News linked to both this project and an event.
Odaily News: The Meme coin STRATEGY is valued at approximately $7.2 million on Robinhood Chain, with its main liquidity pool paired against tokenized MSTR stock. The token launched on September 4 and is not an equity certificate for Strategy stock.As of September 14, STRATEGY was priced at approximately $0.0078, with liquidity of about $808,600 and 24-hour trading volume of about $691,000. Supporters claim that the value of MSTR Stock Tokens in the pool exceeded $362,000 within 10 days. (Bitcoin.com News)
Strategy has raised approximately $20.9 billion in cumulative financing this year, ranking fourth in the scale of U.S. equity issuance, trailing only SpaceX, Alphabet, and Intel. According to the latest 8-K filing, the company recently generated $602.8 million in net proceeds from the sale of MSTR common stock, of which $369.7 million was used to purchase 4,603 BTC at an average price of approximately $80,318. As of August 30, Strategy holds a total of 845,050 BTC, with a cumulative purchase cost of approximately $63.73 billion and an average cost of approximately $75,412 per coin. Additionally, MSCI's consultation regarding companies with digital asset financial reserves is set to conclude on September 30, with the market closely watching whether it will adjust the inclusion criteria for relevant indices.
Odaily News – Enterprise software company Strategy holds 840,400 BTC valued at approximately $66.4 billion. Based on a Bitcoin price of roughly $79,007, this represents an increase of about 4.4% from the average purchase cost of $75,653, with paper profits exceeding $2.8 billion.Michael Saylor posted a holdings chart on Sunday with the caption "We're Back." Strategy has not added to its Bitcoin position for about two months and typically discloses weekly purchases on Monday mornings; this post did not indicate whether a purchase is imminent.Strategy recently raised $334 million by selling MSTR stock without touching its Bitcoin holdings; in recent months, it has also sold small amounts of Bitcoin to pay preferred stock dividends and fund share buybacks. (Decrypt)
Odaily News: Business intelligence software company Strategy holds 840,447 BTC at an average purchase price of $75,385. After Bitcoin rose for five consecutive days, breaking above $78,000, the position has returned to profitability for the first time since July.Based on a Bitcoin price of $78,400, the position is valued at approximately $65.89 billion, representing paper gains of about $2.53 billion against the initial investment of $63.36 billion, a return of roughly 4%. Over the past six weeks, the position's value has fluctuated by approximately $15.5 billion.Since May, Strategy has sold 6,948 BTC, raising approximately $432.5 million. During the same period, the company raised $334 million through sales of MSTR stock, deploying the funds toward preferred stock dividends, STRC buybacks, and dollar reserves, the latter of which currently stand at $6.7 billion. (Decrypt)
Odaily News Bitcoin reserve company Strategy released its latest investor briefing, disclosing that as of August 9, the company holds 840,447 bitcoins, accounting for approximately 4% of the total Bitcoin supply. The company stated that its core strategy is not just holding Bitcoin, but also building a "Digital Credit" platform through capital markets to enhance Bitcoin holdings per share.As of August 10, Strategy's stock (MSTR) had a market capitalization of approximately $38.368 billion, corresponding to a 1.06x mNAV (market cap/net Bitcoin value per share). The company noted that MSTR is not a Bitcoin ETF; common shareholders do not directly own the Bitcoin held by the company, but rather are residual interest holders positioned after debt and preferred stock.Strategy stated that the goal of its "Digital Credit" strategy is to issue digital credit products equivalent to 10%-20% of its Bitcoin reserve annually, when market conditions permit, with an expected scale of approximately $5.4 billion to $10.8 billion. The company said that if the long-term yield on Bitcoin exceeds financing costs, this model could increase common shareholders' Bitcoin exposure per share.Strategy emphasized that MSTR, as common stock of a Bitcoin reserve company, has the dual nature of amplifying both returns and risks. The main risks listed by the company include Bitcoin price volatility, changes in financing conditions, mNAV compression, dilution from stock issuance, and debt and preferred stock repayment pressures.To date, Strategy remains one of the public companies holding the largest amount of Bitcoin globally. The company stated that it will continue to increase its long-term Bitcoin holdings and per-share Bitcoin exposure through capital market instruments, digital credit issuance, and proactive asset allocation.
According to Odaily, data from MSX.COM shows that Strategy (MSTR)'s stock price has fallen below $94, possibly impacted by news that MSCI is considering removing bitcoin treasury companies from its index system.Analysts believe that if MSCI ultimately decides to exclude bitcoin treasury companies from its indices, it could lead to selling pressure from index funds on related companies and affect their capital market valuation logic.Supporters, however, argue that companies like Strategy have formed a unique balance sheet model by holding bitcoin, integrating digital assets into the traditional financial system, and that these companies still possess long-term investment value. The community is currently calling on MSCI to retain Strategy (MSTR)'s eligibility in the relevant indices.
