a z ATM prodeje akcií získala čistý výnos 2,01 miliardy USD. Akcie MSTR v pondělí v premarketu rostly o 2,60 %.
Shares of Strategy Inc. (NASDAQ:MSTR) are trading higher Monday, extending momentum alongside a recent, sharp recovery in spot Bitcoin (CRYPTO: BTC) prices.
Here’s what investors need to know.
Strategy shares are advancing steadily. What’s pushing MSTR stock higher? New Cash Pool And At-The-Market Sales Bolster Capital ReservesThe upward movement follows a Form 8-K SEC filing submitted Monday morning, in which the company announced the creation of “USD Cash”, a new $1.59 billion liquidity pool within its Digital Credit Capital Framework.
The designated liquidity pool was funded via the company’s at-the-market (ATM) equity offering program. Between August 17 and August 23, Strategy sold over 18.2 million shares of common stock, raising $2.01 billion in net proceeds.
Management allocated $1.59 billion to establish the flexible USD Cash account, $300 million to boost its existing USD Reserve to $5.10 billion, and $136.4 million to repurchase Strategy Variable Rate Perpetual Stretch (NASDAQ:STRC) preferred stock.
The new cash pool provides flexible capital to acquire additional Bitcoin, pay preferred dividends, service debt or fund share buybacks.
Rising Bitcoin Price Lifts Treasury Value Past Cost BasisThe capital deployment announcement coincides with renewed momentum across the digital asset market. Bitcoin prices have rebounded past $79,000 following an impressive 30% weekly run in Ethereum and strong tailwinds from last week’s White House Crypto Summit.
As of Sunday, Strategy held 840,447 Bitcoin acquired for $63.36 billion at an average purchase price of $75,385 per coin. With spot Bitcoin pushing safely past Strategy’s baseline acquisition cost, the company’s holdings, representing roughly 4% of total global Bitcoin supply, swung back into roughly $2.4 billion in paper profit.
MSTR Shares Edge Higher MondayMSTR Price Action: Strategy shares were up 2.60% at $122.35 during premarket trading on Monday, according to Benzinga Pro data.
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Strategy je podle článku zranitelná na úrovni 119,25 USD, protože její příběh stojí na bitcoinu a financování přes kapitálové trhy. Akcie jsou za rok dole o 64,68 %.
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.
Strategy (NASDAQ:MSTR) is outpacing Bitcoin (CRYPTO:BTC) in a sharp five-day rally — Strategy shares are up 27%, while Bitcoin has gained 19% over the same period.
Strategy’s Bitcoin Profit SurgesStrategy’s recent momentum is bolstered by its substantial Bitcoin holdings. As of Friday, the company is sitting on a $1.4 billion unrealized gain after Bitcoin surged.
This marks a significant turnaround for Strategy, which had been facing an unrealized loss of $13 billion when Bitcoin hit its July low of $58,000. The company owns 840,447 BTC, acquired at an average price of $75,385 per coin, and has been strategically managing its assets by selling some Bitcoin while building a substantial U.S. dollar reserve.
This reserve provides 2.8 years of coverage for dividend payments and other obligations. Strategy has also been active in restoring its perpetual preferred stock to its $100 par value, deploying more than a third of its $1 billion buyback authorization in recent weeks.
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The broader digital credit market’s recovery alongside Bitcoin could provide additional tailwinds for Strategy. Strategy’s Bitcoin profit highlights its strategic positioning in the market.
Bitcoin’s Short Squeeze Fuels RallyThe recent Bitcoin breakout, which saw prices climb to approximately $72,500, was fueled by a $500 million short squeeze. This event marked Bitcoin’s strongest volatility-adjusted breakout since October 2023.
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Glassnode co-founder Rafael Schultze-Kraft noted that such breakouts have historically preceded gains of nearly 85% over six months, although prediction markets suggest traders remain cautious. The move followed the Treasury’s announcement to expand long-term bond buybacks, briefly pushing yields lower and lifting risk assets.
Strategy and Coinbase Global, Inc. (NASDAQ:COIN) also experienced gains during this period. Bitcoin’s short squeeze underscores the volatile nature of the cryptocurrency market.
Technical AnalysisStrategy is currently on a winning streak, adding about $11.92 billion in market cap over approximately three sessions. The stock trades 19.41% above its 50-day simple moving average of $99.78, indicating strong upward momentum.
However, it remains 17.23% below its 200-day simple moving average of $143.95, reflecting longer-term challenges. Despite these challenges, Strategy’s recent performance suggests a potential for continued growth.
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Strategy drží 840 447 bitcoinů a za posledních 7 dní vykázala přes 12,9 miliardy USD nerealizovaného zisku. Růst BTC o více než 24 % posunul její držbu zpět do zisku.
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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Strategy vyskočila až na 115,65 USD v premarketu, nejvýše od 22. června, protože Bitcoin prudce rostl a spotové BTC ETF přidaly ve středu přes 500 milionů USD.
Buy MSTR. Bitcoin is breaking out and Spot BTC ETFs added $500M+ in one day, which directly lifts MSTR’s mark-to-market on its 840k BTC holdings. Greed sentiment (Crypto Fear & Greed at 61) plus a weaker DXY supports continued BTC upside, and MSTR typically amplifies BTC moves. Thesis: BTC momentum persists long enough for MSTR to clear the $115 resistance and push toward/through the 200-day EMA.
Key Risk: Bitcoin reverses and falls back below the key support levels, crushing MSTR’s BTC-linked value and momentum.
MSTY
Buy MSTY. It’s the leveraged option-income wrapper on MSTR; when MSTR rallies sharply, MSTY tends to re-rate faster than the underlying option premium decay can offset. With MSTR already rebounding ~40% off its YTD low and BTC ETF inflows accelerating, MSTY should benefit from both the upside move and improved option pricing.
Key Risk: MSTR’s rally fades quickly and the stock chops down, causing option-income products to lose value through premium decay and unfavorable resets.
MSTR stock staged a strong comeback as Bitcoin rallied. Strategy jumped to a high of $115.65 in the premarket session, its highest level since June 22nd and 40% above its lowest level this year. Similarly, the YieldMax MSTR Option Income Strategy ETF (MSTY) jumped to $13.95, much higher than the year-to-date low of $11.5.
Strategy stock jumped as Bitcoin continued its strong comeback and the Crypto Fear and Greed Index moved to the greed zone for the first time in months. It jumped to 61, up sharply from the extreme fear zone of 25 a few months ago. Bitcoin and most altcoins normally do well when there is greed in the market.
After months of consolidation, Bitcoin made a strong bullish breakout, reaching a high of $72,396, its highest level since June 1. It has soared by over 25% from its lowest level this year, and this trend may continue as it is now attempting to cross the 200-day Exponential Moving Average (EMA).
Bitcoin is rising as institutions go to a buying spree. Spot Bitcoin ETFs added over $500 million in assets on Wednesday, bringing its monthly inflows to over $1.4 billion. These funds now hold over $84 billion in assets under management.
Bitcoin is also holding steady as the US dollar index (DXY) slumps. After rising to $101.80 in June, the DXY Index has dropped by over 3% to $98.57, its lowest level since May 14 this year. BTC tends to do well when the US dollar is slumping.
A strong Bitcoin recovery would be bullish for MSTR stock because it is the biggest holder. It holds 840,447 coins currently worth over $60.5 billion.
Despite the ongoing rebound, MSTR stock faces some major risks ahead. One of them is that it has slowly formed a bearish flag pattern, which is made up of a vertical line and a horizontal channel. This pattern often leads to a strong bearish breakout over time.
Bitcoin has remained below the important support level of $115, its lowest level in June this year. For a strong bullish breakout to be confirmed, it needs to move above that resistance. It also needs to move above the 200-day Exponential Moving Average (EMA).
MSTR technical chart | Source: TradingView
Strategy also faces the risk of the ongoing dilution, which has escalated in the past few months. On Monday, the company revealed that it increased its USD reserves by $150 million, bringing its US dollar reserves to $4.8 billion. The company is doing that by issuing new MSTR shares. It has boosted its outstanding shares from 93 million in 2022 to 351 million today.
The company will likely need to raise more money to repurchase the STRC stock and also to boost its cash reserves. It needs the cash to pay dividends to its STRC shareholders.
Also, there is a risk that Bitcoin will resume the downward trend, which will affect the value of its holdings.
Společnost Strategy od 22. června nekoupila žádný nový bitcoin, ale CEO Phong Le slibuje obnovení nákupů ještě letos. Firma mezitím posílila peněžní hotovost na 4,65 miliardy USD a prodala 1 690 BTC za 108,6 milionu USD.
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).
Today's Change
(
-0.37
%) $
-0.35
Current Price
$
94.01
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.
Today's Change
(
0.47
%) $
305.01
Current Price
$
64,682.00
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.
Today's Change
(
-5.28
%) $
-5.16
Current Price
$
92.52
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 uvedla, že její krátkodobou prioritou je stabilizovat digitální úvěrový byznys STRC, nikoli zpětný odkup MSTR ani dividendu. Firma také neplánuje dividendu na kmenové akcie.
Strategy's Structural Strength: Hidden in a $8 Billion IllusionStrategy NASDAQ: MSTR executives said the company’s near-term priority is strengthening its digital credit business, particularly its STRC preferred instrument, rather than repurchasing common shares or paying a dividend on MSTR stock.
During a live investor Q&A moderated by Natalie Brunell, Founder and Executive Chairman Michael Saylor and Chief Executive Officer Phong Le addressed shareholder concerns about common-stock performance, the company’s capital structure, STRC liquidity and the role of Bitcoin in Strategy’s longer-term business model.
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Strategy Prioritizes Digital Credit Japan’s Crypto Overhaul Could Open the Door to a Wave of Institutional MoneySaylor described Bitcoin as “digital capital” within a broader digital-assets taxonomy. In his view, Bitcoin competes with stores of capital such as gold, real estate, equities and credit, while STRC represents “digital credit” designed to generate yield with less volatility than Bitcoin.
He said Strategy sees an opportunity to develop digital monetary instruments that combine the relative stability of fiat-linked digital currencies with yield derived from digital credit. Saylor said the company believes expanded credit and money-market products tied to the Bitcoin ecosystem could help attract capital from traditional financial markets.
Strategy’s Bitcoin Pivot Gives Investors a New Reason to Watch Preferred Shares“The single most important thing is for us to stabilize the credit business and to build the most sustainable, highest quality credit business that we can,” Saylor said. “The equity will actually come later.”
