NEW YORK, June 30, 2026, 08:02 (EDT)
- The strategy cleared as much as $1.25 billion for bitcoin sales and $2 billion for buybacks in both common and preferred shares.
- Before the U.S. cash market opened Tuesday, MSTR last traded at $92.68. Bitcoin was quoted at $59,085.
- With bitcoin at current levels, the sale authority comes to roughly 21,156 BTC. That’s about 2.5% of Strategy’s total 847,363-BTC reserve.
Strategy Inc NASDAQ:MSTR has set up a controlled way to sell bitcoin, but the big question for investors is how far the company will go with dilution as it discusses buybacks. The board’s plan, out Monday, allows bitcoin sales, raising cash reserves, and buybacks of as much as $1 billion in both common and preferred shares.
A number traders watch is the gap between new buyback headlines and last week’s share sales. Strategy sold 12.67 million MSTR shares for $1.152 billion net in the week ending June 28, according to a June 29 filing. The company did not buy any bitcoin in that span and still had $24.26 billion left it could raise through selling Class A common stock.
| Measure | Company figure | Investor read |
|---|---|---|
| USD reserve | $2.55 billion | Enough for 17.4 months of preferred dividend and interest payments |
| Annual preferred dividends and interest | $1.76 billion | Works out to roughly $146.7 million each month |
| Board-authorized bitcoin sales for reserve | $1.25 billion | Equals about 8.5 months of coverage on what’s owed now |
| Total stated liquidity coverage | $3.80 billion | Enough for 25.9 months, before taking out taxes, fees and market swings |
| Common buyback authorization | $1.00 billion | That’s 3.2% of the company’s market cap |
| Preferred buyback authorization | $1.00 billion | Could trim the cash needed for dividends if repurchased below par |
At a bitcoin price of $59,085, the $1.25 billion reserve authority means the company would need roughly 21,156 BTC. That’s not much compared to its 847,363 BTC stash, but it’s a big number next to cash needs—enough to cover over eight months’ worth of annual preferred dividend and interest at the current pace.
| Recent funding signal | Filed or market data | Ratio |
|---|---|---|
| MSTR shares sold between June 22-28 | 12.67 million | Roughly 3.8% of market-cap implied shares |
| Net proceeds from this sale | $1.152 billion | Equals 115% of new common buyback |
| Bitcoin bought June 22-28 | 0 BTC | Holdings remained at 847,363 BTC |
| Unused MSTR ATM shelf | $24.26 billion | 78% of current market cap |
| Value of bitcoin reserve | About $50.07 billion | About $14.03 billion under total purchase cost |
The filing put Strategy’s bitcoin reserve cost at $64.10 billion, with an average price paid of $75,651 per coin. At today’s bitcoin price, the stash is valued near $50.07 billion. That’s a gap of roughly $14.03 billion to cost, before any tax or accounting factors.
“Strategy remains committed to Bitcoin as its primary treasury reserve asset,” Executive Chairman Michael Saylor said in the statement. CEO Phong Le said the company is “evolving from one-way capital issuance to active capital management.” CFO Andrew Kang added: “Bitcoin is capital.” Strategy
Markets moved past last week’s losses. Benchmark’s Mark Palmer told The Block that Strategy is now “an active manager of both sides of its capital structure.” Benchmark left its Buy rating and $570 target unchanged. That target is roughly 515% above Monday’s close at $92.68, according to The Block. The Block
Stretch’s preferred stock NASDAQ:STRC is in focus, with Strategy aiming to keep it close to the $100 par. The firm bumped the STRC dividend to 12% starting July 1. It plans to revisit the rate each month, watching where the stock trades, credit spreads, bitcoin price and swings, reserve coverage, and how capital markets look.
For common holders, the trade now goes beyond just tracking bitcoin. It’s about calculating reserves. The company’s new $1 billion buyback authorization is smaller than the $1.152 billion in common stock Strategy sold last week. The ATM program that’s left is close to 80% of the company’s current market cap.
Related articles: NASDAQ:MSTR