Strategy posted on X: "Our ambition is to become the world's largest company by market capitalization—holding the most capitalized Bitcoin (BTC), issuing the most powerful credit instrument (STRC), and creating the best equity asset (MSTR)."Strategy stated that its strategic core includes three major directions:Bitcoin reserves: Continuously accumulate BTC and treat Bitcoin as a long-term capital asset;Credit instruments: Expand capital sources through preferred stocks such as STRC and other financial tools;Equity value: Provide investors with Bitcoin exposure through MSTR stock and enhance shareholder value.Strategy is currently one of the public companies holding the largest amount of Bitcoin globally. In recent years, the company has raised funds through issuing stocks, convertible bonds, and preferred shares, using the proceeds to purchase BTC, forming a cycle of "capital market financing—accumulating Bitcoin—enhancing company value."Strategy founder Michael Saylor has long believed that Bitcoin is scarce capital in the digital age, and the company aims to position itself as a core platform connecting traditional capital markets with the Bitcoin economy by continuously expanding BTC reserves and innovating financial instruments.Market observers believe that Strategy's goal is not merely to become a Bitcoin-holding company, but to establish a new corporate capital structure with Bitcoin as the underlying asset.
According to Bitcoin.com, Strategy Inc. (NASDAQ: MSTR) Executive Chairman Michael Saylor stated that since the company established Bitcoin as its primary reserve asset in August 2020, MSTR stock has achieved an annualized return of 42%, surpassing Bitcoin itself, the "Magnificent Seven" tech stocks, and the S&P 500 Index. As of July 29, Strategy holds 843,775 BTC, with a cumulative purchase cost of approximately $63.69 billion, and an average price of approximately $75,476 per coin, currently showing an unrealized loss of approximately 17.9% compared to the cost price (approximately $11.4 billion). To address the increasingly complex capital structure, Strategy launched three new metrics on July 24: Net BTC Per Share, BTC Hurdle ARR (minimum annualized return required to cover financing costs), and BTC Floor ARR (minimum annualized return required to maintain leverage ratio sustainability), to help investors more clearly assess the actual value of their Bitcoin holdings. Additionally, the company plans to provide funding for preferred stock repurchases through the future sale of a portion of its Bitcoin.
Odaily Strategy sold nearly $467 million worth of MSTR common stock last week but did not increase its Bitcoin holdings. Analysts believe this indicates that the company is implementing its recently proposed Digital Credit Capital Framework and beginning to prioritize strengthening its balance sheet, rather than solely pursuing short-term BTC accumulation.According to the latest filings, Strategy has increased its U.S. dollar cash reserves to $3 billion, while its Bitcoin holdings remain unchanged at 843,775 BTC. Both Benchmark and TD Cowen believe this move strengthens the company's balance sheet and helps boost market confidence in its preferred equity financing model.TD Cowen reiterated its "Buy" rating and $260 price target for Strategy stock, stating that this operation is an early signal of management executing the new capital allocation framework. The firm noted that Strategy's choice to expand dollar reserves and pause Bitcoin purchases demonstrates a greater emphasis on balance sheet discipline rather than maximizing short-term BTC accumulation.Benchmark also maintained its "Buy" rating with a $570 price target. On Monday, Strategy's stock price traded at approximately $91.50, near its long-term low. Overall, analysts believe that amid pressure on preferred equity financing tools like STRC and market focus on dividend coverage capacity, Strategy's increase in cash reserves may help alleviate investor concerns regarding a forced sale of BTC.
During the week ended July 12, Strategy sold approximately 4.82 million shares of MSTR stock through an ATM (at-the-market) program, raising net proceeds of approximately $466.7 million. During the same period, Strategy did not make any Bitcoin purchases, with holdings remaining unchanged at 843,775 BTC.
