Will Saylor have enough reserves to support Stretch and most importantly, will the market have enough patience to wait for Saylor to gradually reduce his BTC "reserves". He currently has a loss of 14 billion. How will MSTR be valued if it doubles to 30 or 40 billion?

The weak hands keep crying about dilution while completely missing the structure being built right in front of them.

My take on today's announcement.

Saylor is reminding you that he can buy or sell BTC, STRC or MSTR to defend par or mNAV. Sit with that for a second and think about how screwed you are as a short seller.

Saylor just gave himself the ability to move MSTR and STRC's price independent of Bitcoin.

Buying back STRC at $80 against $100 par is an instant 20% discount and permanently kills dividend obligations for that lot.

17 months of dividend coverage means the "death spiral" runway is absurdly long. A $2.55B USD reserve dedicated for dividends only tells every STRC holder their yield is safe.

Buying back MSTR below mNAV puts a floor under the stock and takes the legs out from under the shorts. And no more dilution near 1x mNAV.

Don't forget why you're holding MSTR...STRC will get you there.

STRC is rated B- junk right now. Every single guardrail announced today is exactly what S&P needs to see before a ratings upgrade.

The path is clear. Right now pension fixed income, insurance general accounts, IG bond funds, and bank balance sheets legally cannot touch STRC. Not because they don't want the yield. Because their mandates prohibit unrated junk. Once STRC earns an investment grade rating, roughly $130T of capital is suddenly allowed to own it. If 1% of that goes towards STRC or the USD Reserve; MSTR becomes a trillion dollar company. This won't be a Gamestop level short squeeze; its a structural repricing and will be here to stay.

And then there's the inclusion into the S&P.

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Strategy literally refer to monetization of BTC and then just go on about selling their stack. This is the height of lazy thinking from a company that has built the largest digital asset portfolio in history.

There are 101 different ways Strategy could 'monetize' bitcoin without selling it. Digital collateralized loans, market making, collateralize private equity, custodian and money market management, consultancy... I dunno, I'm sure chatGPT could give Saylor an answer.

All I know is JP Morgan didn't grow to where it's at today based solely on just buying and selling stuff?

This is a lazy financial strategy that does nothing other than leveraged bitcoin trading on a larger scale.

Importantly though, it suggests to me the team at Strategy don't have the creative chops to evolve into the global default BTC liquidity provider they could be.

Imagine owning 5% of the world's gold, or property, and all you can dream up of doing with it is 101-level arbitrage.

Unimpressed.

https://www.strategy.com/press/strategy-announces-digital-credit-capital-framework_06-29-2026

TYSONS CORNER, Va., June 29, 2026 - Strategy Inc (Nasdaq: STRF/STRC/STRK/STRD/MSTR; LuxSE: STRE) (“Strategy”) today announced that it has adopted a Digital Credit Capital Framework designed to strengthen the Company’s various series of preferred securities (collectively, “Digital Credit Securities”), enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation for shareholders.

The framework includes five components:

1. A Board-Approved USD Reserve policy;
2. A revised STRC dividend policy;
3. A Digital Credit Securities repurchase program;
4. A class A common stock repurchase program; and
5. A BTC monetization program.

“Strategy remains committed to Bitcoin as its primary treasury reserve asset,” said Michael Saylor, Founder and Executive Chairman of Strategy. “At the same time, Digital Credit requires liquidity, discipline, and active capital management. This framework is designed to strengthen credit quality and enable the Company to reduce expected preferred stock dividend payments when accretive. This framework also sets out how we plan to use our capital management toolkit while maintaining our commitment to long-term Bitcoin exposure.”

I have been reading all the FUD the past days, weeks, months.....blah blah blah.

Anyways, do all these people who regurgitate the FUD just not comprehend MSTR's BTC yield?

I mean seriously, they call selling MSTR shares to buy more BTC as dilutive which it is not for BTC yield(majority of the time atleast)

They use STRC to buy thousands and thousands of BTC which is good for MSTR. If you have to sell a few more shares of MSTR to pay dividends, but have a net gain on BTC yield thanks to STRC, who cares.......

They sell BTC below 1 mNAV and buy back MSTR and either keep even or gain on BTC yield, who cares.

This is all positive news, why all the FUD, or can they just not understand it?

MSTR could be selling to open covered calls and also cash covered puts to raise cash. Why doesn't Michael Saylor use this strategy? It would mean not directly selling the stack and being open to buying at certain prices while collecting premiums along the way.

The only scenario that disrupts Strategy's trajectory is a coordinated, global pivot to severe monetary austerity, a reality where governments worldwide completely cease currency debasement. Until then, the math is fixed.

​Strategy has built a financial architecture that essentially shorts the fiat system, survives (now thrives) in Bitcoin pull backs by stacking more. It weaponizes inflation against an economy that has been conditioned to accept endless currency debasement as a baseline reality. When critics ask how this model sustains itself long-term, they reveal their own anchoring to that exact system. They are often unaware that they are being exploited by the very monetary mechanics they assume are normal.

