Preferred Stock

Strategy has lifted its dollar assets to $6.69 billion, nearly matching about $6.75 billion of outstanding convertible debt and bringing net leverage close to zero. The bitcoin treasury company is also supporting STRC through repurchases as the preferred stock trades below its $100 par value.

Strategy expanded its balance-sheet flexibility after selling MSTR shares, increasing its USD Reserve and creating a new USD Cash pool. The bitcoin treasury firm made no bitcoin purchases or sales, leaving its holdings unchanged at 840,447 BTC.

Strategy’s massive bitcoin position has swung back into an unrealized profit as BTC rallied sharply over five straight days. The rebound has also supported Strategy’s stock and improved sentiment around its preferred securities.

Strategy raised $333.7 million through a common-stock sale and used the proceeds to repurchase STRC, pay dividends and expand its U.S. dollar reserve. The company made no bitcoin purchases or sales, leaving its holdings unchanged at 840,447 BTC.

Strategy is carrying a multibillion dollar cash reserve after finding that some investors do not treat bitcoin liquidity as a substitute for dollars. CEO Phong Le says the shift supports the company’s preferred stock products and its ambition to become a broader digital finance platform.

Strategy’s perpetual preferred stock STRC has recovered more than 30% from its late-June low, helped by bitcoin sales, a larger cash reserve and repurchases. The company is aiming to support dividend coverage while the preferred stock trades near $94 and bitcoin holds above $60,000.

Strategy sold bitcoin and common stock while repurchasing a portion of its high-yielding STRC preferred shares. The moves lifted its USD reserve and came as MSTR traded lower pre-market alongside softer bitcoin prices.

Strategy reported a second quarter net loss of $8.2 billion as bitcoin weakness triggered a major unrealized markdown on its holdings. The company also highlighted a $3.75 billion U.S. dollar reserve, selective bitcoin sales and plans to develop its Digital Credit business.

Strategy has introduced a new market metrics framework designed to show common shareholders a clearer view of net bitcoin exposure after senior obligations. The overhaul comes as bitcoin and MSTR remain sharply below prior highs, while preferred stock and convertible debt now play a larger role in valuation.

Strategy has not bought bitcoin since June 22 and has instead moved to reinforce its liquidity position. The company sold 3,588 BTC, reduced its holdings to 843,775 BTC and lifted its U.S. dollar reserve to about $3 billion.

Strategy’s latest bitcoin sale has intensified scrutiny of its balance-sheet playbook after a turbulent month for BTC and MSTR. The company also disclosed an $8.32 billion second-quarter loss on its bitcoin holdings as market participants debate whether its buying pressure has paused.

Cantor says Strategy’s top priority is returning its STRC preferred stock to $100, a move the bank sees as central to restarting the company’s bitcoin acquisition engine. The firm expects repeated management actions to support dividend coverage, strengthen the balance sheet and potentially benefit MSTR shares.

Strategy’s enterprise mNAV has slipped below 1, a milestone that suggests the market is now valuing the company at less than the bitcoin it holds. The shift raises fresh questions about how investors assess the firm’s leverage, treasury strategy, and future financing flexibility.

Ripple CEO Brad Garlinghouse said he remains bullish on bitcoin, but he argued Michael Saylor’s preferred-share funding approach has hurt the broader crypto market. He pointed to Strategy’s STRC preferred stock sliding to a record low as evidence that the model is under mounting strain.

Strategy’s STRC preferred stock is drawing attention as traders watch the June 30 ex-dividend date and a monthly dividend rate reset. The bigger focus is whether the payout is raised from 11.50% as the stock trades well below par.

Strategy Inc.’s perpetual preferred stock STRC is now moving more closely with bitcoin than at any point since its debut. The tighter link has undercut its image as a steadier income vehicle tied to the company’s crypto holdings.

CryptoQuant is warning that Strategy has stretched its balance sheet too far through aggressive bitcoin accumulation. The firm says cash coverage has thinned sharply, making a reset in reserves more urgent than fresh BTC purchases.

Strategy’s preferred stock STRC, designed to hold near $100, slipped to a low of $83 as a wave of capital structure changes and weaker bitcoin prices hit sentiment. The move has intensified debate over whether the security’s par-value target can hold under pressure.

Strategy’s STRC preferred stock has fallen to a record low, disrupting a key funding channel used to expand its bitcoin holdings. The decline below par has also forced the company to pause new share sales through its at-the-market program.

Strategy’s bitcoin-backed preferred stock is trading well below its $100 par value, raising fresh questions about dividend coverage and investor demand. At the same time, Strive’s SATA is attracting attention with a higher yield and daily dividend payments.

Bitmine added 76,881 ETH last week, deepening its Ethereum treasury position after closing a $274 million preferred stock offering. Chairman Tom Lee said staking revenue helps support dividend payments on the new equity.