NEW YORK, July 2, 2026, 09:04 EDT
- Strategy traded at $99.17 before the bell, 6.2% above where it finished Wednesday.
- The $1.25 billion OK for BTC sales is about 20,300 bitcoin at the latest price, or 2.4% of reported holdings.
- Preferred share buybacks might reduce cash claims more quickly than common stock repurchases at or around current prices.
Strategy Inc NASDAQ:MSTR traded at $99.17 in premarket Thursday, gaining 6.2% from its $93.39 close Wednesday. The bitcoin treasury firm moved to allow BTC sales and to buy back common and preferred shares.
U.S. cash markets hadn’t started when dateline hit. Nasdaq’s main session is 9:30 a.m. to 4 p.m. ET, with premarket from 4 a.m. to 9:30 a.m. ET. The exchange shuts Friday, July 3, for Independence Day observed.
The common holders data comes from the difference between the raw value of Strategy’s Bitcoin reserves and the equity value from the premarket quote. Bitcoin traded at $61,483. Strategy’s dashboard listed 847,363 BTC, with Google Finance showing 330.81 million shares out.
| Measure | Reuters calculation | Result |
|---|---|---|
| Bitcoin held | Company said it has BTC | 847,363 BTC |
| Bitcoin quote | Recent quoted price | $61,483 |
| Raw Bitcoin reserve value | 847,363 x $61,483 | $52.1 bln |
| Equity value implied by premarket print | $99.17 for 330.81 million shares | $32.8 bln |
| Gap to raw Bitcoin value | $52.1 bln minus $32.8 bln | $19.3 bln |
| BTC needed for $1.25 bln sale authority | $1.25 bln divided by $61,483 | 20,331 BTC |
| Share of reported BTC holdings | 20,331 / 847,363 | 2.4% |
This isn’t a net asset value. Strategy has said its bitcoin numbers don’t factor in debt or preferred claims that are ahead of common stock, and common shares don’t give any ownership in the company’s bitcoin.
The board’s framework from June 29 set a $2.55 billion USD reserve, covering about $1.76 billion in annual preferred dividends and interest, good for 17.4 months. Adding $1.25 billion in potential BTC monetization brings total coverage to $3.80 billion, or 25.9 months. The plan also allows for up to $1 billion in common buybacks and up to $1 billion in preferred buybacks. Founder and Executive Chairman Michael Saylor said bitcoin is still the “primary treasury reserve asset.” CEO Phong Le said Strategy is shifting away from “one-way capital issuance.” CFO Andrew Kang said, “Bitcoin is capital.” Strategy
Benchmark’s Mark Palmer said Strategy is now “an active manager of both sides” of its capital. The firm stuck with its Buy and $570 target, calling the sale authorization a “rounding error” compared with the 847,363 BTC in the company’s treasury. The Block
Right now, the preferred program shows higher cash-cost leverage than the common one. The latest numbers show Strategy’s Stretch preferred NASDAQ:STRC at $87.46, Strife preferred NASDAQ:STRF at $94.77, Strike preferred NASDAQ:STRK at $60.68, and Stride preferred NASDAQ:STRD at $60.27.
| Security | Latest quote | Discount to $100 stated amount | Stated rate | Annual dividend load retired by $1 bln buyback |
|---|---|---|---|---|
| NASDAQ:STRC | $87.46 | 12.5% | 12.0% | ~$137 mln |
| NASDAQ:STRF | $94.77 | 5.2% | 10.0% | ~$106 mln |
| NASDAQ:STRK | $60.68 | 39.3% | 8.0% | ~$132 mln |
| NASDAQ:STRD | $60.27 | 39.7% | 10.0% | ~$166 mln |
Reuters calculations. Assumes buy at latest quoted price and $100 stated amount is retired.
Buying back $1 billion in common stock at $99.17 a share would take out about 10.1 million shares, equal to around 3.0% of the 330.81 million shares on the market. The $1.76 billion in yearly preferred dividends and interest wouldn’t fall because of this move.
Bitcoin is still the main swing factor. On July 1, Citi lowered its 12-month bitcoin target to $82,000, down from $112,000, and dropped its 12-month net ETF inflow estimate to zero from $10 billion. Citi pointed to possible selling by digital asset treasury firms as a risk.
Strategy said it will look at more common stock deals based on market conditions, but will be selective if shares are trading close to 1x mNAV per share.
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