Strategy Inc. (NASDAQ:MSTR) sold $1.2 billion worth of its own stock last week without buying a single Bitcoin (CRYPTO: BTC), holding steady at 847,363 BTC.
New Capital Plan Raises STRC’s Payout to 12%
Strategy unveiled a Digital Credit Capital Framework Monday, raising the annual dividend rate on its STRC preferred stock to 12%, effective for dividend periods starting July 1.
The company’s USD reserve now stands at roughly $2.55 billion, enough to cover about 17.4 months of preferred dividend and interest obligations.
The board authorized, but didn’t commit to, up to $1 billion in buybacks of Digital Credit Securities and another $1 billion in Class A common stock repurchases.
Both programs carry no fixed expiration date and depend entirely on market conditions and management’s read on whether buying back shares actually adds value.
Strategy also approved a Bitcoin Monetization Program, giving the company the option to sell BTC whenever management decides it makes sense.
Proceeds could rebuild the USD reserve, fund preferred dividends, or pay for share buybacks, though Strategy stressed the program creates no obligation to actually sell any Bitcoin.
Michael Saylor said the framework strengthens Strategy’s credit profile while keeping Bitcoin as the company’s primary treasury asset.
CEO Phong Le framed it as a shift from simply issuing capital to actively managing the balance sheet through both issuance and buybacks depending on conditions.
Saylor’s 113 Buys Since Inception, Mapped on One Chart
Saylor shared a chart Sunday showing Strategy’s full purchase history: 847,363 Bitcoin worth $50.88 billion as of June 28, spread across 113 separate buy events at an average cost basis of $75,653 per coin.
The chart’s orange bubbles highlight aggressive accumulation through 2024 and 2025, with the average purchase price trending steadily upward.
“We’re gonna need more charts,” Saylor wrote, signaling he expects to keep adding Bitcoin going forward despite skipping purchases entirely last week.
Meanwhile, Ripple (CRYPTO: XRP) CEO Brad Garlinghouse said last week he remains bullish on Bitcoin overall but argued Saylor’s funding approach has damaged the broader crypto market, pointing to STRC’s record low as evidence.
MSTR Breaks a Support Level That Held Since Early 2025
MSTR trades 53.5% below its 200-day moving average, with the October 2025 death cross still firmly in place.
The stock crashed through the $100 to $105 demand zone that had held since early 2025, a major structural breakdown, and is now testing a deeper zone between $65 and $80.
RSI sits at 27.85, putting MSTR firmly in oversold territory. Reclaiming the broken $100 zone targets $114.50 then $133.93. Losing $80 opens a path toward $65 to $70.
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