On June 29, 2026, Strategy (MSTR), led by Michael Saylor, finally took action under enormous floating losses and interest pressure. This company, holding approximately 847,363 bitcoins with an estimated market value of about 54.98 billion dollars at current prices, is burdened with over 12.9 billion dollars in paper losses. With only about 2.55 billion dollars in reserves that, according to on-chain analyst Yujin, could roughly cover a year and a half of interest expenses, they proposed a seemingly "self-reinforcing" plan: to launch a "Digital Credit Capital Framework." The core of the framework is two-fold: on one hand, the board approved a Bitcoin monetization plan intended to raise up to 1.25 billion dollars by selling part of their bitcoins to supplement dollar reserves; on the other hand, they announced a buyback of digital credit securities (STRC) worth up to 1 billion dollars, attempting to stabilize debt prices and holder confidence. According to the same analyst's estimation, to gather 1.25 billion dollars, Strategy might sell about 20,600 bitcoins, which only accounts for about 2%-3% of their total holdings, appearing to be a minimal impact on their position. After the announcement, STRC saw a pre-market increase of about 9.41%, reaching around 81.59 dollars, while Bitcoin also rose about 1.31% to around 60,668.35 dollars within nearly an hour, indicating the market's first reaction seemed to cast a "short-term approval" vote for this self-rescue plan. However, what truly needs careful analysis is how this combination of selling bitcoin for fundraising and repurchasing securities alleviates structural risks and to what extent it bets on a more intense future competition.
840,000 bitcoins turning from a moat into shackles
Zooming out from the pre-market quotes, what Strategy aims to "monetize" this time is actually the most core and heaviest asset of the entire company: approximately 847,363 bitcoins. Over the years, Strategy leveraged multiple financings to pile itself up as one of the largest publicly traded companies by holdings globally. In narrative terms, this was once its moat alongside founder Michael Saylor — anyone wanting to bet on bitcoin would conveniently buy MSTR or STRC. However, between 2024 and 2026, as Bitcoin prices periodically fell, this position, valued at about 54.98 billion dollars according to reported prices, turned into more than 12.9 billion dollars in paper losses for Strategy.
The issue isn't just the floating loss figure itself, but the manner in which the entire balance sheet has been "kidnapped" by bitcoin: assets are heavily concentrated in a single security, while liabilities arise from long-term debt issuance and continuous interest payments for this position. As a result, the prices of MSTR and STRC follow bitcoin's fluctuations almost entirely, declining together. The larger the position, the loss for every percentage point of drawdown is measured in billions of dollars, which requires the market to return to higher positions to "break even," making it increasingly difficult to resolve the intention to reduce holdings. This deepening structural contradiction creates a shadow background for any future discussions about cash flow and interest pressure.
Interest only enough for a year and a half: pressure of depleted dollar reserves
The problem was truly highlighted on the cash flow front. On-chain analyst Yujin's calculations show that as of June 28, 2026, Strategy's cash reserves of about 2.55 billion dollars could only cover about a year and a half of interest expenses. On the asset side, the vast majority consists of bitcoins that can fluctuate several percentage points within a day; on the liability side, there are rigid interest payments that must be fulfilled on each interest date, leaving no buffer. Any additional days of bitcoin falling mean increasing paper losses; however, any extra day for interest turns into actual cash outflow, transforming the 2.55 billion dollars in this structure into something resembling a countdown clock that reads "18 months."
In such a mismatch of timing, the high percentage of holdings magnifies liquidity risk. Strategy has long hoarded bitcoins through debt issuance for leverage, but now must rely on the "Bitcoin Monetization Plan" to provide itself with breathing space — the board has already approved selling some bitcoins to raise up to 1.25 billion dollars to supplement dollar reserves and support the new digital credit security buyback. Nominally, this optimizes the capital structure, but in reality, within the limited 18-month window, it uses some of its holdings to buy more disposable time, thus within this interest-locked structure, the Bitcoin monetization plan resembles a short-term emergency measure forced into action rather than a grand narrative proactively laid out by Saylor.
Selling 20,600 bitcoins for 1.25 billion dollars
To transform "up to 1.25 billion dollars" from paper numbers to cash in accounts, what Strategy can actually utilize is that pile of bitcoin assets sitting on the balance sheet. According to on-chain analyst Yujin's calculations, at around the current price of about 60,000 dollars, selling approximately 20,600 bitcoins could roughly cover this fundraising limit. Compared to the company’s total holdings of about 847,363 bitcoins, this is only about 2%-3% — hardly enough to harm the core. For this reason, the board only stated that the fundraising limit was "up to 1.25 billion dollars" in the documents and did not specify a clear selling pace or timeline — in form, this seems more like leaving open a cash switch that can be activated at any time, rather than announcing a one-time dumping of holdings.
