News linked to both this project and an event.
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.
According to Bloomberg, JPMorgan released a research report stating that the financing model reform of Michael Saylor's Strategy Inc. has changed Bitcoin market dynamics—the company selectively sells Bitcoin to pay preferred stock dividends and manage its balance sheet, transforming it from one of the largest buyers in the Bitcoin market to a potential seller, introducing "avoidable" two-way flow risk to the market. JPMorgan believes that Strategy needs to hold liquidity reserves sufficient to cover dividend payments for the next two to three years to eliminate market concerns about the forced liquidation of its Bitcoin holdings.
global private market investment management giant Hamilton Lane has announced that its direct equity strategy fund, Hamilton Lane Equity Opportunities Fund VI (EO VI), has completed a $3.8 billion fundraise. This amount exceeds the $2.1 billion raised for the previous fund. Participating investors include a diverse range of institutions such as public pensions, sovereign wealth funds, union pensions, endowments, foundations, and family offices. The fund will provide investors with diversified investment exposure.Hamilton Lane already has a presence in the crypto space. In March of this year, it made a strategic investment in the on-chain investment platform Republic. Additionally, its senior credit opportunity securitization fund, HLSCOPE, has approximately $9 million in total asset value on the Polygon network, primarily investing in senior secured private credit and senior secured loans in North America and Europe. (Bloomberg)
: UK investment advisor Farside Investors stated that Strategy's STRC preferred product carries structural risks related to adjustable coupon rates and price stabilization mechanisms. STRC is primarily issued at around $100, with a mechanism designed to increase dividends when the price falls below $100 and decrease dividends when the price rises above $100, in order to guide the market price back to that level. Farside Investors noted that if investor concerns over Strategy's credit risk intensify, the STRC price could decline. Raising dividends to support the price would increase cash pressure and further undermine investor confidence in the security's valuation. STRC recently traded at around $75 before rebounding to $86. Strategy has launched the Digital Credit Capital Framework, which plans to establish a U.S. dollar reserve, raise STRC dividends to 12%, repurchase preferred securities at a discount, and authorize the sale of Bitcoin to help cover dividend payments and reserve funding.
Odaily Wall Street investment bank TD Cowen has lowered its price target for Bitcoin treasury company Strategy (STRC) from $400 to $260, a reduction of approximately 35%, while maintaining a "Buy" rating. The firm noted that the company's newly launched digital credit capital framework is constructive, with continuous improvements in credit transparency and capital flexibility.Analysts explained that this valuation adjustment is unrelated to the new capital framework, but is primarily driven by lowered Bitcoin price expectations: the BTC price forecast for end-2026 has been reduced from $140,000 to $100,000, and the end-2027 forecast from $190,000 to $135,000. Even after the adjustment, the $260 price target still implies over 200% upside from the closing price of $92.68. The investment bank also acknowledged that this valuation differential appears relatively high.On the capital front, Strategy has rebuilt $2.55 billion in USD reserves. Last week's issuance of 12 million common shares was not used to increase Bitcoin holdings. Existing cash can cover more than 17 months of interest and preferred stock dividends, and combined with BTC monetization capacity, can cover 26 months of expenses. The company has received approval for $1 billion in common stock buybacks and $1 billion in preferred stock buybacks, marking a shift from one-way equity issuance to proactive capital structure optimization. The $1.25 billion in Bitcoin monetization proceeds will replenish cash reserves, while the preferred stock dividend rate has been raised from 11.5% to 12%, alleviating the previously significant 26% discount issue. (TheBlock)
According to Bits.media, Fidan Tofidi, Director of the Financial Technology and Innovation Department of the Central Bank of Azerbaijan, stated that the country's Virtual Asset Market Regulation Bill has been drafted and submitted for deliberation, and is expected to be formally enacted within the year. The bill requires all companies engaged in crypto asset business to obtain a license issued by the central bank, prohibits unauthorized operations within the territory, and subjects licensed institutions to ongoing supervision. The regulatory framework will cover compliance requirements such as anti-money laundering, counter-terrorist financing, and customer identification (KYC), and will be incorporated into Azerbaijan's 2027—2030 Financial Market Development Strategy.
On-chain analyst Ember posted on X platform, stating that Strategy currently has $2.55 billion in dollar reserves, which can support interest payments for one and a half years. Strategy may sell some BTC at any time soon, raising up to $1.25 billion to replenish dollar reserves, which equates to approximately 20,600 BTC at current prices. Strategy may also conduct share buybacks of up to $1 billion.
Michael Saylor stated in a post on platform X that Strategy ($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.
According to market sources: Bitcoin treasury company Strategy has announced a new capital framework, including a $1 billion digital credit security repurchase plan to optimize its capital structure. Meanwhile, the company's board of directors has approved a Bitcoin monetization plan, aiming to raise up to $1.25 billion through related operations to bolster its dollar reserves. As of June 28, Strategy's dollar reserves stood at approximately $2.55 billion. It is reported that the new capital arrangements are designed to enhance liquidity management capabilities and improve the overall flexibility and risk resilience of the balance sheet.
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.