News linked to both this project and an event.
According to data shared by Michael Saylor, as of June 28, 2026, Strategy holds 847,363 Bitcoin worth approximately $50.9 billion, with an average purchase price of $75,653 per coin from 113 buys.The StrategyTracker chart shows that Strategy has been continuously accumulating Bitcoin from 2024 to 2025, with Saylor also indicating an intention to continue buying. Strategy's stock price has declined recently, drawing market attention to its financing model and dividend obligations; Ripple CEO Brad Garlinghouse has criticized this, while its dollar reserves are reportedly sufficient to cover approximately 10 months of dividend payments. (CoinDesk)
Odaily Strategy's enterprise valuation has fallen below the value of its Bitcoin holdings, with its enterprise value to net asset multiple (mNAV) dropping below 1 for the first time, signaling a shift in the market's valuation logic for the company.Data shows that Strategy's current stock price is approximately $82, down about 85% from its all-time high in November 2024. Its enterprise value stands at around $50.4 billion, while the value of its Bitcoin holdings is approximately $51.1 billion (calculated at roughly $60,000 per Bitcoin). This means the market currently values the entire company at less than the value of the Bitcoin it holds.For a long time, the market valued Strategy significantly higher than its Bitcoin reserve, allowing the company to raise capital at a premium and continuously accumulate more Bitcoin. This model has been considered a key foundation of Michael Saylor's capital strategy. However, with the mNAV now below 1, raising capital through new equity issuance could potentially have a dilutive effect on existing shareholders.Analysts point out that this change makes Strategy's valuation structure more akin to a "closed-end fund," similar to the discount trading state observed in the Grayscale Bitcoin Trust during different market cycles. Such structures typically lack effective arbitrage mechanisms, making it difficult for discounts or premiums to correct quickly.However, unlike traditional closed-end funds, Strategy still possesses a variety of capital instruments, including debt financing, equity financing, software business cash flow, and capital structure management. In theory, this provides a degree of flexibility to navigate market volatility. (CoinDesk)
Odaily Ripple CEO Brad Garlinghouse stated in a recent CNBC interview that he remains long-term bullish on Bitcoin, while strongly criticizing Michael Saylor and his strategy of continuously purchasing Bitcoin by financing through preferred stock, arguing that this "financial engineering" approach is negatively impacting the crypto market.Garlinghouse pointed out that Strategy's reliance on issuing preferred stock (such as STRC) to raise funds for Bitcoin purchases essentially acts as a distraction in the market rather than creating long-term value. He emphasized: "Financial engineering does not create long-term value; the long-term value of digital assets comes from real utility." He specifically noted that STRC's stock price has fallen to a discount of approximately 25% from its par value, which he described as a "strong vote of no confidence" in that financing structure. Against the backdrop of market pressure this week, Strategy's common stock hit its lowest level since February 2024, and Bitcoin briefly fell below $59,000.On the market front, a CryptoQuant report indicated that if the dividend structure continues, Strategy's cash buffer has decreased from over seven years to approximately 14 months, suggesting a pause in Bitcoin purchases and a rebuilding of reserve funds. Currently, STRC trading below $100 has also rendered its "issue tokens—buy Bitcoin" funding flywheel temporarily ineffective. However, Benchmark-StoneX analyst Mark Palmer believes this model reflects more of a "decline in efficiency" rather than a systemic breakdown. Meanwhile, Ripple continues to adopt an industry-contrarian perspective, reiterating the distinct value path of its ecosystem asset XRP compared to Bitcoin. (CoinDesk)
As of the close on June 26, Strategy’s official mNAV declined to 0.99, indicating that the market’s overall valuation of the company has fallen below the market value of its held Bitcoin. Meanwhile, the perpetual preferred stock STRC trades at approximately a 25% discount to its $100 liquidation value.
Odaily Ripple CEO Brad Garlinghouse criticized Strategy and its Chairman Michael Saylor's Bitcoin purchasing funding model during a CNBC interview on Friday, stating that "financial engineering cannot create long-term value" and that the long-term value of digital assets should ultimately be driven by real-world utility.Garlinghouse said the Saylor team is not focused on the right direction and believes this approach has already harmed the overall crypto market. He also emphasized that he remains bullish on Bitcoin but opposes Strategy's strategy of continuously adding BTC positions through complex funding structures.His criticism was primarily directed at Strategy's model of issuing preferred stock to fund Bitcoin purchases. STRC is one of the preferred stocks issued by Strategy, carrying an annual dividend obligation of 11.5%. Recently, STRC traded at a discount of approximately 25% to 26% compared to its $100 face value. Garlinghouse described this performance as a "severely negative assessment" of Strategy's approach.
