Overview
- Market leaders and analysts have publicly questioned Strategy’s leverage‑heavy funding after its perpetual preferred (STRC) traded in the mid‑$70s, a roughly 25–26% discount to the $100 target price.
- The company’s first BTC sale since 2022 was 32 coins in late May, a small cash raise that nevertheless shifted investor expectations about whether Strategy might sell larger amounts in future.
- Grayscale research head Zach Pandl has recommended a controlled sale of about $3 billion of Bitcoin to cover near‑term cash needs and restore investor confidence, arguing a planned disposition would be less disruptive than unplanned sales.
- Michael Saylor and Strategy continue to signal buying intent, disclosing recent purchases and teasing further buys, even as market NAV fell below 1 and STRC dividend obligations are estimated near $1.2–1.5 billion annually.
- Traders warn the choice to sell, raise equity, change dividends, or keep accumulating carries trade‑offs for common shareholders, preferred holders and Bitcoin prices, with the market watching for any formal plan from Strategy.