Le said the company’s objective is to increase Bitcoin per share, which it has historically pursued through leverage and convertible bonds and more recently through STRC. He said issuing equity above net asset value to buy Bitcoin can be accretive on a Bitcoin-per-share basis, and using proceeds from equity issuance to repurchase STRC below its issuance price can also be accretive.
No Common Dividend Planned Responding to an investor who said his MSTR investment had declined substantially, Le said common shareholders remain the company’s “most important priority,” but said Strategy does not plan to pay a common-stock dividend.
Le said Strategy believes capital is better deployed toward making STRC successful and using the resulting financing capacity to acquire Bitcoin. Saylor said investors seeking dividend income should consider the company’s preferred instruments, including STRC, STRK and STRD, rather than common equity.
Saylor characterized MSTR as amplified exposure to Bitcoin, saying the common stock can fall more sharply during Bitcoin drawdowns but is intended to outperform during stronger Bitcoin markets. He said MSTR investors should have at least a four-year investment horizon, with seven to 10 years being preferable.
Strategy is open to repurchasing MSTR if the shares trade at a substantial discount to net asset value, Saylor said. However, he said MSTR was not then trading at such a discount, while STRC was trading below par. As a result, the company views STRC repurchases as a higher priority.
STRC Trading Range and Liquidity Saylor said Strategy intends to keep STRC within a target range of $99 to $100 and does not want the instrument to trade materially above $100. He argued that stable pricing around par supports liquidity and gives investors confidence they can buy or sell the instrument without meaningful price uncertainty.
He said the company would use its resources to support STRC if it falls below par, while also issuing supply near $100 if demand drives the security above that level. Saylor said the approach is designed to create a low-volatility, high-liquidity digital credit instrument rather than one that trades over a wide range.
Le said a key lesson from STRC’s recent drawdown and recovery was the importance of maintaining U.S. dollar liquidity to support dividend payments. He said Strategy now has $4.8 billion in U.S. dollars and may add to its dollar reserve or other forms of dollar liquidity as it raises capital in the future.
Strategy also learned it must be prepared to both buy and sell Bitcoin and STRC, Saylor said, as part of dynamically managing its Bitcoin reserves, restricted and unrestricted cash, and capital structure.
Institutional Adoption and Cash Reserves Le said the investor mix for Strategy’s digital credit products has shifted from roughly 80% retail and 20% institutional to approximately 70% retail and 30% institutional. He said retail investors tend to adopt new product categories earlier, while institutions generally seek one to three years of dividend and trading history before increasing allocations.
Saylor said Strategy expects its dollar cash balances, Bitcoin reserves and unrestricted operating cash to increase over time. The company could use that capital opportunistically to repurchase credit instruments, common stock or debt, or to acquire Bitcoin, he said.
Le added that additional cash reserves could support Strategy’s corporate credit rating, currently B-minus according to his remarks. However, he said the more significant issue for ratings agencies is whether Bitcoin is recognized as capital on the company’s balance sheet.
On a proposed MSCI policy that could remove Bitcoin treasury companies from certain indexes, Le said MSCI-related holdings represented about 3% to 4% of Strategy’s current shares. He said an exclusion could create selling pressure over time but described the potential impact as immaterial to the company.
Saylor said Strategy remains focused on creating digital credit rather than acquiring unrelated cash-flowing businesses. Adding such businesses would complicate the investment case for equity, derivatives and credit investors, he said.
“We’re laser focused on our business model,” Saylor said. “We want to create the world’s best credit.”
About Strategy (NASDAQ:MSTR)Strategy, formerly known as MicroStrategy, Incorporated NASDAQ: MSTR is a global provider of enterprise analytics and mobility software. The company’s flagship platform offers business intelligence, data discovery, and advanced visualizations that enable organizations to analyze large volumes of data and deliver actionable insights. In addition to traditional on-premises deployments, Strategy provides a range of cloud-based services and managed offerings that allow customers to leverage the power of its analytics tools without managing complex infrastructure.
Founded in 1989 by Michael J.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Strategy získala 333,7 milionu USD čistého výnosu prodejem 3,46 milionu akcií MSTR mezi 10. a 16. srpnem. Bitcoinové držby zůstaly beze změny na 840 447 BTC.
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.
Strategy (NASDAQ:MSTR | MSTR Price Prediction) currently trades at $97.33, while the Wall Street consensus price target sits at $232.50, an implied gap of 138.88%.
The company formerly known as MicroStrategy is now the world’s largest corporate holder of bitcoin, holding 846,000 BTC alongside a legacy business analytics software operation. It has become the most liquid public proxy for leveraged bitcoin exposure.
One Benchmark analyst thinks the gap between price and target is roughly two-and-a-half times wider than the sell-side average.
Bitcoin’s Slide and an $8.2 Billion GAAP Bloodbath Strategy has lost 75.37% over the past 12 months. BTC itself is down 46.14% over the same window, and Strategy trades as a levered call on the coin.
The Q2 2026 report crystallized the damage. Strategy posted a GAAP loss of -$24.45 per share against a $3.07 consensus, an 895.30% miss driven by an $8.32 billion unrealized loss on digital assets under ASU 2023-08 fair-value accounting. Revenue of $122.37 million grew 6.9% year over year but missed the $124.48 million Street forecast.
Strategy carries $6.7 billion in convertible debt, paid $400.7 million in preferred dividends and interest in Q2 alone, and the board authorized the sale of up to $1.25 billion of bitcoin to backstop the USD Reserve. Bitcoin holdings sit at a $49.7 billion carrying value against a $63.9 billion cost basis.
Why 14 of 15 Analysts Still Say Buy Analyst coverage remains overwhelmingly constructive. Ratings split 14 Buy and 1 Hold, with no Sell calls, and the average price target implies 138.88% upside.
The most vocal bull is Mark Palmer at Benchmark, who maintains a Buy rating with a $435 price target, trimmed from $570 after Q2 2026 earnings target. That $435 mark implies roughly 347% upside and anchors the headline thesis on the Street. Palmer treats Strategy as a leveraged bitcoin treasury vehicle rather than a traditional software firm, giving the model a different weighting than a software P/E lens would.
His four pillars: aggressive capital raising to compound BTC Yield per share; an expected rebound in Strategy’s premium to Net Asset Value once bitcoin enters its next cyclical upturn; capital-market execution through vehicles like the STRC preferred; and the enterprise software business, generating roughly $500 million annually, as a cash-flow backstop for debt and dividend obligations.
Recent analyst revisions have trimmed dollar targets after Q2 while keeping the Buy stance intact.
Where MSTR Fits in a Bruised Crypto Complex Coinbase (NASDAQ:COIN) trades at $148.68, down 52.12% over 12 months. The $195.52 consensus target implies about 31% upside, with 22 Buy, 9 Hold and 3 Sell ratings.
Marathon Digital (NASDAQ:MARA) sits at $9.56, down 37.84% on the year. The $18.13 average target implies about 90% upside, with 8 Buy, 4 Hold and 1 Sell.
Riot Platforms (NASDAQ:RIOT) recently printed around $20.51 and carries a $29.66 average target, roughly 45% upside, backed by 20 Buy and 1 Hold ratings.
The largest analyst-implied upside in the group belongs to Strategy by a wide margin. Wall Street views MSTR as the most oversold name in a broadly oversold cohort.
A Stock Down 75% While the S&P Is Up Double Digits Strategy trades at $97.33 versus a $232.50 consensus target across 15 covering analysts, an implied upside of 138.88%. The stock is down 75.37% over 12 months and 35.95% year to date.
The S&P 500 is up double digits year to date and over 12 months. Strategy has underperformed the index by nearly a hundred percentage points on a rolling one-year basis.
Beta sits at 3.555, book value at $83.12, and the shares trade at just 1.24 times book. Palmer’s $435 target implies roughly 347% upside on top of that discount.
The Bull and Bear Cases The bull case rests on bitcoin entering another cyclical upturn and management keeping the capital-markets machine running long enough to ride it. The path back to $232.50 runs through a rising BTC price, a restored NAV premium, and continued STRC issuance to service obligations without forced bitcoin sales. Leverage that punished shareholders on the way down amplifies returns on the way up.
The bear case assumes bitcoin is range-bound or lower from here. Preferred dividend obligations grow, the $1.25 billion BTC sale authorization gets tapped, ATM dilution keeps grinding share count higher, and prediction-market crowds price a 72.5% probability of MSCI index removal by year-end. Insider activity is currently net selling.
The upside if Palmer is right is career-making. The downside if bitcoin drifts is capital-destroying.
Contact [email protected] for any questions or corrections.
Strategy drží 840 447 BTC s průměrnou nákupní cenou 75 482 USD za kus, zatímco Bitcoin je kolem 65 000 USD. Firma tak vykazuje asi 10 miliard USD účetní ztrátu.
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.
ETF MSTU, zaměřený na 2× denní pohyb MSTR, za rok klesl z 74,90 USD na 1,91 USD. Za stejné období MSTR klesl o 74,91 %, zatímco MSTU o 97,45 % kvůli dennímu přepočtu a volatilitě.
A year ago, T-Rex 2x Long MSTR Daily Target ETF (CBOE:MSTU) traded at $74.90. On Tuesday it closed at $1.91. A $10,000 stake put in the 2x MicroStrategy ETF on August 4, 2025 is worth roughly $255 today, a 97.45% wipeout.
The stock it tracks, Strategy (NASDAQ:MSTR | MSTR Price Prediction), formerly MicroStrategy, fell 74.91% over the same stretch. That gap between the underlying and the fund is the whole story of leveraged ETFs, and MSTU is now a case study.
What MSTU Actually Is MSTU is a Tuttle Capital product designed to deliver two times the daily price move of Strategy (MSTR), the Bitcoin treasury company run by CEO Phong Le that owns 846,000 BTC as of the Q2 2026 report. The fund uses swaps rather than owning shares directly, which is why its holdings file shows a stack of long and short STRATEGY INC derivative positions rather than plain equity. Net assets sit at $525.4 million as of the May 31, 2026 NPORT filing, with total gross exposure of roughly $1.62 billion against $1.09 billion in liabilities, the fingerprint of a leveraged wrapper.
MSTR itself is a beast to model. Its beta is 3.555, its 52-week range runs from $81.81 to $414.36, and its TTM EPS is negative $102.07. Doubling that daily is not for the faint of heart.
The Decay Math, in Dollars A clean 2x fund, held for a year against a stock that fell 74.91%, would in theory be capped near a 100% loss. MSTU got most of the way there. But look at the year-to-date print: MSTR is down 35.74% in 2026, while MSTU is down 77.02%. That is meaningfully worse than a straight 2x, and the reason is volatility decay.