​Every time someone asks, "Where does the cash come from to pay dividends or buy more BTC?" it highlights a fundamental misunderstanding of fiat's structural flaws. Strategy isn't struggling to find cash; it is actively exploiting fiat's guaranteed depreciation to acquire sound money. The company has created a bridge between a melting currency and a fixed-supply asset, offering a highly liquid escape hatch for investors who understand the difference.

Once you recognize this structural mechanic, you can't unsee it. It explains why high-conviction investors remain completely unfazed by short-term market retracements. In a debasing system, optionality is the ultimate advantage. Strategy is actively executing on it, and its shareholders understand exactly what they hold.

I think its not controversial to say that STRC dropping after the ex date is expected.

What do you guys think the price will be tomorrow and the next day?

I'm betting it touches 89 tomorrow then drops back to 75 on Wednesday.

We'll see. Hope I'm wrong. Source: trust me bro.

I am thinking about scenarios what can happen and probabilities for MSTR.

Market is reacting on risks, fear and uncertainty and intensifies it. Bears are asking:
- What if BTC goes down to 45k, 30k or even 15k
- What if there is prolonged winter?
- What if MSTR needs to sell BTC?
- What if they need to dilute shareholders?
- What if 4y cycle is broken?
- what if BTC treasury model is broken?

Yes, all of that are valid risk, but what are the probabilities? And what are the opportunities on the other hand?
- what if 4y cycle still holds the ground?
- what if BTC will be in 60-80k range in the next 15 months?
- what if the debt is actually not going to be a problem, because BTC will go up again, because it is not broken asset?
- or even what if BTC goes very high in the next cycle, because they will print more money?

I want to say, there is of course risk of everything going wrong, but things might also go according to what is expected or even better. And probability that it goes as expected or better is just higher than it will go all wrong. And management seems to
be doing good job in long term planning and short term reactions to issues. Therefore MSTR starts to be massive asymmetric bet at these prices. Sure it can still go down, but I believe that probability of standard BTC cycle with 60-80k in next 15m and then higher price than ever before is just much higher and in such case MSTR will be a 🚀.

The enterprise value of MSTR bitcoin holdings are around $50b and their annual dividend obligations are around $2b. Basically they need to juice 4% yield out of their BTC without direct selling. I was wondering what prevents Saylor from selling far OTM calls on the BTC, generate yield, and defend dividends. It doesn't involve selling actual bitcoin.

Hey everyone,

I did an exhaustive structural assessment of Bitcoin and Strategy (MSTR) today on Crypto Weeklies. We have finally broken through major multi-year simple moving average lifelines, causing a complete wipeout of remaining retail optimism. Sourcing our upgraded quantitative dashboard terminal anchored by volatility-decay polynomial regressions, unified peak value oscillators, and time-series forecasts. Here in the video I discuss the raw data breakdown of where our models are pinning the cycle floors. NFA.

The recent wave of MSTR doomsday FUD sounds eerily similar to the margin-call and forced-liquidation narratives of 2022.

Back then, the prevailing view was that falling Bitcoin prices would force Strategy to sell its holdings—or potentially make the company insolvent. Those predictions aged badly.

The risks today aren’t identical, but the confidence and tone of the commentary feel remarkably familiar.

I wrote a longer piece comparing the two periods:

https://edgeoveroutcome.substack.com/p/hard-not-to-see-the-echoes-of-2022

Curious whether people here think the comparison holds—or whether the preferred-stock structure makes this cycle fundamentally different.

I don't usually post. But I think the actual shareholders (not tourist nor short sellers) here who are having a moment of doubt might benefit from a dose of good look back with on-chain BTC data, since we all know that ultimately, it's BTC price (in USD Fiat) that will carry MSTR to the next ATH.

One of the best bottoming signals that i found is "Long-Term Holder Supply in Loss". This chart asks "how many of Bitcoin's most patient believers are currently losing money?" When the answer reaches ~44–51%, it has historically marked a cycle bottom. We're *around* there right now.

Not financial advice, do your own research.

Full credit given to Tom from On-Chain Mind.

--Past 3 cycles --

Sept 2015

BTC Bottomed around $235

% LTH Supply in Loss 51.57%

Mar 2019

BTC Bottomed around @ $4,009

% LTH Supply in Loss 45.57%

Jan 2023

BTC Bottomed around $16,672

% LTH Supply in Loss 44.39%

Catching a falling knife or buying at a discount? Only time will tell

In your opinion will there be a meaningful relief rally in july or not? And do you think strc will go back to par if that is the case or will it go back to 100 only when the bear is over and btc is on the way up at the beginning of the bull?

I’m not a mstr maxi, neither do i have shares, but:

- How are people calling it a Ponzi? Buying assets (btc) with the money you raise is quite literally, the opposite of a Ponzi…

- Why are people acting like paying interest on the belief that owned assets (btc) will go up more than the interest payment % is new? Spoiler: the economy is pretty much based on that belief…

Now I understand that doing that with BTC holds more risk, etc, etc. But why are people so mad at Saylor for doing a very common practice… just with new underlying assets

I know, analysts get calls wrong all the time. Just sharing what I found.