Story perspectives

Strategy Inc. Plans $1.25B Bitcoin Sale, $2.55B Reserve

6/30/2026

Summary

Strategy Inc. Bitcoin

Strategy Inc. announced a framework permitting up to $1.25 billion of Bitcoin sales and creating a $2.55 billion cash reserve to fund dividends and debt.
The board authorized up to $1 billion each for common-stock and preferred-stock buybacks and raised the preferred dividend to 12% for record dates after July 1, 2026.
Shares rose 14% to about $94 before closing above $92 while Strategy Inc. holds 847,363 BTC bought for $64.10 billion at a price of $75,651.

Summary

Strategy Stock Slides

Strategy’s preferred stock (STRC) fell to $73.62, its deepest discount from the $100 target, after dividend obligations rose to $1.2 billion, cutting coverage to 14 months.
The mNAV slipped to 1.04×, the first time enterprise value fell below Bitcoin holdings value.
Analysts David Lawant (Anchorage Digital) and Andrei Grachev (DWF Labs) warned the shift could curb capital, stall the Bitcoin-buying flywheel, and signal a reversal of Michael Saylor’s “never sell” pledge via the “BTC Monetization Program”.

Summary

Strategy NAV Drops

The mNAV fell to 1.03× on June 25, making new share issuances non-accretive and slowing the flywheel.
The premium over Bitcoin’s raw value (mNAV) now sits near 1×, removing the $2-for-$1 boost seen at a 2× premium.
Strategy now holds 847,000 BTC, eight preferred series and $1.2 billion in annual dividends, up from about 130,000 BTC in 2022.
Strategy’s $6.75 billion convertible debt has no near-term maturities and no automatic margin-call liquidation of its Bitcoin.

History

Historical Context

After surviving a 2000 SEC fraud settlement and championing Bitcoin as a non-governmental store of value, Michael Saylor shifted MicroStrategy’s treasury in July 2020. In December 2020 the firm sold $650 million of convertible notes and bought 70,470 bitcoins for $1.125 billion, creating the first large corporate digital-asset treasury and spurring later corporate Bitcoin adoption.

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Strategy Inc. Bitcoin

Strategy Inc. announced a framework permitting up to $1.25 billion of Bitcoin sales and creating a $2.55 billion cash reserve to fund dividends and debt.
The board authorized up to $1 billion each for common-stock and preferred-stock buybacks and raised the preferred dividend to 12% for record dates after July 1, 2026.
Shares rose 14% to about $94 before closing above $92 while Strategy Inc. holds 847,363 BTC bought for $64.10 billion at a price of $75,651.

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