Because MSTU resets its exposure every single day, a down 5% day followed by an up 5% day leaves the underlying at 99.75, but leaves a 2x fund at roughly 99.00. Repeat that pattern through a stock with a 3.555 beta and a Bitcoin-driven price engine, and the drag compounds hard. Direxion’s own prospectus math on a comparable 2x product shows the effect concretely: at 40% annualized volatility, a 2x fund would be expected to lose approximately 15% over a year even if the underlying finished flat. MSTR’s realized volatility this year has run well above that.
The Bitcoin Wildcard Strategy’s Q2 2026 report, filed July 30, 2026, showed an $8.22 billion net loss driven almost entirely by an $8.32 billion unrealized loss on digital assets. Revenue was $122.37 million, up 6.9% year over year, but the software business is now a rounding error against a Bitcoin balance sheet with a cost basis of $63.9 billion. CEO Phong Le told investors, “In the second quarter of 2026, Strategy strengthened its balance sheet while navigating a meaningful bitcoin price decline.”
That is a polite description of what a MSTU holder just lived through. When Bitcoin moves, MSTR moves harder, and MSTU moves harder still. The March 2026 VIX spike to 31.05 maps cleanly to the ugliest stretch of MSTU’s chart.
Where MSTU Actually Fits MSTU is a specific tool built for a specific job. Leveraged ETFs are designed to reset daily and to be used as short-term trading vehicles; holding one for months, particularly through a choppy market, can produce returns far away from the headline 2x multiple. Traders use MSTU to press a directional MSTR view over a session or two without touching options, and on a good day the fund does exactly what it says: MSTU is up 1.60% this past week against MSTR’s 1.55%. Clean daily 2x.
The problem is the calendar. Stretch that same week into a year and the arithmetic of daily resets, combined with MSTR’s Bitcoin-linked whipsaws, quietly eats the position alive.
What to Watch Next Bitcoin sentiment is the whole ballgame. With MSTR at $97.38, well below its $156.81 200-day moving average, and analyst consensus still at a $257.50 target price, the setup is loaded in both directions. Watch the VIX (currently 16.50), Bitcoin’s next move, and whether MSTU’s board pursues a reverse split now that shares trade under $2. For a fund built for one day at a time, the next day is the only one that has ever mattered.
Contact [email protected] for any questions or corrections.
Strategy schválila prodej Bitcoinu až za 1,25 miliardy USD v rezervách v USD, na odkupy preferenčních akcií, dividendy preferenčních akcií a další odkupy kmenových akcií. Do konce července už prodala BTC za 218 milionů USD a dalších 25 milionů USD použila na odkupy preferenčních akcií.
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.
MSTY za poslední rok klesl o 67,45 % a jeho týdenní distribuce spadly z 4,4213 USD na 0,2222 USD. Fond navíc drží jen MicroStrategy a jeho výnosy jsou z velké části zdanitelné jako běžný příjem.
If you own YieldMax MSTR Option Income Strategy ETF (NYSEARCA:MSTY), you are paying taxes on shrinking distributions while your principal quietly disappears. Over the past year, the fund’s share price has fallen 67.45%, and the weekly checks (that were the whole reason to own it) have collapsed from a peak of $4.4213 per share in November 2024 to $0.2222 on July 30, 2026.
What You’re Actually Paying MSTY’s stated expense ratio is 1.03%. That is $103 per year per $10,000 invested, before you factor in any of the strategy’s structural costs. A diversified covered-call ETF like JPMorgan Nasdaq Equity Premium Income ETF (NASDAQ:JEPQ) charges roughly a third of that. On the same $10,000, JEPQ’s fee runs about $35 a year. Held for 20 years, that fee gap alone is roughly $1,360 in headline expenses, and that ignores the compounding drag on returns.
The fee is a smaller problem, especially when compared to the fund’s tax inefficiencies. YieldMax’s own prospectus language notes distributions are “generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination)”, and most of MSTY’s payouts land in the ordinary-income bucket. If you sit in a 32% federal tax bracket and hold MSTY in a taxable account, the fund’s trailing 12-month payout of $15.6569 per share generated a real tax bill, even as the share price fell to $12.51.
The Part the Factsheet Doesn’t Highlight MSTY sells calls on MicroStrategy (NASDAQ:MSTR | MSTR Price Prediction), a single-stock proxy for Bitcoin. That is the entire portfolio. When MSTR fell 74.13% over the past year, MSTY ate the drawdown on the downside while its written calls capped any bounce. The YieldMax prospectus is explicit on the mechanics: “gains on the Underlying Security above the strike price(s) of the sold calls are generally expected to be reduced or foregone.”
Additionally, there is a second, quieter cost. The same prospectus warns that “a portion (sometimes significant) of the Fund’s distributions may be classified as return of capital”. Return of capital is the fund handing you back your own money, then reducing your cost basis, so a future sale can trigger a bigger capital gain. Combined with weekly options rolls, which the prospectus flags may produce “high portfolio turnover” and higher taxes in taxable accounts, the yield you see on the marketing page is not the yield you keep.
The Cheaper Mirror If the goal is a covered-call income ETF, JEPQ writes calls against a diversified Nasdaq-100 book instead of one volatile stock. Multiple analyses of MSTY have named JEPQ specifically as the more stable alternative. The trade-off is clear: JEPQ will not print a headline yield near MSTY’s advertised 64.53%, but it also does not concentrate 100% of your risk in a single Bitcoin-linked equity that has moved -5.86% in the last month alone. For pure MSTR exposure at a fraction of the cost, owning MSTR shares directly carries no expense ratio and defers taxes until you sell.
What This Means for You Before your next MSTY distribution hits, ask a simpler question than “what is the yield?” Ask: what did the share price do this year, what tax rate will apply to the payout, and how much of it is return of my own capital?
MSTY is down 32.12% year to date. If a distribution shrinks while your basis shrinks and the IRS still wants ordinary-income rates, the “income” label is doing a lot of work.
Contact [email protected] for any questions or corrections.
Strategy ve 2. čtvrtletí vykázala ztrátu 24,45 USD na akcii a výnosy 122,37 milionu USD, obojí pod odhady. Prioritou je oprava STRC a navýšení dolarové rezervy na 3,75 miliardy USD s cílem 2 až 3 roky krytí.
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.
Strategy prodala 1 638 bitcoinů za 104,7 milionu USD a zvýšila peněžní rezervy na 4 miliardy USD. Firma dál drží 842 138 bitcoinů, nakoupených v průměru za 75 419 USD.
ToplineCryptocurrency billionaire Michael Saylor’s Strategy raised $104.7 million by selling 1,638 bitcoin last week, according to disclosures in a Securities and Exchange Commission filing on Monday, boosting the firm’s cash reserves as the price for its primary cryptocurrency asset remains low.
The bitcoin treasury firm still holds over 800,000 bitcoin, which it purchased at an average price higher than what the cryptocurrency is currently worth.
Getty Images
Key FactsStrategy sold the bitcoin at an average price of $63,957, according to the SEC filing on Monday—days after the company said it was discussing plans to sell around $5 billion worth of the cryptocurrency to build cash reserves and fund stock repurchases.
The company also disclosed $290.6 million in proceeds from selling about 3 million shares of its common stock.
The bitcoin treasury company still holds 842,138 bitcoin, which it says it purchased at an average price of $75,419—while the digital asset is priced just under $63,000 as of Monday morning.
Strategy now says it holds $4 billion in reserves, up from $3.2 billion last month, Saylor previously announced.
The company’s stock was up very slightly on Monday morning, trading at $93.94 per share—although the company’s share price remains down over 40% in 2026 so far as the price for its primary asset declines.
Forbes ValuationWe estimate Michael Saylor’s net worth at $3.2 billion, a fortune primarily derived from MicoStrategy, the software company he founded in the 1990s. Saylor lost his status as a billionaire after the dot-com bubble burst, but rebuilt his wealth through investments in bitcoin over the last decade. He also reoriented his company into becoming a bitcoin treasury, officially renaming it “Strategy” and launching a rebrand that features the digital currency in 2025.
CONTRAStrategy in June disclosed a $101.3 million bitcoin purchase, at an average price of $65,332.
Big Number$126,080. That’s the all-time high price for bitcoin, which the digital asset reached last October. The cryptocurrency’s price has plummeted in the months since.
Further ReadingForbesBitcoin Hits 3-Week Low As Strategy Plans $5 Billion SaleBy Ty Roush
ForbesBillionaire Saylor ‘Focused On Bitcoin’ As Strategy Shares Plunge And Analysts Caution Against BuyingBy Ty RoushForbesHow Larry Ellison, Masayoshi Son, Michael Saylor And Other Billionaires Are Rewriting Their LegaciesBy Martina Di Licosa
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 ve 2. čtvrtletí vykázala tržby 122,39 milionu USD, mírně pod odhadem 122,91 milionu USD. Drží 843 775 bitcoinů, nejvíc mezi institucionálními investory.
MSTR stock is moving. Watch the price action here. Strategy Q2 Details Strategy reported quarterly revenue of $122.39 million, which just missed the consensus estimate of $122.91 million, according to Benzinga Pro data.
Strategy currently holds 843,775 Bitcoin (CRYPTO:BTC), making it the largest institutional holder in the world.
Strategy disclosed the following Bitcoin summary:
Strategy received aggregate gross proceeds of approximately $8.41 billion during the three months ended June 30, 2026, and additional aggregate gross proceeds of approximately $1.28 billion between July 1, 2026, and July 26, 2026.
“In the midst of this phase of muted Bitcoin sentiment and market skepticism, we continue to evolve our business model and establish Digital Credit as a new asset class,” said Michael Saylor, founder and executive chairman.
“Our plan is to return STRC to health with stable demand, high liquidity, and low volatility trading near par. We believe this is the best way to create shareholder value over the long term,” Saylor added.
STRC is Strategy’s Variable Rate Perpetual Stretch Preferred Shares, Series A and is traded on the Nasdaq.
MSTR Stock Price Activity: According to data from Benzinga Pro, Strategy shares were down 0.67% to $97.09 in Thursday’s extended trading.
Photo: Shutterstock
Market News and Data brought to you by Benzinga APIs
Strategy pět týdnů nenakoupila bitcoin, což je nejdelší pauza za téměř dva roky. Místo toho odkoupila preferenční akcie a naznačila, že budoucí buybacky může financovat i prodejem MSTR nebo bitcoinu.
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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Strategy MSTR (formerly known as Microstrategy) shares climbed on Monday after the company disclosed it had not purchased any Bitcoin for the fifth consecutive week, instead continuing to build its cash reserves and repurchase preferred shares under its revised capital allocation strategy.
