Bitcoin treasury company Strategy did not buy Bitcoin during the week of June 22-28. According to an 8-K filing submitted to the Securities and Exchange Commission (SEC), the company directed $1.15 billion raised through MSTR share sales not to Bitcoin, but to its USD reserve and a new buyback program.
Its total Bitcoin holdings remained unchanged at 847,363 BTC. That is worth roughly $51 billion and represents more than 4% of Bitcoin’s 21 million supply cap. Strategy built this position at an average price of $75,651 per BTC, for a total cost of $64.1 billion including fees. At current prices, the company is sitting on an unrealized loss of around $13 billion.
New Framework: The Reserve Is No Longer Flexible
Strategy’s new policy, called the Digital Credit Capital Framework, tightens the rules around where its USD reserve can be used. The reserve can now only be used for preferred stock dividends and debt interest payments, and nothing else. Under a board decision, the company must maintain a minimum balance equal to at least 12 months of dividend and interest obligations.
As of June 28, the reserve balance had risen to $2.55 billion. On June 21, that figure was $1.4 billion, showing a rapid increase in just one week. Part of the increase comes from share sales that had not yet fully settled.
The source of the increase was MSTR share sales. Strategy sold 12,669,017 MSTR shares last week for roughly $1.15 billion. As of June 28, the company still had $24.3 billion worth of MSTR shares available for sale under the program.
CryptoQuant analysts made a sharper recommendation last week: building reserves is not enough, the company should stop buying Bitcoin completely. The reason is simple; as the dividend burden grows, cash is being depleted quickly.
STRC, STRF, STRD, STRK: Buyback Priority Is Set
Strategy announced a $1 billion buyback program for its outstanding digital credit securities, STRC, STRF, STRD and STRK. STRC is first in line.
The new STRC Dividend Policy has also changed. The rate will now be recalculated every month. STRC’s trading level, market yields, credit spreads, Bitcoin’s price and volatility, the state of the USD reserve, market conditions and the company’s capital structure will all be included in the calculation. Strategy emphasized one point in particular: even if STRC trades below its stated value, that alone will not be considered a reason to increase the dividend.
Through a separate program, independent of the USD reserve, the company also allocated $1 billion for buybacks of its Class A shares, MSTR. Finally, the BTC Monetization Program was launched. Under this program, Strategy may occasionally sell Bitcoin to generate up to $1.25 billion in cash to fund the USD reserve, dividend payments or other buyback programs.
Saylor: “We’re Going to Need More Charts”
Michael Saylor reshared the company’s Bitcoin purchase chart on X on Sunday, this time with the note, “We’re going to need more charts.” Unlike previous posts, there was no new Bitcoin purchase this time. Saylor appeared to be referring to the new framework.
On Monday, the STRC dividend rate was increased by 50 basis points to 12.00%, effective from the July 2026 record dates. Saylor repeated that the goal is to keep STRC in the $99-100 range over time.
Last week’s picture was grim. After Bitcoin fell below $60,000, STRC dropped as low as $71.25 and only recovered to $74.57 on Friday. MSTR had an even worse week. The stock lost 30% over five trading days and fell to $82.31, its lowest level since the start of 2024. Since its July 2025 peak of $455.90, the stock has lost 82% of its value.
Behind this concern is the relationship between the company’s market value and its net asset value. Strategy’s mNAV ratio, calculated as market value plus debt and preferred shares, minus cash, divided by the value of its Bitcoin holdings, fell below 1 on Friday. Another name has now joined the list of Bitcoin treasury companies whose premiums are under pressure.
On Monday, Saylor said the company would act cautiously with MSTR issuance, especially when the stock is trading near 1x mNAV.
According to Bitcoin Treasuries data, 199 publicly traded companies currently hold Bitcoin. The four names following Strategy are Tether-backed Twenty One with 43,514 BTC, Metaplanet with 40,177 BTC, MARA with 36,303 BTC, and Bitcoin Standard Treasury Company, backed by Adam Back and Cantor Fitzgerald, with 30,021 BTC.