JAN3 CEO posted on X, stating that Strategy should immediately execute an OTC transaction with BSTR. BSTR could pay Strategy $1.5 billion, helping the latter increase its cash reserves to $2.9 billion. Meanwhile, BSTR could add 25,000 BTC to its existing holdings of 30,021 BTC, boosting its total holdings to 55,021 BTC and jumping to second place in the ranking of Bitcoin treasury companies.Odaily note: BSTR, short for Bitcoin Standard Treasury Company, is a Bitcoin treasury company founded by renowned cryptographer and Blockstream co-founder Adam Back. The company is actively raising funds to continue accumulating BTC.
Jiang Zhuo’er stated that the significant deviation of MicroStrategy’s preferred stock STRC price from its par value reflects a decline in U.S. market investors’ risk appetite for Bitcoin. He believes that although MicroStrategy can still raise funds by issuing additional common shares, doing so when the price-to-book ratio falls below 1 would dilute the Bitcoin holdings per share—a costly move.
CryptoQuant suggests Michael Saylor's Strategy should currently pause further Bitcoin purchases and instead prioritize rebuilding its cash reserves, as its dividend obligations have significantly increased, cash reserves have sharply declined, and unrealized losses on Bitcoin are widening.Julio Moreno, Head of Research at CryptoQuant, pointed out that Strategy's preferred stock, STRC, fell to $82.50 last week, a 17.5% discount from its $100 par value, marking its largest historical discount. This pressure stems from the bearish Bitcoin market environment and the company's diminished cash buffer capacity.The report states that Strategy recently repurchased $1.5 billion of its 0% convertible senior notes due 2029, further reducing the cash buffer available to support STRC dividend payments. Meanwhile, the company's cash reserves have declined by 38% since the beginning of 2026.On the other hand, as Strategy issues more STRC to finance Bitcoin purchases, its annualized dividend obligation has risen from approximately $300 million at the start of the year to roughly $1.2 billion currently—a nearly fourfold increase in less than six months. CryptoQuant believes the company should become more selective in its Bitcoin purchases rather than continuing indiscriminate accumulation amid intensifying cash pressures.
Bitcoin has dropped approximately 40% since Strategy launched its Bitcoin financing instrument, STRC, which has now fallen below its $100 issuance par value. This has sparked market debate over the sustainability of Michael Saylor’s Bitcoin “flywheel” model. Strategy currently holds over 846,000 BTC, but its purchase pace has notably slowed recently. Data shows that during the week ending June 8, the company added 1,550 BTC, worth approximately $101 million. The following week, ending June 15, it added another 1,587 BTC, valued at about $100 million. In contrast, during a single week in April 2026, the firm bought 34,164 BTC for $2.54 billion, indicating a significant decline in its recent capital deployment.Meanwhile, Strategy previously sold 32 BTC to meet dividend obligations. While minimal relative to its total holdings, the market views this as a sign that cash flow pressures could intensify if STRC’s funding efficiency declines. STRC was originally designed as a preferred stock instrument trading near its $100 par value, using dividend adjustments to attract investors and help Strategy raise capital for Bitcoin purchases. STRC has now fallen to historic lows, once dropping to $82.53 before closing at $88.59—roughly 13% below par value.Critics argue that STRC’s dip below par indicates mounting pressure on Strategy’s funding channels. Peter Schiff, a long-time Bitcoin critic, labeled STRC “a typical centralized Ponzi scheme,” claiming the model relies on continuous financing or Bitcoin sales to sustain itself. Crypto trader DonAlt also questioned STRC’s recent performance, describing its trading behavior as resembling a “Ponzi scheme.”However, some analysts believe STRC’s decline is more due to leverage liquidations than a fundamental deterioration of Strategy. STRC had long traded around $99 to $100, attracting leveraged traders. When the price broke below a key level, forced liquidations were triggered, exacerbating the drop.Analyst Scott Melker noted that STRC’s current yield has actually improved due to the discount. Since dividends are calculated based on the $100 liquidation preference, at an STRC price of $90, the 11.5% annualized dividend translates to an actual yield of about 12.8%. If the price falls to $85, the yield could exceed 13%.Strategy is expected to announce its next STRC dividend adjustment by June 30. The market is now focused on whether the STRC discount will persist and whether Strategy’s model of using capital market financing to continuously accumulate BTC can remain stable. (Cointelegraph)
Odaily news, Michael Saylor posted on X platform to review Strategy's Bitcoin strategy journey, stating that when he gave the relevant speech in October 2022, the price of Bitcoin was about $20,000, Strategy held 130,000 BTC at the time, valued at approximately $2.6 billion, and the stock MSTR (adjusted for stock split) was priced at around $24.Michael Saylor stated that weeks later, Bitcoin fell below $16,000, and the company's debt once exceeded the total value of its BTC and cash reserves by about $300 million. The MSTR stock price also dropped to around $13 by the end of 2022. Strategy then persisted in executing its Bitcoin strategy, strengthened company operations, and continued to raise funds to invest in BTC. Since 2022, the company has raised over $60 billion in new capital, which was used to purchase Bitcoin, adding more than 716,000 BTC to its holdings.Michael Saylor said that currently, the value of BTC and dollar reserves held by Strategy exceeds the company's debt by approximately $48 billion. He thanked the investors who have long supported the company and stated that the company will continue to adhere to its long-termist strategy in the future.