The company said in a filing that it neither bought nor sold Bitcoin during the week ended July 26, leaving its holdings unchanged at 843,775 BTC.
Strategy acquired its Bitcoin treasury at an average purchase price of $75,476 per coin.
Despite the pause in acquisitions, the stock gained as much as 6.8% to $97.88 on Monday, snapping a three-day losing streak.
The move came as Bitcoin also recovered, rising 0.17% over the past 24 hours to $64,576, according to CoinDesk.
The company has not added to its Bitcoin holdings since purchasing 520 BTC on June 22, marking its longest buying pause since adopting its Bitcoin treasury strategy.
Rather than purchasing more Bitcoin, Strategy continued raising capital through equity issuance.
The company sold approximately 5 million common shares during the latest reporting period, generating $544.5 million.
Although Strategy expanded its fundraising options by introducing preferred stock last year, the latest filing suggests common equity remains a significant source of financing.
The filing also showed the company increased its US dollar reserve by roughly $525 million to $3.75 billion.
According to Strategy, the reserve is intended to meet dividend and interest obligations and now covers more than two years of its current annual commitments of about $1.759 billion.
Separately, Strategy repurchased 288,930 STRC preferred shares during the preceding six-day period.
The company has $975 million remaining under its authorization to repurchase preferred shares and another $1 billion available for common stock buybacks.
Chairman Michael Saylor reiterated the company's approach in a post on X.
“Our objective is for STRC to trade near $100 with high liquidity, low volatility, and healthy, sustainable independent demand. We will not issue below $100.”
Strategy previously said it would opportunistically buy and sell its own shares rather than issuing them continuously.
The company has also authorized up to $1.25 billion in potential Bitcoin sales to strengthen its US dollar reserve if needed, while noting that share repurchases will be funded outside that reserve.
Benchmark Equity Research maintained its Buy rating and $570 price target on Strategy, arguing that the company's decision to prioritize liquidity over additional Bitcoin purchases reflects disciplined capital management rather than any change in its long-term strategy.
The brokerage highlighted the increase in cash reserves and continued securities repurchases.
Benchmark analyst Mark Palmer said the larger reserve provides greater flexibility to fund preferred dividend obligations while preserving the company's ability to resume Bitcoin purchases when market conditions improve.
"The company has made clear that it remains a long-term buyer of bitcoin while strengthening its balance sheet," Palmer wrote in a note to clients on Monday.
The brokerage added that Strategy's recently introduced Digital Credit Capital Framework allows management to allocate capital among Bitcoin purchases, reserve building and share repurchases without abandoning its long-term treasury strategy.
Palmer also addressed concerns surrounding the company's preferred securities.
“Strategy’s increase in its USD reserve directly addressed the concern that has dominated the bear case on the company’s perpetual preferred stack, namely that dividend and interest coverage depends on continuous access to equity markets.”
“By pre-funding more than two years of obligations in dollars, Strategy has reduced the near-term sensitivity of those payments to the market’s willingness to absorb new share issuance at any given moment.”
Strategy's Bitcoin treasury is currently valued at roughly $54 billion and represents more than 4% of Bitcoin's maximum supply of 21 million coins.
Strategy vytvořila dolarovou rezervu ve výši 3,225 miliardy USD, která pokrývá zhruba 1,8 roku ročních úroků a dividend. Firma ale dál zůstává silně závislá na Bitcoinu a nese vysoký dluh i závazky z preferenčních akcií.
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.
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Over the past 30 days, earnings estimates for both 2026 and 2027 have been revised downward, signaling a bearish outlook from analysts.
Strategy prodala akcie za zhruba 263,5 mil. USD a vůbec nekoupila Bitcoin, čímž zvýšila rezervu v USD na asi 3,2 mld. USD, včetně očekávaných výnosů z prodejů přes ATM, které ještě nebyly vypořádány. Podíl akcionářů se tím zředil asi o 2 %.
Companies rarely get rewarded for issuing more shares. Dilution reduces existing shareholders’ ownership percentage, and investors usually view it as a warning sign that management needs more capital. But Strategy (NASDAQ:MSTR | MSTR Price Prediction) has spent years convincing shareholders that dilution can be productive if the money raised increases the value of the company’s Bitcoin (CRYPTO:BTC) holdings or strengthens its balance sheet.
That unusual strategy has made Michael Saylor’s company one of the market’s most debated stocks. Strategy is no longer simply a software company holding Bitcoin on its balance sheet. It has become a capital markets machine built around issuing securities, managing liquidity, and maintaining its position as the largest corporate Bitcoin holder.
The latest move asks investors to accept another round of dilution in exchange for a stronger financial cushion.
Strategy Sold Stock to Build Its Cash Safety Net Strategy sold approximately $263.5 million of Strategy shares over the prior week while purchasing zero Bitcoin — the second straight week it has declined to make any purchases. Instead of immediately adding to its cryptocurrency holdings, the company used capital markets to increase its U.S. dollar reserve.
That decision marks a shift from Strategy’s earlier playbook. For years, the company raised money primarily to buy more Bitcoin, betting that increasing its Bitcoin holdings would create value for shareholders. Now, the focus is liquidity.
Strategy maintains its dollar reserve to support obligations tied to its preferred stock dividends and debt payments. The company said its USD Reserve reached approximately $3.2 billion, including expected proceeds from ATM share sales that had not yet settled.
Investors saw their ownership stake cut by roughly 2% in exchange for a larger liquidity buffer.
For Strategy, that calculation depends on two things:
The value of its Bitcoin holdings. The company’s ability to access capital markets at favorable prices. Strategy reported holding 843,775 Bitcoin with an aggregate purchase price of approximately $63.69 billion, or an average purchase price of $75,476. Bitcoin currently goes for around $65,925, meaning it is underwater by about 25% on paper.
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Yet, that Bitcoin position is the foundation of the entire investment thesis. If Bitcoin rises over time, shareholders may benefit from owning exposure through a company that can continue expanding its holdings and managing liquidity.
However, the reverse is also true. If Bitcoin declines and Strategy’s stock loses more of its premium compared with the value of its cryptocurrency holdings, issuing additional shares becomes less attractive. The company’s ability to turn dilution into shareholder value depends on maintaining investor confidence.
The Risk Is That Investors Stop Paying the Premium Strategy’s biggest advantage has historically been that investors valued MSTR shares above the underlying value of its Bitcoin holdings. That premium allowed the company to sell stock, buy Bitcoin, and potentially increase Bitcoin exposure per share. But that advantage is not guaranteed.
Recent market pressure has destroyed Strategy’s valuation premium compared with its Bitcoin holdings, creating a tougher environment for the company’s capital strategy. And it began selling Bitcoin.
Granted, building a cash reserve is not the same as abandoning the Bitcoin strategy. A stronger balance sheet can give Strategy more flexibility during market downturns. But Strategy’s primary strategy now is to pay the dividends on its preferred stock, not maximize retail investor value. That’s what the USD Reserve does.
Still, the same investors who dislike dilution today may benefit if the additional liquidity allows the company to avoid selling Bitcoin during a weak market.
Key Takeaway In short, Strategy is asking shareholders to accept a familiar trade: more dilution today in exchange for a stronger financial position tomorrow.
That trade makes sense only if investors believe Saylor can continue creating value through disciplined capital management and Bitcoin ownership growth. The company’s strategy is not low-risk, and dilution will remain a major concern for shareholders.
But the latest stock sale is not about buying more Bitcoin. It is about ensuring Strategy has enough financial flexibility to survive Bitcoin’s volatility for the benefit of preferred shareholders. For investors who believe Bitcoin has a long-term upward trajectory, that reserve may ultimately prove valuable. For investors looking for a straightforward Bitcoin investment without corporate financing complexity, owning Bitcoin directly or buying spot ETFs is still the simpler — and better — option.
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Polymarket u společnosti Strategy téměř nevidí riziko margin callu, ale dává 36,5% šanci na vyřazení z indexu MSCI do konce roku. Trh zároveň nevěří, že firma brzy oznámí nákup více než 1 milionu BTC.
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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Americká spotová bitcoinová ETF zaznamenala druhý týden v řadě čistý příliv kapitálu, tentokrát asi 75,7 milionu dolarů. Investoři to berou jako možný signál, že bitcoin hledá dno.
Po téměř dvou měsících výprodejů se zdá, že se sentiment u kryptoměn začíná pomalu obracet. Americká ETF navázaná na spotovou cenu bitcoinu zaznamenala druhý týden v řadě čistý příliv kapitálu. Někteří analytici tak hlásí, že kryptoměny by mohly nacházet své cenové dno.
Třináct amerických spotových bitcoinových ETF přilákalo v uplynulém týdnu přibližně 75,7 milionu dolarů. Navázaly tak na předchozí týden, kdy do nich přiteklo zhruba 197,4 milionu dolarů. K obratu došlo navzdory výraznému odlivu ve výši 424,7 milionu dolarů během pondělí 13. července, který následoval po eskalaci vojenského napětí mezi Spojenými státy a Íránem.
Zvrat v kombinaci také s přílivem do ETF vázaných na Ether, druhou největší kryptoměnu, by mohl signalizovat pozitivní návrat sentimentu na trh, tvrdí Richard Galvin, výkonný předseda kryptoměnové investiční firmy DACM.„Myslím, že je to známka dosažení dna. Vzhledem k jejich velikosti a šíři se ETF staly dobrým ukazatelem obecného sentimentu vůči Bitcoinu a celému sektoru. Takže obrat po osmi týdnech v řadě, nyní potvrzený během dvou týdnů, je pozitivní,“ řekl agentuře Bloomberg.
Zlepšení ukazuje i technický obraz. Bitcoin se vrátil nad svůj 200týdenní klouzavý průměr, který se pohybuje kolem 63 300 dolarů a bývá vnímán jako významná hranice mezi dlouhodobě býčím a medvědím trhem. V posledních týdnech se přitom největší kryptoměna obchodovala převážně v pásmu mezi 60 000 a 65 000 dolary, když investoři vyhodnocovali nejisté makroekonomické prostředí.
Odolnost trhu se projevila i během dnešního obchodování v Asii. Bitcoin krátce vystoupal nad hranici 65 000 dolarů navzdory novým americkým úderům na cíle v Íránu. Geopolitické napětí však podle analytiků současně zvyšuje inflační rizika, přičemž obavy z dalšího vývoje úrokových sazeb mohou podle Damiena Loha, investičního ředitele společnosti Ericsenz Capital, stále brzdit plnohodnotný návrat institucionálních investorů.