Odaily Odaily News: MSTR CEO Phong Le admitted that he underestimated the market's valuation of the company's dollar reserves. He explained that using dollar reserves to repay convertible bonds raised market concerns and led to the decline of STRC. (Bitcoin News)
Wall Street investment bank Cantor Fitzgerald stated that the key to Strategy restarting its capital expansion cycle lies in restoring its preferred stock STRC back to the $100 par value level. The bank pointed out that repairing the STRC price is a core prerequisite for restarting the company's Bitcoin accumulation "capital engine" and will help stabilize the overall capital structure.After a meeting with Executive Chairman Michael Saylor, Cantor Fitzgerald expressed increased confidence in management's plans to stabilize the balance sheet and restore financing capabilities. In the current market, STRC is trading at approximately $87.79, Strategy's stock price fell 3.4% to $97.34, while Bitcoin is trading around $61,800.Cantor believes that STRC is the foundational tool of Strategy's financing system, and its repair will drive benefits for both preferred and common shares, further enhancing the company's ability to continue accumulating Bitcoin. Currently, Strategy has raised approximately $216 million through Bitcoin sales to fund preferred stock dividends and is expected to continue increasing its cash reserves to support dividend stability. (CoinDesk)
Odaily Odaily News, Galaxy Research Head Alex Thorn stated that the capital management reforms recently launched by Michael Saylor's Strategy (MSTR) have effectively eased market concerns over its liquidity and preferred stock system pressure in the short term. However, he noted these measures are more about "buying time" rather than fundamentally resolving structural issues.Over the past few weeks, Strategy has faced pressure on its "Digital Credit" preferred stock system. Its STRC ("Stretch" preferred shares) fell below par value, hitting a low of approximately $71.25, raising market concerns about Bitcoin price declines, shrinking dollar reserves, and the company's ability to pay preferred stock dividends. Subsequently, market discussions focused on three stress scenarios: selling Bitcoin, issuing additional MSTR shares (diluting existing shareholders), or cutting/suspending preferred stock dividends.In response, Strategy announced a comprehensive capital management restructuring on Monday, introducing a "Digital Credit Capital Framework." This includes five key tools: a board-approved dollar reserve policy, an adjustment to the STRC dividend mechanism, a $1 billion preferred stock buyback authorization, a $1 billion MSTR common stock buyback authorization, and a Bitcoin monetization mechanism. Concurrently, the company increased the annualized dividend rate on STRC from 11.5% to 12%.The market reacted positively, with both MSTR and STRC seeing significant gains that day, and Bitcoin also rebounded alongside.Alex Thorn pointed out that this adjustment has improved market sentiment in the short term, extending Strategy's cash coverage cycle to approximately 17 months and enhancing its capital buffer through new financing. However, the company still faces approximately $6.7 billion in convertible bond maturities during 2027-2028, meaning long-term structural risks persist. The core issue is not whether Strategy holds enough Bitcoin (approximately 847,000 BTC), but rather that its dollar liquidity is insufficient to cover preferred stock and capital structure obligations without harming the interests of any party, leading to a squeeze between different classes of shareholders.Nonetheless, the key significance of this adjustment lies in enhancing the "optionality" of the company's capital tools. It shifts Strategy from a single-direction Bitcoin accumulation strategy towards a more proactive asset-liability management model, thereby preventing short-term liquidity issues from evolving into a systemic crisis. Although the current Bitcoin market environment is relatively weak and may not have bottomed out yet, Strategy's new framework has, to some extent, bought the company a window of time to wait for more favorable market conditions.
Michael Saylor stated in a post on platform X that Strategy ($MSTR) will maintain discipline when using stock offerings for financing, especially when the stock price is near or at 1x Market Net Asset Value (mNAV). He emphasized that Strategy will not overly rely on equity financing when valuations are weak or close to net asset value, in order to avoid unnecessary dilution of its shareholder structure and to maintain the robustness of its long-term capital operations.
According to the 8-K filing submitted by Strategy to the U.S. SEC, it did not purchase bitcoin from June 22 to 28, 2026. As of June 28, the company cumulatively held 847,363 bitcoins, with a total cost of approximately $64.1 billion and an average holding price of approximately $75,651. During the same period, the company sold MSTR common stock through the ATM program, net raising approximately $1.152 billion.
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.
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.
According to the 8-K filing submitted by Strategy to the U.S. Securities and Exchange Commission (SEC), the company purchased 1,587 bitcoins at an average price of approximately $63,024 between June 8 and 14, 2026, for a total of roughly $100 million. The funds came from the ATM program for MicroStrategy (MSTR) common stock. During the same period, the company sold 1.7326 million shares of MSTR common stock via the ATM program, raising net proceeds of approximately $209 million. As of June 14, 2026, Strategy held a cumulative total of 846,842 bitcoins, with a total cost basis of approximately $64.07 billion and an average purchase price of about $75,656 per bitcoin.
According to CoinDesk, Michael Saylor and Bitcoin advocate Matthew Kratter have engaged in a public debate over whether Strategy’s (MSTR) latest round of Bitcoin purchases has diluted shareholders. The dispute centers on Strategy’s Bitcoin yield, which declined from 13.0% on June 1 to 12.8% on June 8 following the acquisition of 1,550 additional BTC. During the same period, the company’s Bitcoin holdings increased from 843,706 BTC to 845,256 BTC, while the diluted share count rose from 382.756 million to 384.180 million shares. Matthew Kratter contends that this shift indicates dilution in terms of “BTC per share.” Michael Saylor counters that Bitcoin yield is merely a narrow metric measuring “BTC per share” and fails to capture overall shareholder value creation. He notes that this transaction also added approximately $100 million in cash reserves, raising the company’s U.S. dollar reserves to roughly $1 billion—thus delivering net value accretion when viewed through a broader balance-sheet lens. The debate over how to interpret these metrics has sparked discussion among market participants. Some argue the company is “adjusting its metrics to fit its narrative,” while short sellers characterize this as a common corporate practice of “metric switching.”