microstrategy

Strategy — the world's largest corporate Bitcoin holder — is in the middle of its most serious crisis since Michael Saylor began buying in 2020. And most of the crypto world is not fully grasping the complexity of what is unfolding.
Today the numbers are: 847,363 BTC held, currently valued at approximately $50.3 billion. Average acquisition cost approximately $75,500 per coin. With $BTC at $58,000–$59,000 this week, Strategy is sitting on an unrealised loss of approximately $13 billion. That paper loss alone is larger than the market cap of hundreds of prominent crypto projects combined.
But the more urgent crisis is the STRC preferred stock. STRC — Strategy's Variable Rate Series A Perpetual Stretch Preferred Stock — just hit a record low of $73.62. It was designed to trade near its $100 par value. It now sits 26% below that. Why does this matter? Because STRC is the primary capital-raising vehicle Saylor built to fund ongoing Bitcoin accumulation. When STRC trades below $95, Strategy is contractually obligated to increase the dividend rate by 0.5%, adding approximately $53 million in annual costs. When it trades at $73.62, it signals that the market doubts Strategy's ability to keep funding those payments.
The math: Strategy pays approximately $1.2 billion annually in STRC dividends. Its cash reserves have shrunk approximately 38% since January 2026. In late May, Strategy sold 32 BTC for $2.5 million — its first disclosed Bitcoin disposal — specifically to fund STRC dividend payments. Arkham Intelligence analysed the situation and drew a clear conclusion: Saylor is not forced to sell Bitcoin to keep STRC alive, because the dividends are technically discretionary. But if MSTR investors conclude their capital is being used to pay earlier shareholders rather than accumulate Bitcoin, new capital inflows slow — which stops the accumulation machine that underpins the entire strategy.
The $MSTR stock itself has fallen 36% in eight consecutive trading days as of June 26. Michael Saylor broke his silence this week — posting "Working Better" on X — which markets did not find reassuring.
The June 30 ex-dividend date and monthly STRC dividend rate reset are the next catalysts. Every Binance Square creator who covers crypto should understand this story: Strategy is the canary in the Bitcoin leverage mine. If it stabilises, it signals the market is finding a floor. If STRC continues falling toward $60–$65, the forced sales conversation becomes very real very fast.
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Strategy Inc, trước đây được gọi là MicroStrategy, một lần nữa lại là tâm điểm của cuộc tranh luận trên thị trường tiền mã hóa.
Đợt bán tháo mới nhất trong $MSTR đã đặt ra một câu hỏi nghiêm trọng cho các nhà đầu tư:
Đây chỉ là một sự kiện biến động khác gắn với Bitcoin, hay toàn bộ cấu trúc vốn của Strategy hiện đang bị đem ra thử thách?
Phản hồi của Michael Saylor trước đợt bán tháo rất ngắn nhưng đầy sức mạnh:
“Biến động thử thách mọi cấu trúc vốn.”
Và ngay lúc này, cảm giác như đường dây đó còn lớn hơn chỉ một cổ phiếu.
📉 MSTR Chịu Áp Lực Nặng Nề
Theo bản cập nhật thị trường mới nhất, cổ phiếu của Strategy đã giảm mạnh, hiện giao dịch quanh mức 85 USD sau một đợt sụt giảm lớn. Cổ phiếu cũng được cho là đã giảm hơn 80% so với đỉnh cao mọi thời đại trước đó, cho thấy mức độ của đợt điều chỉnh quyết liệt đến mức nào.