Potenciálním impulzem pro další růst by naopak mohlo být schválení dlouho očekávaného zákona Clarity Act, který má upravit strukturu kryptoměnového trhu v USA. Pokud by legislativa prošla Kongresem ještě před srpnovou přestávkou, mohla by podle Loha podpořit další posilování bitcoinu.
Od začátku června bitcoin ztratil přibližně deset procent hodnoty. K tlaku na cenu přispěla také společnost Strategy, jež oznámila prodej části svých bitcoinových rezerv. Firma vedená Michaelem Saylorem byla dlouhodobě známá strategií nepřetržité akumulace kryptoměny a opakovaně deklarovala, že bitcoin prodávat nehodlá.
S poklesem ceny bitcoinu přibližně na polovinu říjnového maxima okolo 126 000 dolarů však začalo být pro společnost složitější plnit některé finanční závazky. Saylor v posledních týdnech připustil větší flexibilitu při nakládání s drženými tokeny a Strategy následně oznámila další prodej bitcoinů v hodnotě 216 milionů dolarů. Přitom předchozí zveřejněná transakce představovala činila pouze 2,5 milionu dolarů.
Upozornění pro investory:
Investování do virtuálních aktiv (např. Bitcoin) či investičních nástrojů navázaných na virtuální aktiva je spojeno s řadou rizik, na která upozorňuje např. EBA (European Banking Authority) v článku „Crypto-assets: ESAs remind consumers about risks“ ze dne 17.3.2021. Tato upozornění naleznete ZDE. Patria Finance a.s. obecně nedoporučuje investovat do nástrojů navázaných na virtuální aktiva z důvodu rizik, která jsou s nimi spojena.
Strategy (MSTR) v poslední obchodní seanci uzavřela na 92,10 USD, což znamenalo denní pokles o 2,68 %. Tím zaostala za širším trhem, když index S&P 500 klesl o 0,79 %.
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.
Strategy spouští nový program monetizace Bitcoinu, který mu umožní prodat část BTC na rezervy, dividendy a zpětné odkupy. Akcie MSTR 10. července uzavřely na 94,64 USD a letos byly níže o zhruba 37,7 %.
Key Takeaways Strategy can sell Bitcoin to build reserves, fund payouts and repurchase shares or preferred securities.The framework may reduce poorly timed stock issuance and help protect Bitcoin per share in weak markets.Strategy remains expensive, below key moving averages and exposed to Bitcoin, dilution and cash obligations. Strategy Inc. (MSTR - Free Report) is changing how investors should view its Bitcoin treasury. Its new monetization program permits selective Bitcoin sales to support cash reserves, preferred dividends, interest payments and share repurchases. That marks a shift from its former image as a one-way Bitcoin buyer while giving management more tools to protect the balance sheet during difficult markets.
The stock has faced heavy pressure. MSTR closed at $94.64 on July 10 and had fallen roughly 37.7% so far in the year. MARA Holdings, Inc. (MARA - Free Report) and Riot Platforms, Inc. (RIOT - Free Report) have also been volatile. The moves confirm that MSTR, MARA and Riot trade as high-beta crypto plays, although their underlying business models and funding structures differ.
The central issue is whether limited Bitcoin sales can improve liquidity without damaging the long-term case. Strategy still treats Bitcoin as its main treasury asset, but investors must balance that exposure against preferred dividends, dilution and the risk of selling coins during weak markets.
Year-to-Date Price Performance
Image Source: Zacks Investment Research
Why the New Framework Matters for MSTRThe June 29 framework is broader than a simple Bitcoin sale plan. Strategy set a minimum USD reserve equal to 12 months of current expected annual preferred stock dividend payments and interest, raised STRC’s annual dividend rate to 12% and authorized up to $1 billion each for preferred-security and MSTR buybacks. It also approved Bitcoin sales to add as much as $1.25 billion to the cash reserve or fund payments and repurchases when management believes that is better than issuing common stock.
That flexibility is a positive for MSTR holders. Selling a limited number of coins could reduce the need to issue shares when MSTR trades near its Bitcoin net asset value, helping protect Bitcoin per share. Buybacks could also become useful when the stock trades below management’s estimate of intrinsic value.
In effect, Strategy is moving from constant capital raising to a two-way model that can issue securities in strong markets and retire them in weak ones. It may also improve investor trust by making the conditions for Bitcoin sales clearer, rather than leaving the market to guess when management might act.
The Bull Case for MSTR Still Depends on BitcoinStrategy’s scale remains its biggest advantage. It held about 845,000 Bitcoin as of early June 2026. The company has raised many billions of dollars through equity and preferred offerings since early 2026, underscoring strong market access.
Those strengths separate MSTR from MARA and Riot, whose results depend more directly on mining production, electricity costs and network difficulty. The new policy may also improve confidence in Strategy’s preferred securities. A larger cash buffer and the ability to monetize Bitcoin can support dividend payments through a downturn. If the framework stabilizes STRC and lowers future funding costs, Strategy could continue increasing Bitcoin per share without relying as heavily on common-stock issuance.
The Risks Have Not Disappeared for MSTRThe main risk is that monetization becomes recurring rather than occasional. Strategy’s expected annual preferred dividends and interest were about $1.76 billion when the framework was announced. If Bitcoin stays weak, cash obligations could force more sales at unattractive prices, reducing the reserve and limiting upside when Bitcoin rebounds.
Accounting results will remain highly volatile. Strategy posted a $14.5 billion operating loss and a $12.8 billion net loss in the first quarter, largely because Bitcoin’s fair value fell. MARA and Riot offer different crypto exposure through mining assets, so some investors may prefer them when Bitcoin rises. However, MSTR’s funding structure remains under pressure.
Strategy’s Rich Valuation Raises ConcernsFrom a valuation standpoint, Strategy remains highly expensive, trading at a forward 12-month price-to-sales ratio of 66.23, which is far above the sector's average. Its Value Score of F reinforces concerns that the stock is significantly overvalued.
Even peers trade at substantially lower multiples. MARA trades at 5.55X forward sales, Riot Platforms at 10.91X. This suggests that Strategy continues to command a steep premium despite operational and financial risks.
Price/Sales Ratio (F12M)
Image Source: Zacks Investment Research
MSTR Trades Below 50-Day and 200-Day SMAsStrategy shares are currently trading below both the 50-day and 200-day moving averages, indicating weak momentum and a bearish near-term trend.
Image Source: Zacks Investment Research
ConclusionStrategy’s Bitcoin monetization plan improves financial flexibility, but it does not remove the stock’s core risks. The company can now strengthen cash coverage, avoid some poorly timed equity issuance and repurchase securities when prices are attractive.
Still, MSTR remains tied to Bitcoin’s direction, while preferred obligations and possible coin sales could limit gains. Its scale and capital-market access remain strong. It is prudent for existing investors to hold MSTR while watching Bitcoin prices, reserve coverage, share issuance and the pace of future monetization before adding exposure.
At present, MSTR carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Akcie Strategy (MSTR) v první polovině roku 2026 klesly o 42,8 %, protože slábnoucí Bitcoin zničil prémii akcií a firma začala prodávat část svých bitcoinů na úhradu úroků. Dosud prodala 3 500 bitcoinů.
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.
Strategy prodala 3 588 BTC za zhruba 216 milionů USD, aby zaplatila dividendy z prioritních akcií a doplnila hotovostní rezervu. Prodej proběhl pod průměrnou nákupní cenou 75 476 USD za BTC.
Strategy (MSTR +0.02%) became a stock market sensation after pivoting its business from software to Bitcoin. CEO Michael Saylor's high profile on social media and vocal support of cryptocurrency helped make Strategy a household name among crypto investors. Strategy accumulated Bitcoin for several years, becoming one of its largest holders and issuing preferred shares that pay investors generous dividends with fixed yields.
Shockingly, Michael Saylor recently confirmed that Strategy sold 3,588 BTC for approximately $216 million to fund dividends on its preferred stock and to top off the company's cash reserve. It's a watershed moment for investors to evaluate just how durable Strategy's business model actually is.
Why Strategy's BTC sale is a big deal Strategy enjoys a strong tailwind when Bitcoin's price rises. The value of its BTC holdings would increase, and the stock has even traded at huge premiums to its BTC reserves at times. These circumstances allowed Strategy to practically print cash by issuing stock or borrowing money, funding its dividends and BTC purchases to grow its reserves, a flywheel that spun for quite a while.
Image source: The Motley Fool
But Bitcoin prices have continued to slide since peaking last fall. Strategy's common stock now trades roughly in line with the value of the company's BTC reserves and continues to decline as BTC prices drop. In other words, that flywheel is spinning the other way, and those tailwinds are now headwinds. Strategy selling BTC, below its $75,476 cost basis, mind you, is not a good sign.
It's too early to say that Strategy's business is breaking. The recent sale was a sliver, less than 1% of the company's total BTC reserves. That said, some cracks are starting to show. If Bitcoin continues to drop, Strategy may have to sell more of its BTC to raise funds. If so, it's even worse, as Strategy may need to sell more BTC to raise the same amount of cash.
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It's common wisdom that the goal of investing is to buy low and sell high. Unfortunately, Strategy could face more situations where it bought high and must sell low to meet its dividend obligations. That's a red flag at best. In a worst-case scenario, it might be a sign that Strategy's business model is fatally flawed.
A business model built on Bitcoin, a volatile asset, needs to work in all markets, not only when prices go in one direction. Remember, it's impossible to know where Bitcoin might trade in the future. There hasn't even been a prolonged recession in the cryptocurrency age, as the pandemic was too short-lived. What if Bitcoin takes another five years to make new highs?
Protecting against risk is just as important as chasing upside. The company's new need to sell BTC is a risk investors should think hard about when deciding whether to invest in Strategy.
Strategy prodala část bitcoinů poprvé od roku 2022, aby financovala dividendy na preferenční akcie. Po prodeji držela 843 775 bitcoinů a 2,55 miliardy USD v hotovosti.
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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Strategy vykázala ve 2. čtvrtletí ztrátu 8,32 mld. USD z digitálních aktiv a prodala dalších 3 588 BTC, aby financovala dividendy a doplnila USD Reserve.
The Q2 LossAccording to a Form 8-K filed Monday, Strategy recorded an $8.32 billion loss on digital assets during the three months ended June 30 — including $8.31 billion in unrealized losses — as Bitcoin prices fell below the average cost basis of its holdings. As a result, Strategy will record a full valuation allowance against its deferred tax benefit and deferred tax asset associated with the unrealized loss, wiping those amounts out entirely for the quarter.
