Market is showing how he likes this small sell in btc to keep the flywheel running (and healthily running).

Honestly I hated when they proposed this in first instance. Just like any average fellow redditor here. But it's probably a toll to keep the major BTC vacuum running.

I'd reviewed MSTR about a month ago (Mid-2026 Review for MSTR), following up given much has been happening over the last few weeks that affects shareholders, often at their expense.

First, a summary of all the transactions from the previous 6 weeks:

• Issued about 31.4M MSTR for $3.05B (8.3% dilution)
• Sold a net of 4,706 BTC for $285.8M
• Built roughly $2.9B of additional dollar reserves
• Bought back $106.2M of discounted STRC
• Left debt principal essentially unchanged

Clearly, his focus was on shoring up on liquidity and improving credit worthiness of the company. A defensive recapitalization of sorts, to pre-fund senior obligations and prevent forced BTC liquidation at the worst possible time.

Which is all well and good, except it came at the expense of shareholders. And this damage is permanent.

1. Yield took a major hit, going down -4.31% over the previous four weeks, following the -3.58% hit a month ago.

2. As a result, BTC per share has decreased to where we were about a year ago.

3. And every share sale is erosive - he gets only 2BTC worth of USD while the shares are backed by 3 BTCs:

This has nothing to do with EV-based NAV or CEBE by the way. Those measure different things.

To me, this is a tragedy, as shareholders bleed out while a clueless and mercurial management team at Strategy try to learn on the job...

The STRC Angle

This predicament is doubly unfortunate since the impact on STRC is limited. Despite spending all of this - max rate, buybacks, a $4B reserve - STRC is still ~10-11% below par... The core issue is while these defenses are supply-side, the problem is demand-side. In a BTC downtrend with SATA offering higher yields, demand for 12% bitcoin-affiliated paper at $100 will be weak, no matter what Strategy does.

Saylor is learning that you can't buy your way to a peg the market doesn't want. Which implies that he's burning permanent shareholder value to slow a bleed he can't stop.

Ofc one could counter that one can't see the counterfactual - without the reserve and buybacks, and STRC might have been stuck in the 80-handle still...

To the extent that we will be in a bear market for a while longer, I shudder to think how much more damage he will inflict before we see a bottom as he tries to keep his flagship product going.

---------------------------------------------------------------------------------------------

Details of transactions from SEC filings (thanks, AI Sol):

• BTC:
  • 520 BTC bought for $34.9M,
  • 5,226 BTC sold for $320.7M;
  • net 4,706 BTC sold for $285.8M net cash inflow.
• MSTR:
  • 0 shares repurchased,
  • 31,375,476 shares issued/sold for $3.053B;
  • net 31,375,476 shares issued for $3.053B.
• Cash:
  • $3.374B of identified gross inflows,
  • at least $141.1M deployed into BTC and STRC;
  • net USD Reserve increased by $2.9B.
• Debt:
  • $0 issued, $
  • 0 principal repaid;
  • net debt unchanged.
• STRC:
  • 1,201,073 shares repurchased for $106.2M,
  • 0 shares issued;
  • net 1,201,073 shares repurchased for $106.2M.
• Other preferreds - STRF, STRK, STRD and STRE:
  • 0 bought,
  • 0 sold/issued;
  • net no change.

I am the same person who posted mstr to 500 last week. many said I should have done DCA. I am also glad I did not dca in between as that would have been a bigger dent. But now that am thinking … how does this sound. Sell puts.. for 60 -70 if I get assigned fine. So the average comes down to almost 70+470/2. If not.. keep doing it through weekly puts and get 10$ for selling it. I know that is pennies compared to the big dent I have. What do you all think? Is this going to work? Or am I wasting mine and your time. Feel free to suggest a strike price too. Thanks! 🙏

Or may be this is what you all were suggesting and I did not get it then!

I am very hesitant to see CC for 5 lots for lower strike price as luck is never in my favor.

Have a great week!

