Strategy still owns 843,775 BTC. At current prices near $63,000, that pile is worth about $53 billion. The company paid $75,476 per bitcoin on average, including fees.
Total cost: $63.7 billion. At today's price, that means paper losses of roughly $10.7 billion. Strategy's bitcoin represents 4% of the total 21 million bitcoin that will ever exist.
According to Bitcoin Treasuries, 197 publicly traded firms have embraced some type of bitcoin purchasing strategy. Tether-backed Twenty One holds 43,514 BTC, Metaplanet holds 43,000 BTC, MARA holds 36,303 BTC, and the Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, holds 30,021 BTC.
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Strategy's co-founder and Executive Chairman Michael Saylor shared another bitcoin tracker chart on X on Sunday with the caption "Orange dots tell only part of the story." Saylor's customary Sunday posts have often been employed to hint at an upcoming acquisition announcement. Recent captions such as "A good time to add more dots" and "Looks better with more dots" preceded purchase disclosures. However, a June 28 post reading "We're gonna need more charts" preceded the unveiling of a new capital framework - not a purchase. Subsequently, on July 5, Saylor's post preceded Strategy's disposal of 3,588 bitcoin for $216 million - the company's largest bitcoin sale ever.
According to Gabe Selby, who leads research at Payward's CF Benchmarks, Strategy faces no immediate concern regarding its ability to fulfill payment obligations. Selby added, "Yearly financing expenses represent roughly 3.4% of the value of its bitcoin holdings," and the cash on hand can fund such costs for approximately 17.4 months. However, he warned, "The concern begins when selling bitcoin stops being a choice and becomes a recurring requirement for maintaining the capital structure."
Within Strategy's new Digital Credit Capital Framework, the company limited its dollar reserves solely to funding preferred stock dividends and interest expenses. The company approved a $1 billion repurchase plan for its digital credit securities, beginning with STRC. Additionally, it instituted a flexible monthly dividend policy for STRC, with the condition that the dividend will not automatically rise when STRC's market price is under $100 par.
Separately, Strategy authorized a $1 billion buyback of common shares and launched a BTC Monetization Program. The program permits selling bitcoin worth up to $1.25 billion to bolster its reserve, fund dividends and interest, and repurchase securities. Matthew Sigel of VanEck observed that Strategy's sale of 3,588 BTC was not deducted from the new BTC Monetization Program's allowance, suggesting the company's actual selling capacity could exceed the stated $1.25 billion.
MSTR shares closed Friday at $94.64, down 6.5% for the week. In pre-market trading after the filing, shares fell another 2.6%. Bitcoin rose 1.7% over that same timeframe.
The stock has dropped about 79% from its summer 2025 peak. Its enterprise mNAV is 1.03.
On Friday, Standard Chartered reaffirmed its $100,000 bitcoin price target for end-2026, contending that Strategy's move away from a "never sell bitcoin" approach - using BTC as collateral for preferred stock - is more a matter of messaging than a sign of financial distress. Meanwhile, Grayscale analysts argued that Strategy's improved financial footing might assist bitcoin in establishing a more robust price floor by lowering tail risks - the probability of extreme negative events - tied to the company.
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