The filing also disclosed that Strategy sold Bitcoin during two separate periods last week. Between June 29 and June 30, the company sold 1,363 BTC for approximately $80.8 million at an average price of $59,256 per coin. Between July 1 and July 5, Strategy sold an additional 2,225 BTC for approximately $135.2 million at an average price of $60,773 per coin.
Both rounds of sales were used to fund preferred stock dividend payments and replenish the company’s USD Reserve. Strategy did not purchase any Bitcoin or repurchase any shares during the period.
Where Things StandAs of July 5, Strategy holds 843,775 BTC with an aggregate cost basis of about $63.69 billion, an average purchase price of $75,476 per coin. With Bitcoin trading around $60,000, the company is sitting on significant unrealized losses across its entire holdings. The USD Reserve stood at $2.55 billion as of July 5, with the full $1.25 billion in Board-authorized BTC monetization capacity still available.
Strategy Shares DeclineMSTR Price Action: At the time of publication, Strategy shares are trading 2.41% lower at $98.34, according to data from Benzinga Pro.
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Strategy zvýšila dividendu u STRC na 12 % ročně a spustila zpětný odkup za 1 miliardu USD, aby podpořila cenu preferenčních akcií STRC, které se obchodují kolem 88 USD.
Spot Bitcoin briefly fell below the critical $60,000 support level last week, triggering a wave of retail panic. Yet, shares of Strategy Inc. NASDAQ: MSTR rose over 12.6% intraday on volume exceeding 44.93 million shares. This easily outpaced the average of 2.86 million. Retail investors treating Strategy purely as a leveraged Bitcoin (BTC) derivative are left scratching their heads. Institutional capital is aggressively pricing in a profound structural shift.
Strategy has shifted from a mostly one-way Bitcoin accumulation model toward a more active capital-management framework. The company recently adopted its Digital Credit Capital Framework and reported a USD Reserve of approximately $2.55 billion, including expected cash proceeds from unsettled ATM sales. This reframes Strategy less as a passive Bitcoin proxy and more as an actively managed capital-structure story.
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Tactical Liquidity: Escaping the Margin TrapThe market is rewarding this operational pivot because it directly addresses the friction of the legacy treasury model. Trailing 12-month net income deficits of $3.85 billion and a net margin of -2,482% previously trapped Strategy in a restrictive capital structure.
The balance sheet itself remains highly solvent, boasting a current and quick ratio of 6.05 alongside a low debt-to-equity ratio of 0.18. By monetizing a sliver of its digital assets to build a cash moat, Strategy is attempting to reduce near-term liquidity pressure while remaining highly exposed to Bitcoin price volatility. Institutional investors are rotating capital toward this de-risked framework, prioritizing active liquidity management over pure commodity exposure.
Strategy Arms Its Preferred SharesThe most actionable angle of this structural transition lies in Strategy's multi-class share structure. Management is deploying a highly targeted capital return program designed to exploit a specific net asset value arbitrage opportunity.
The focus rests heavily on Variable Rate Series A Perpetual Stretch Preferred Stock NASDAQ: STRC. The preferred equity currently trades near $88, representing a 12.8% discount to the stated $100 par corporate objective. To help encourage the trading price toward par, the board of directors increased STRC's regular dividend rate to 12% annually.
A higher dividend rate alone may not close a preferred-stock discount if investors remain concerned about liquidity, credit quality, or Bitcoin exposure. That is exactly why Strategy also authorized a $1 billion repurchase program specifically targeting Digital Credit Securities, including STRC, STRF, STRD, and STRK. The company currently expects STRC to be the initial priority.
The strategy here is straightforward. Strategy is using its newfound balance sheet flexibility to repurchase discounted preferred securities. As the company steps into the open market to execute these buybacks, the aggressive demand could help narrow the gap to the 12.8% discount. For investors, the play could support STRC if market confidence improves. Management is financially incentivized and authorized (but not obligated) to buy the preferred stock until it hits $100.
This structural confidence extends to other issuances across the corporate umbrella, including the 8% Series A Perpetual Strike Preferred Stock NASDAQ: STRK, but the immediate corporate crosshairs are fixed on compressing the STRC discount.
Strategy Builds a $3.8B Liquidity FrameworkA core component of the new framework is the BTC Monetization Program. The board authorized Strategy to sell up to $1.25 billion in Bitcoin to fund the USD reserve, execute accretive buybacks, and support dividend obligations.
Skeptics view any Bitcoin selling as a bearish capitulation. That interpretation misses the facility's actual scale and purpose. The $1.25 billion authorization equates to roughly 20,000 Bitcoin, which is a mere 2.5% of Strategy's total digital asset treasury. Any BTC monetization outside the authorized purposes or above the approved amounts would require additional board authorization, giving Strategy a defined framework for potential Bitcoin sales.
By monetizing a fraction of its holdings, Strategy expands its total preferred stock dividend liquidity coverage to an impressive 25.9 months. This means Strategy possesses $3.8 billion in total current preferred stock dividends and interest expense coverage against an expected annual obligation of $1.76 billion.
The 2.5% monetization ceiling helps insulate corporate dividend obligations and share repurchases from broader spot Bitcoin price deterioration. Whether the cryptocurrency trades at $60,000 or $40,000, Strategy has the internal liquidity to sustain its 12% preferred yield and execute its $1 billion buyback mandate without being forced into a fire sale of its primary reserve asset.
Strategy Insiders Deploy CapitalThe divergence between retail sentiment and institutional execution is widening. Several traditional financial institutions, including Citi and TD Cowen, recently lowered price targets for Strategy's common equity, citing weakness in spot Bitcoin and decelerating ETF demand. These analyst desks are adhering to the legacy thesis that Strategy is exclusively tied to crypto prices, completely overlooking the operational pivot.
The smart money is front-running the capital return mechanics. Alongside the preferred stock repurchase authorization, Strategy initiated a parallel $1 billion repurchase program for Class A common stock. This combined $2 billion buyback initiative could help protect common equity from dilution while fundamentally improving the corporate credit profile.
Insider transaction data poitns toward structural confidence. Chief Executive Officer Phong Le recently acquired 11,000 shares of preferred stock at an all-time low, executing the purchase just before the 12% dividend increase, and the targeted repurchase program went live. Leadership at Strategy is personally capitalizing on the arbitrage discount they are corporately engineering to close.
Strategy Secures the Structural WinThe passive accumulation era is officially closed. Although the company remains materially exposed to Bitcoin price volatility, Strategy has taken steps to reduce near-term liquidity pressure: pivoting toward active capital management, establishing a 25.9-month liquidity runway, and authorizing a $2 billion buyback authorization. Investors fixated on Bitcoin's slide below $60,000 are missing the mechanical value creation within Strategy's capital structure.
The dual buyback program and the 12% preferred yield operate independently of macro crypto headwinds. The priority for market participants is tracking the compression of the STRC discount. As Strategy deploys its $1 billion preferred authorization, the gap between the current trading price and the $100 par objective will could narrow, rewarding those who recognize the strategic pivot before the broader market catches up.
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Strategy spustila nový Digital Credit Capital Framework, včetně rezervy 2,55 miliardy USD na dividendy preferenčních akcií. Současně autorizovala dva programy zpětného odkupu po 1 miliardě USD a případný prodej Bitcoinu až za 1,25 miliardy USD.
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Strategy (NASDAQ:MSTR | MSTR Price Prediction) has never been a simple way to own Bitcoin (CRYPTO:BTC). Michael Saylor has spent the past several years turning the company into a financial engineering machine, issuing multiple layers of securities to buy even more Bitcoin. Its latest move may be the boldest yet.
The company just unveiled its new Digital Credit Capital Framework, a plan designed to support the growing ecosystem of preferred securities it has created, particularly its STRC preferred shares. The company says the framework will strengthen liquidity, protect dividend payments, and provide additional flexibility during periods of Bitcoin volatility.
But while the announcement appears positive on the surface, investors should recognize that it benefits different shareholders in very different ways. In many respects, the framework offers greater protection for preferred shareholders while increasing the risks borne by common shareholders.
Building a Safety Net The framework introduces several new tools. Strategy established a $2.55 billion cash reserve dedicated to paying preferred dividends and interest. At current obligations, that reserve covers roughly 17 months of payments without requiring additional financing.
The company also raised the dividend on its Variable Rate Series A Perpetual Stretch Preferred Stock (NASDAQ:STRC) (commonly called “Stretch”) to 12% annually, effective July 1. The dividend can be adjusted over time in an effort to keep STRC trading close to its $100 par value.
To provide additional flexibility, Strategy authorized two separate $1 billion repurchase programs — one for its digital credit securities, including Stretch, and another for Strategy common shares.
Finally, management authorized up to $1.25 billion of conditional Bitcoin sales if necessary to replenish reserves, meet obligations, or fund buybacks.
Taken together, the framework gives Strategy more options before being forced into emergency financing. But it also highlights just how much of the company’s capital structure now revolves around servicing preferred investors.
Instead, MSTR investors absorb much of the residual risk. If Bitcoin enters another prolonged bear market, Strategy may eventually need to issue additional preferred shares, sell Bitcoin, or issue more common stock to maintain its obligations. Every one of those outcomes can dilute or reduce the value accruing to existing common shareholders.
In effect, Stretch holders are receiving contractual cash income supported by new corporate safeguards. MSTR holders are providing much of that support without receiving a dividend themselves.
That doesn’t mean MSTR can’t outperform if Bitcoin stages another explosive rally. Historically, leverage has amplified gains during bull markets. But the same financial engineering that boosts returns on the way up can become a headwind during prolonged downturns.
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The Risks Haven’t Disappeared The new framework certainly reduces some near-term liquidity concerns, but it doesn’t eliminate the underlying risks.
Strategy currently holds 847,363 Bitcoin purchased for roughly $64.1 billion, representing an average cost of $75,651 per Bitcoin. With Bitcoin recently trading around $61,200, the company’s holdings remain underwater. If Bitcoin remains depressed for an extended period — or falls significantly lower, as some analysts expect — the $2.55 billion reserve eventually runs down.
At that point, Strategy has several options — but none are particularly attractive for common shareholders. It can issue more preferred securities with even higher dividend costs, issue additional common shares that dilute existing investors, or begin selling portions of its Bitcoin holdings.
Ironically, one of the biggest attractions of MSTR has always been Saylor’s promise to accumulate Bitcoin indefinitely. Yet this framework explicitly acknowledges that Bitcoin sales are now part of the financial toolbox if circumstances require them. It’s now a feature, not a bug.
That may reassure preferred investors. It is less soothing for common shareholders.