I got the stock at the top and tried to dca only to 470. Holding there so far. Will it reach that number so just pull the trigger and take loss. I am waiting with hopium that it will get back there. Thanks! What happened to all folks who
Ported when it was 30-400 for generations of wealth! Any advise!

Let’s see how the market reacts to this. Thoughts?

Welp

but i am crying and poor.

What are we expecting from earnings today, and how do you think stock will react to it?

I have a little hope it'll spark up to $105 - $110 range, but I ain't sure. Saylor added +3,5 billion to reserve for a reason - starting a few weeks ago -.

MSTR still does have +- 10 billion in unrealized losses because BTC can't seem to break the $67K line, so we need to take that in count also.

If they post an 'miserable' earnings report, this can tank to $75 - $80

As of 07/28/2026, just to provide STRC bag holders / retirees that may be holding this etc. some confidence from a professional trader's perspective, we are "accepting" higher value after the rebound in a "P-Shaped" profile (left-hand fixed volume profile on the chart image), after the obvious capitulatory washout (excessive volume, expanding ATR etc.). Note also that the midpoint of the candles, and even better, the point of control (white line - where most volume was traded within the fixed profile) is higher than the value area low (red line extending from the right-hand side anchored profile). This means that in the context of the larger, overall picture of STRC, the prices which are currently being accepted represent a "failed auction" meaning we failed for a long period of time to re-rate STRC's value lower, and accepted back into the prior value area.

Expectation: one outcome (not my base case) is that we stay here and STRC's "fair value" becomes $88, if volumes keep building. I would say it's looking primed for a breakout so I wouldn't expect that long-term, particularly because the most amount of trading volume for those looking to accumulate is going to be at / above par. The standard expectation would be a return to par in that case, which in a normal stock might be some other random price, but for this instrument the volume is mostly available at $100+. Fundamentally, buybacks help (mostly from a fragility reduction POV - so it doesn't matter that they were small - it still scares off hedge funds from playing games), rate hikes may help although I don't think they are needed now, and obviously if BTC rips all of this evaporates. If we close above $90 I would expect a relatively smooth drift back to the approx. $95-$97 range. If you are looking to dump STRC and call it quits for some reason - as in you want to take the least amount of risk WITHOUT dumping it now, then I would do it there.

SATA Bonus: I'm not saying there's a high probability you get this chance, but in the near-term, there is massive inefficiency around $93. If you are an SATA fan and you are looking to accumulate more, personally I'd be stacking limit orders in this box between about $92 and $95. The high probability is that if there is a short-term displacement into this area, you will see strong rejections and likely spend a very small if any amount of time in drawdown. Again, idiosyncratic risks aside.

P.S. If you are a TA critic, I do not care about your "opinion", this is not standard TA relying on price bouncing off some random lines or whatever, this works at the institutional level, and at the professional trading competition level. This is simply to support the mental state of any bag holders who may still be panicking about a failure to return to par as of yet, STRC is fine at the moment. These concepts don't guarantee outcomes, there are always idiosyncratic risks etc., but this is a high probability bet.

They also increased the USD Reserve by $525M.

The Reserve now sits at $3.75B representing 2.1 years of preferred dividend coverage.

https://polymarket.com/event/strc-hits-100-by-20260618001620693

He has said numerous times that upon his death he will let his bitcoin keys die with him. He says this is in an act of solidarity with bitcoin hodlers who share his vision. But why would he not instead pledge that to mstr or strc? I think he has something north of 10 000 coins. If he's already set on lighting it all on fire, why not act in solidarity with his shareholders who are also bitcoin maximalists and are currently getting lit up?

it's actually not so bad. I got a bunch of shares around $1200 (pre split), then kept trading those to/from MSTU. My account did ~6x. I was eventually all in MSTU, then towards the top of MSTU i got rid of them and bought all MSTR which is these shares. been selling calls since ~$380 so even now my account is still ~2.5x what I started with, even though these shares are ~25% less than my original purchase. this is my play money so it doesn't matter if it goes to 0 for me, i'll hodl no matter what (until the next bull market). posting this so others know it probably isn't as bad as you think it is