Odaily Odaily News CryptoQuant founder Ki Young Ju stated that the biggest risk for Bitcoin is not a crash, but long-term stagnation. Saylor's STRC structure becomes truly dangerous, not when Bitcoin simply crashes, but when Bitcoin undergoes years of sideways consolidation and a prolonged bear market.If the market still believes in the next rally, sharp pullbacks can be endured. However, long-term stagnation weakens the narrative, reduces demand, compresses the MSTR premium, and makes it difficult for Saylor's financing machine to sustain itself. Ki Young Ju indicated that Saylor's real challenge is not just buying more Bitcoin, but providing the market with new reasons for conviction. Ki Young Ju pointed out that, contrary to the "digital gold" narrative, Bitcoin's performance often resembles that of tech stocks.
Bitcoin mining company HIVE's subsidiary BUZZ High Performance Computing has signed a three-year sovereign AI cloud infrastructure contract worth approximately $220 million with Bell AI Fabric and Cohere. Under the contract, BUZZ HPC will deploy a cluster containing 2,304 Nvidia Grace Blackwell GPUs at Bell's facility in Merritt, British Columbia.Funding for the Blackwell systems comes from the $115 million convertible note financing completed in April. The deployment is expected to become operational between late 2026 and early 2027, and is projected to add approximately $70 million to the company's current $35 million in annual recurring revenue. Additionally, HIVE has received approval to acquire a 32-megawatt data center in Big Boden, Sweden, and plans to upgrade it to support enterprise-grade AI workloads. (The Block)
According to BTCTreasuries, Bitcoin treasury company Capital B has disclosed that its shareholders’ meeting has approved a large-scale financing plan, allowing it to raise up to approximately $5.76 billion through the issuance of new shares and up to approximately $115.2 billion through the issuance of credit instruments, to further increase its Bitcoin holdings. At current prices, this financing could theoretically support the purchase of over 1.87 million BTC, underscoring the company’s highly expansionary strategy in crypto-asset allocation. This resolution implies that Capital B may continue expanding its Bitcoin holdings via a dual-path approach—leveraging both equity and debt instruments—further strengthening its balance sheet structure and exposure to the crypto market.
Jiang Zhuoer stated in a post that MicroStrategy (MSTR) currently holds approximately $55 billion in Bitcoin assets, corresponding to an annual dividend payment of about $1.7 billion for its STRC preferred stock. Theoretically, selling BTC could cover dividend requirements for roughly 32 years.STRC is classified as preferred stock rather than a debt instrument, so there is no traditional mandatory principal repayment pressure. From a financial structure perspective, MSTR does not face "liquidation-style leverage risk" or short-term solvency crises. However, the discussion itself reflects growing market concerns about the company's long-term cash flow and cryptocurrency asset volatility. STRC has already experienced significant discount fluctuations, limiting its refinancing capabilities.Furthermore, MSTR has recently relied more on issuing common stock (which may dilute BTC per share when mNAV is below 1) to fund its BTC accumulation. This strategy is difficult to sustain over the long term.Jiang Zhuoer indicated that even if the scale of MSTR's actual BTC sales to pay dividends is relatively small compared to the broader market, the symbolic significance may be more important. It could pressure market confidence and prompt investors to reassess the possibility of "long-term passive BTC selling." Market understanding of this structure is not uniform, and this divergence in perception itself could become an important factor influencing expectations and sentiment.
CryptoQuant analyst Axel Adler stated that Bitcoin weakened rapidly after the Federal Reserve held interest rates steady at 3.50%-3.75% and released a relatively hawkish dot plot, falling below the $64,000 mark and dropping about 4% from its intraday high.This meeting marked the Fed's fourth consecutive pause, but the latest dot plot indicates a significant shift towards a hawkish policy path: several officials now expect the possibility of further rate hikes this year, further diminishing the market's pricing of "rate cut expectations." Analysts believe this change has a greater impact than the rate decision itself, directly suppressing risk asset valuations.Market data shows that Bitcoin initially surged to around $66,400 following the announcement, before quickly reversing downward amid heavy selling pressure, hitting a low of approximately $63,870. Trading volume notably expanded, indicating active selling-driven declines. The price is currently consolidating near the lower end of the $63,600–$64,000 range, with no significant inbound capital from bargain hunting.In stark contrast is gold's performance. Spot gold rapidly recovered after briefly dipping to around $4,220, climbing back above the $4,300 level to trade near $4,321, demonstrating strong defensive attributes and capital absorption capacity. Even against a backdrop of easing geopolitical risks, safe-haven demand remains resilient.Market participants pointed out that the core divergence in this round of reaction lies in the repricing of asset attributes: gold completed a swift recovery under the same macroeconomic shock, while Bitcoin failed to reclaim the key level of $64,000, highlighting the higher sensitivity of risk assets to "higher-for-longer interest rates."Overall, the market is transitioning from a phase of "loose expectations supporting risk assets" to one of "hawkish path suppressing valuations," with short-term risk appetite clearly cooling. The key observation point is whether Bitcoin can re-enter the $64,000–$65,000 range with volume confirming stability; otherwise, a weak consolidation structure may persist.