Key Takeaway The Digital Credit Capital Framework probably makes Stretch a stronger investment by improving the security of its dividend and providing multiple layers of liquidity support. Whether it improves MSTR is a far more complicated question.
Common shareholders now sit beneath an even larger stack of preferred obligations while receiving no income themselves. If Bitcoin performs exceptionally well, MSTR can still deliver outsized gains. But if Bitcoin struggles, common investors bear a disproportionate share of the downside through potential dilution, Bitcoin sales, and growing obligations to preferred shareholders.
For many investors whose primary goal is simply gaining exposure to Bitcoin, buying Bitcoin directly — or through a low-cost spot Bitcoin ETF — may now offer a cleaner investment thesis. Those vehicles provide one-for-one exposure to Bitcoin’s price without the added complexity of leverage, preferred dividends, or corporate financing decisions.
More aggressive investors who believe Saylor’s capital strategy will continue creating value may still prefer MSTR. Income-oriented investors comfortable with crypto-related credit risk may find Stretch attractive.
But the latest framework makes one thing increasingly clear: Strategy is no longer merely a Bitcoin proxy. It has become a highly leveraged financial institution built around Bitcoin, and understanding that distinction is becoming just as important as understanding Bitcoin itself.
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Strategy spustila nový rámec Digital Credit Capital Framework včetně zpětného odkupu digitálních cenných papírů a kmenových akcií až za 1 mld. USD a může pro něj prodat bitcoin až za 1,25 mld. USD.
Strategy shares are climbing with conviction. What’s driving MSTR stock higher? The Digital Credit Capital Framework has five components: a Board-approved USD Reserve policy, a revised STRC dividend policy, a Digital Credit Securities repurchase program of up to $1 billion, a class A common stock repurchase program of up to $1 billion, and a BTC Monetization Program. The announcement marks a meaningful strategic evolution, from one-way capital issuance toward active, two-way capital management.
The USD ReserveThe STRC Dividend and Repurchase ProgramsStrategy raised the dividend rate on its Variable Rate Series A Perpetual Stretch Preferred Stock to 12.00% annually, effective for semi-monthly periods with record dates on or after July 1, 2026. The company said its corporate objective is for STRC to trade near its $100 stated amount over time.
On the repurchase side, Strategy established a $1 billion program covering its Digital Credit Securities, including STRC, STRF, STRD, and STRK, with STRC expected to be the initial priority. A separate $1 billion class A common stock repurchase program was also announced.
The BTC Monetization ProgramThe Board authorized Strategy to sell Bitcoin for three primary purposes: to generate up to $1.25 billion to fund the USD Reserve, to fund preferred stock dividends and interest expense when management determines it is more advantageous than issuing equity, and to fund repurchases of Digital Credit Securities or common stock. Any BTC monetization outside these purposes requires additional Board authorization.
“Bitcoin is capital,” said Andrew Kang, CFO. “This program gives Strategy the flexibility to use a portion of its BTC Reserve to strengthen Digital Credit, fund dividend payments and interest expense, and fund accretive repurchases when BTC monetization is more advantageous than issuing common equity.”
Strategy Shares Trade HigherMSTR Price Action: At the time of publication, Strategy shares are trading 4.04% higher at $85.63, according to data from Benzinga Pro.
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Strategy čelí tlaku, protože jeho enterprise mNAV poprvé klesl pod 1,0 na 0,99. Současně Bitcoin spadl zhruba na 60 141 USD a akcie Strategy jsou asi 82 % pod maximem.
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Bitcoin (CRYPTO:BTC) transformed from a niche digital asset into a mainstream investment over the past decade, and few people did more to accelerate that shift than Michael Saylor. By turning Strategy (NASDAQ:MSTR | MSTR Price Prediction) (formerly MicroStrategy) into what he called a “bitcoin treasury company,” he created a blueprint that dozens of others rushed to copy.
During bitcoin’s climb to more than $126,000 last October, the model looked unstoppable. Today, after bitcoin has fallen to roughly $60,141 and Strategy’s stock has lost about 82% from its peak, investors are discovering that leverage works both ways.
The Bitcoin Treasury Model Looks Different in a Bear Market Saylor’s strategy was elegantly simple. Raise capital through stock offerings, convertible debt, and later perpetual preferred stock, then use the proceeds to buy more bitcoin. As long as bitcoin appreciated faster than the company’s cost of capital, shareholders benefited from amplified exposure to the cryptocurrency.
The strategy became so popular that other companies adopted it. Bitcoin-focused treasury firms such as Bitcoin Immersion Technologies (NASDAQ:BMNR) emerged, while others adapted the model for cryptocurrencies including Ethereum (CRYPTO:ETH) and Solana (CRYPTO:SOL).
The numbers looked compelling during the bull market. They look much different today. Bitcoin has fallen hard over the last eight months, and briefly traded near $58,000 last week, leaving it down roughly 52% from its peak. Even more striking, the crypto now trades near levels first reached about five years ago, while the S&P 500 has gained approximately 72% over that same period.
Strategy has fared even worse. Its shares closed Friday near $82, down roughly 82% from their highs.
Enterprise mNAV Is Sending a Warning Beyond the stock price, the more meaningful development is what is happening on Strategy’s balance sheet.
Many investors focus on market mNAV, which compares the company’s market value with the value of its bitcoin holdings. Critics have correctly pointed out that market mNAV has fallen below 1.0 several times before.
That’s true — but it misses the larger issue. The more important metric is enterprise mNAV, which includes not only Strategy’s market capitalization, but also its total debt and perpetual preferred stock, less its U.S. dollar reserve holdings. That measurement closed below 1.0 for the first time on Friday, ending the day at 0.99.
Why does that matter? Because enterprise mNAV reflects the full economic cost of Strategy’s capital structure rather than simply its equity valuation. As the company layered on debt and preferred stock beginning in 2024, what once looked like financial engineering became a growing obligation that common shareholders ultimately bear.
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Crossing below 1.0 does not prevent Strategy from issuing additional common shares. It does, however, make doing so far less attractive. Recent bitcoin purchases have already drawn criticism because they diluted existing shareholders, and selling new shares at current valuation levels would likely intensify that backlash.
Meanwhile, issuing additional debt also becomes more difficult as leverage rises and investor confidence weakens.
That change matters because it acknowledges what markets always enforce: no strategy is absolute.
Several market analysts and research firms now see bitcoin falling toward $50,000, while some bearish forecasts project prices as low as $20,000 if selling pressure accelerates. If those scenarios materialize, Strategy may have few financing options beyond liquidating larger portions of its bitcoin holdings to meet obligations or strengthen its balance sheet.
As debt increases and capital markets become less accommodating, flexibility shrinks.
Key Takeaway In short, Michael Saylor changed how investors think about corporate balance sheets and digital assets. During a bull market, the bitcoin treasury model looked brilliant because rising prices masked its growing leverage.
Warren Buffett has famously observed, “In a bull market, everybody’s a genius.” He also warned, “Only when the tide goes out do you discover who’s been swimming naked.”
Today’s market suggests that Strategy’s enterprise mNAV — not its stock price alone — is exposing the true risks of the model. Granted, bitcoin could recover and restore much of the strategy’s appeal. But unless that happens, Strategy may increasingly rely on the one option Saylor once insisted he would never need: selling more of the very asset that built his empire.
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Strategy (MSTR) spadl na nové 52týdenní minimum kolem 87 USD, protože prudký pokles bitcoinu tlačí akcie i preferenční emisi STRC. CryptoQuant varuje, že firma musí zastavit agresivní nákupy BTC a posílit hotovostní rezervu.
A brutal multiweek cryptocurrency drawdown has sent Strategy Inc MSTR into a freefall – with the company’s share price having crashed below the critical $100 threshold for the first time since 2024.
At the time of writing, MSTR stock is trading at a fresh 52-week low of about $87, while the firm’s flagship STRC preferred equity has also tanked to $74, representing a massive discount to its $100 par value.
In response to this compounding financial pressure, a blistering new CryptoQuant research report outlines what the corporate digital asset pioneer needs to stabilize its volatile financial foundations.
CryptoQuant’s head of research, Julio Moreno, explicitly warned that Strategy must immediately halt its aggressive accumulation of Bitcoin to preserve capital.
“Strategy should develop a systematic, fundamental-driven approach to bitcoin purchase timing rather than buying whenever capital is available,” he argued in the latest report.
Moreno noted that indiscriminately buying near cycle tops and stacking tokens throughout initial stages of this bear market has expanded the firm’s aggregate unrealized losses to a massive $10.6 billion.
Strategy shares continue to bleed because all BTC the company has acquired since 2024 are now underwater – and relentless buying only accelerates financial strain and severely damages under-lying corporate metrics, he added.
MSTR stock will remain under pressure until the firm successfully patches its rapidly deteriorating cash cushion to protect fixed-income investors.
According to Moreno, Strategy’s vital USD cash reserve has contracted by 38% since the start of the year, leaving just $1.4 billion on the balance sheet.
Concurrently, annualized dividend obligations on its high-yield preferred equity have quadrupled as massive amounts of STRC were issued to buy crypto.
This supply shock aggressively slashed the company’s dividend coverage runway from over seven years down to a mere 14 months.
To fully restore market confidence and revive STRC, Moreno notes the firm needs $2.8 billion in cash to establish 24 months of total coverage.
Despite growing skepticism from critics, some Wall Street analysts view the recent distress as a temporary funding friction rather than a structural failure.
Benchmark analyst Mark Palmer noted that while a discounted STRC slows down the company’s highly efficient “at-the-market” equity issuance engine, the overarching corporate model remains intact.
Bullish market participants emphasize that Strategy’s massive $50 billion Bitcoin treasury offers a substantial long-term buffer against acute liquidity stress.
OranjeBTC’s Sam Callahan also highlighted that buying heavily discounted tokens during market drawdowns remains an attractive strategy for long-horizon investors.
In short, Strategy stock must strike a delicate balance between aggressive digital asset accumulation and rebuilding its USD reserves to navigate this volatile environment.
MicroStrategy (MSTR) se podle článku obchoduje asi s 10% prémií vůči hodnotě bitcoinu, který drží. BlackRockův IBIT nabízí spotovou expozici na bitcoin za 0,25% roční poplatek bez této prémie.
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MicroStrategy (NASDAQ:MSTR | MSTR Price Prediction), now branded Strategy, is the most popular way retail traders own bitcoin without holding it directly. The pitch is simple: buying MSTR provides leveraged exposure to a balance sheet backed by 847,363 BTC as of June 2026. Holders pay no management fee, get equity-style liquidity, and ride the same coin the company keeps acquiring through ATM stock sales. The structural cost of that convenience is what most MSTR shareholders underestimate, and BlackRock’s iShares Bitcoin Trust ETF (NASDAQ:IBIT) prices that cost out in plain numbers.