Odaily Odaily News Rodney "Bitcoin Rodney" Burton, a resident of Miami, Florida, has pleaded guilty in federal court to participating in a cryptocurrency fraud scheme related to HyperFund, which involved approximately $1.8 billion.According to federal prosecutors in Maryland, Burton admitted to "conspiracy to operate an unlicensed money transmitting business." He participated in promoting this Ponzi-structured project between June 2020 and January 2022, profiting approximately $7.85 million.Law enforcement authorities indicated that HyperFund attracted investors with promises of high returns of "0.5% to 1% daily," but there was no actual cryptocurrency mining or sustainable source of revenue. The funds essentially came from new investors, representing a typical Ponzi scheme structure. The platform began restricting withdrawals in 2021.The U.S. Department of Justice stated that the project raised funds from investors worldwide and was used for promotion and fund transfers during its operation, constituting a large-scale跨境 wire fraud network.Burton faces a maximum of 5 years in federal prison, with sentencing scheduled for July 23. Law enforcement agencies stated that the case was jointly investigated by the IRS Criminal Investigation Division and Homeland Security Investigations. (U.S. Department of Justice)
CryptoQuant analyst Axel Adler Jr. stated that Bitcoin may have entered a new accumulation zone, but the potential structural bottom for this cycle remains around $48,000. Currently, Bitcoin’s post-adjustment seller risk ratio indicator shows that unprofitable supply is beginning to surpass profitable supply, and unrealized pressure on holders is rising significantly. Meanwhile, the Cumulative Value Destroyed Days (CVDD) valuation model indicates that Bitcoin’s structural bottom for this cycle is approximately $48,000.
According to Bitcoin.com, the Dubai Virtual Assets Regulatory Authority (VARA) recently released an updated Anti-Money Laundering (AML) regulatory guidance, requiring cryptocurrency firms operating in Dubai to integrate FATF high-risk and blacklist country data into their risk-scoring models in real time—replacing the previous static compliance tracking mechanism. Under the new rules, firms must update their risk assessments at least once every three months, and immediately upon any material change to their operational structure or product offerings. Additionally, proliferation financing risks and targeted financial sanctions risks must be assessed separately and may not be broadly conflated with AML compliance. Firms are also required to formally document risks arising from AI-assisted operations and privacy-enhancing exchanges. VARA stated that compliance officers, senior management, and board members bear full responsibility for their company’s residual risk rating, signaling a regulatory shift from post-hoc enforcement toward proactive, systemic risk management.
According to The Block, Susie Ward, CEO of Bitcoin Policy UK, publicly criticized Strategy founder Michael Saylor’s promotional video for STRC during an interview at last week’s BTC Conference in Prague, calling it “dishonest” for failing to accurately disclose the product’s risk profile. STRC is a perpetual preferred share offering an 11.25% dividend; Strategy raises funds through its issuance to continuously purchase bitcoin. Ward stated that although she is a staunch bitcoin supporter and also a shareholder of Strategy, she remains cautious about the company’s model of accumulating bitcoin via leverage and equity dilution—arguing that such practices tie bitcoin’s reputation to “fiat games,” with some projects resembling meme coin pump-and-dump schemes.
Odaily News, Susie Ward, CEO of Bitcoin Policy UK and a Bitcoin advocate, stated that although she is also a shareholder of Strategy, she is concerned about the way Michael Saylor promotes STRC, arguing that he has not fully explained the risks of the product.STRC is a perpetual preferred stock issued by Strategy, offering a dividend yield of 11.25%. Strategy raises funds by selling this type of preferred stock and uses the proceeds to continue purchasing Bitcoin, serving its long-term BTC accumulation strategy.Ward stated that when Saylor showcased STRC's returns in a related video, it gave the impression that it was “risk-free,” and she believes this expression is “dishonest.” She is particularly concerned that investors may underestimate the structural risks behind the model of using high-dividend preferred stock financing to purchase Bitcoin.