The Premium You Are Actually Paying MicroStrategy’s bitcoin pile is valued on the balance sheet at $51.65 billion in intangible assets as of Q1 2026, against a market cap of roughly $36 billion at today’s $103.84 share price. The widely watched mNAV ratio, the multiple of share price to bitcoin per share, sits near 1.1x. Translated, MSTR buyers are paying about a 10% premium for each dollar of bitcoin the company holds. That premium has compressed sharply from the 2x-plus levels of the 2024 bull run, and management’s own capital framework treats 2.5x mNAV as the minimum threshold for accretive share issuance, an admission that the premium itself is the product being sold.
Premiums also move independently of Bitcoin as the coin can rally even as MSTR’s premium contracts leave shareholders with only a fraction of the move. That mechanic, plus leverage, is why MSTR is down 27.96% YTD and 70.39% over 1 year, while spot Bitcoin is down 27.05% YTD and 39.45% over the same period.
What IBIT Removes From the Trade The structure is straightforward, as IBIT is a spot bitcoin trust, with each share tied to actual coins held by a custodian, and the price stays within pennies of net asset value because authorized participants arbitrage any gap. The holdings disclosure makes that clear: 99.93% of the fund sits in the underlying bitcoin position, with only a sliver in cash. The U.S. listing carries a 0.25% expense ratio, now the lowest among major spot bitcoin ETFs after the introductory waiver expired.
That 0.25% is the full cost of ownership. There is no preferred dividend stack ahead of common holders, no 8.16 billion dollars in long-term debt to service, and no software segment generating 124.3 million dollars in quarterly revenue against a corporate cost base. IBIT’s net asset value moves with bitcoin. MSTR’s net asset value moves with bitcoin, the premium, the share count, and the cost of perpetual preferred capital, including the STRC, STRK, and STRF instruments that the company continues to issue, highlighting the difference between spot exposure and levered corporate wrappers.
When MSTR Still Wins, and When It Does Not Leverage inside this structure creates a powerful amplifier in both directions, turning strong bitcoin rallies into outsized gains when corporate debt and premium expansion stack on top of spot exposure. That same dynamic produced a 12.54‑billion‑dollar net loss in Q1 2026, driven by 14.46 billion dollars in unrealized bitcoin losses under fair value accounting and a 31.54% one‑month drawdown versus 17.08% for spot bitcoin, with thirty‑day historical volatility of 71% capturing the scale of that swing.
Share count pressure adds a second source of dilution, with outstanding shares rising from 192.5 million at year’s end 2024 to 333.9 million by Q1 2026. Each ATM raise adds more bitcoin to the balance sheet but also increases the claims against it, and bitcoin per share grows only when issuance occurs at a sufficiently high premium, which is why the premium itself becomes load‑bearing in a corporate wrapper built around spot exposure.
Making the Swap In a tax-advantaged account, switching between MSTR and IBIT carries no immediate tax consequence. In a taxable account, a long-held MSTR position may carry embedded gains for many holders despite the recent drawdown, and any reallocation interacts with available capital losses elsewhere in the portfolio. The two exposures can also coexist: a smaller MSTR position retains the leveraged optionality while an IBIT position provides spot exposure priced at the coin.
The Decision Point The case for MSTR rests on the premium holding or expansion and on Bitcoin rallying hard enough for leverage to cover corporate overhead. The case for IBIT rests on wanting bitcoin and nothing else, priced at the coin. If the goal that originally drove the MSTR purchase was simply bitcoin exposure, the 10% premium, preferred dividend obligations, and ongoing dilution are the bill for a feature set the holder may not need. If the goal was leveraged bitcoin, that argument still stands, but it is a different trade than most MSTR buyers think they are making.
Strategy (MSTR) klesla asi o 6 %, protože její preferenční akcie STRC spadly pod nominální hodnotu a firma musela pozastavit klíčový program nákupů bitcoinů. Tlak zvyšuje i první prodej bitcoinů od roku 2022 a slabší kryptotrh.
Shares of Strategy MSTR, previously known as MicroStrategy, fell about 6% on Thursday and traded near $109.
The decline came as pressure mounted on the company's bitcoin treasury strategy amid a sharp drop in its preferred stock, insider selling activity, and a softer cryptocurrency backdrop.
The immediate concern for investors centered on Strategy's Stretch preferred stock, STRC, which fell to a record low of $87.
The decline is significant because STRC now trades below its $100 par value, forcing the company to pause its at-the-market issuance program, a key funding mechanism used to raise cash for bitcoin purchases.
Without access to that capital-raising channel, Strategy's ability to continue expanding its bitcoin holdings has become more constrained.
Strategy's bitcoin accumulation model has largely depended on issuing preferred securities and other capital instruments to fund additional purchases of the cryptocurrency.
The company recently expanded concerns around that model after selling bitcoin for the first time since it began accumulating the digital asset in 2022.
In late May, Strategy sold 32 bitcoin for approximately $2.5 million to fund dividend payments on STRC.
The transaction attracted attention because Chairman Michael Saylor had previously maintained a firm position against selling the company's bitcoin holdings.
Analysts at Benchmark and TD Cowen have pushed back against concerns that the transaction signals a broader deterioration in the company's strategy.
However, the sale represented a notable departure from the approach that investors had long associated with Strategy's bitcoin treasury operations.
Additional competitive pressure has emerged from rival products in the preferred securities market.
Strive's SATA preferred stock currently trades above $99 and offers a yield of 13.69%, drawing income-oriented investors away from Strategy's preferred securities.
Market maker QCP estimated that Strategy has approximately 7.5 months of liquidity remaining to fund preferred dividend payments.
According to the firm, the company could eventually face difficult decisions involving additional capital raising, further shareholder dilution, or additional bitcoin sales.
The broader macroeconomic environment has also added pressure to Strategy shares.
The Federal Reserve voted unanimously on June 17 to leave benchmark interest rates unchanged at 3.50% to 3.75%.
However, policymakers adopted a more hawkish tone, with nine of 18 Federal Open Market Committee members projecting at least one rate increase before the end of 2026.
The outlook weighed on bitcoin and crypto-related equities, even as broader US equity markets advanced.
With bitcoin trading near $64,000, Strategy's holdings currently carry a paper loss of roughly $11,658 per coin compared with the company's average acquisition cost, further dampening investor sentiment toward the stock.
Investor caution has also been reinforced by insider selling activity.
Director Jarrod Patten exercised options on 1,500 Class A shares at a strike price of $18.236 and sold the shares at around $134 each, generating approximately $200,000 in proceeds.
Over the past three months, Patten has sold 55,750 Strategy shares for total proceeds approaching $9 million.
He continues to hold 28,406 Class A shares and 44,250 unexercised director options.
Earlier this year, Chief Executive Officer Phong Le, Chief Financial Officer Andrew Kang, and former Executive Vice President Wei-Ming Shao also sold millions of dollars' worth of Strategy stock.
With STRC trading below par and bitcoin purchases effectively paused, investors are increasingly focused on whether Strategy can restore access to its preferred-share funding model and sustain its long-standing bitcoin accumulation strategy.
Strategy (MSTR) klesla o 4,8 % a míří k nejnižšímu závěrečnému kurzu za více než dva roky, protože tlak na bitcoin i prioritní akcie zvyšuje obavy o financování nákupů BTC. Prioritní akcie Stretch (STRC) se v úterý obchodovaly kolem 88 USD po krátkém přiblížení k 100 USD koncem května.
Shares of Strategy (previously known as Microstrategy), the bitcoin-accumulation firm founded by Michael Saylor, fell sharply on Tuesday and were on track for their lowest close in more than two years.
MSTR stock dropped 4.8% in afternoon trading and is now down more than 30% this year, reflecting renewed pressure across both its equity and preferred securities.
The decline comes as concerns build around the company’s funding model, which relies heavily on issuing equity and preferred stock to finance continued bitcoin purchases.
Strategy currently holds 847,000 bitcoin, roughly 4% of the total supply, with total holdings valued at over $50 billion.
The company continues to accumulate bitcoin despite market weakness, recently purchasing 520 coins at an average price of $67,068, bringing total holdings to 847,363 bitcoin acquired at roughly $75,651 each.
Investor anxiety has intensified around Strategy’s preferred securities, particularly its variable-rate preferred known as Stretch (STRC).
The instrument, which pays an 11.5% dividend on a $100 face value, has fallen below par and was trading around $88 on Tuesday after briefly reaching near $100 in late May.
The weakness is significant because the structure is designed to trade close to $100 through monthly dividend adjustments.
However, recent declines have raised doubts about the effectiveness of that mechanism and its ability to support future issuance.
The preferred stock decline also affects Strategy’s ability to raise new capital.
With pricing well below par, issuing additional shares becomes more challenging and potentially dilutive.
Preferred dividend payments across the structure now total about $1.7 billion annually, according to company data, while Strategy has about $15 billion of preferred stock outstanding, with Stretch accounting for roughly $9 billion of that total.
Benchmark analyst Mark Palmer addressed recent concerns, writing that STRC had been affected by market dynamics rather than a structural breakdown:
“The term 'peg' implies the existence of a fixed exchange relationship. Stablecoins such as TerraUSD, USDC, and USDT were designed to maintain a defined value relative to another asset, typically the US dollar. STRC has no such obligation. Strategy's objective has been to support STRC's trading at a level near $100, not to guarantee it,” he wrote.
The broader weakness in Strategy’s structure has been compounded by a decline in bitcoin prices, which fell about 3% on Tuesday to around $62,000 and are down nearly 20% over the past month.
The company generates no operating income from bitcoin and relies on capital markets to fund both purchases and preferred dividend obligations.
Recent volatility has raised concerns about the sustainability of that model, particularly as annual preferred dividend payments approach $1.7 billion.
Strategy has taken steps to strengthen liquidity, recently increasing cash reserves by $300 million to $1.4 billion, providing roughly 10 months of dividend coverage.
However, this has not been enough to stabilize sentiment, and shares of both the common and preferred stock continue to decline.
Analysts also noted that leveraged positions tied to the preferred may have amplified the selloff, with margin-related unwinding adding pressure to already weak trading conditions.
Despite criticism, Strategy maintains that its approach assumes bitcoin will appreciate at a faster rate than the cost of preferred dividends, allowing equity issuance to generate long-term value.
So far, however, falling bitcoin prices and rising funding costs have challenged that thesis.