But the symbolic significance is different. Strategy's past logic has been to "buy the dip"; they did not touch their reserves even during the deep correction before 2026, only halting their accumulation during the latest statistical period. Now, however, they are actively selling a portion of their holdings at around 60,000 dollars, which means the company is starting to acknowledge that bitcoin is not just an asset but also a liquidity pool that can be tapped. Using 2%-3% of their holdings to acquire cash that is equivalent to half of the current dollar reserves not only visibly reduces the price volatility risk of the overall position but also provides an additional buffer for over a year’s worth of interest expenses; on the flip side, it also locks in the future upside potential of this segment of holdings, discounting potential long-term gains into current survival ammunition. The actual trade-off made by Strategy is to use a little bit of future imagination to exchange for the proactive control not to be driven to the brink by interest and market volatility.
Selling assets while repurchasing: the bet to calm the bond market
After replenishing dollar ammunition, Strategy unveiled the other side of the "Digital Credit Capital Framework": the board authorized a buyback plan for digital credit securities worth up to 1 billion dollars. The official statement is straightforward — selling bitcoins to supplement dollar reserves while also repurchasing STRC and other digital credit securities to stabilize debt market sentiment. For a credit asset that has risen and fallen alongside bitcoin over the past few years, this is almost a public shout-out to its creditors: once prices fall significantly, the management is willing to step in with real cash. After the announcement, STRC saw a pre-market increase of about 9.41%, and creditors and related investors voted with their feet, interpreting this shout-out as a signal of "value being underestimated."
However, the structure of this operation is essentially a hedging game of both capital and signals: selling approximately 2%-3% of bitcoins to raise up to 1.25 billion dollars in cash on one side while using up to 1 billion dollars of that cash to repurchase its own digital credit securities on the other. On the surface, the dollar reserves appear fortified, and the debt pressure in circulation is moderately reclaimed, seemingly pushing down both financing rates and default expectations a bit. However, the buyback plan has not provided a specific execution date, frequency, and price range, meaning the true entry timing will be driven by bitcoin prices and fluctuations in the secondary market. Any amplification of the selling behavior could suppress bitcoin prices, dragging down MSTR and STRC's valuation foundation, making this cycle of "using bitcoin to buy back their own credit" increasingly sensitive, ultimately pressing Strategy's survival window into the narrow gap of whether bitcoin market conditions and buyback execution can be accurately timed.
Pre-market surging nearly 10%: the market sees it as a positive
After this "selling + repurchasing" framework was introduced, the secondary market initially responded with what seemed to be an optimistic reaction: STRC soared approximately 9.41% in pre-market to around 81.59 dollars, while bitcoin also rose about 1.31% to about 60,668.35 dollars within the same timeframe. Clearly, short-term sentiment leaned towards a "positive" interpretation — raising as much as 1.25 billion dollars from selling assets and concurrently repurchasing up to 1 billion dollars in digital credit securities is viewed by many traders as a concentrated "defusal" of liquidity and credit risks, signifying that Strategy is not simply waiting for the market to handle their collateral but is actively putting forth a plan to stabilize their debt prices.
Nonetheless, whether this boost is trading "a temporary easing of liquidity risk" or preemptively pricing in future selling pressure and dilution remains a point of contention. The optimistic logic is straightforward: if the estimated scale of about 20,600 bitcoins sold is roughly valid, then only 2%-3% of Strategy's holding is being sold, which brings about a replenishment of dollar reserves and stabilization of the debt market, allowing for a "let's just survive first" stance. As long as the company does not collapse under interest, there is considerable leverage in the remaining holdings of over 800,000 bitcoins when the market rebounds. The pessimists, however, focus on another aspect: as one of the largest publicly traded companies by bitcoin holdings globally, this step marks a rewrite of the ultimate bull story of "only buying and not selling"; they stopped accumulating on dips last week and this time added selling to the corporate framework. In their eyes, this diminishes the most aggressive leverage narratives of bitcoin bulls, suggesting that once this plan is truly implemented, the market will start factoring in potential on-chain selling pressure and shifts in holder structure, and whether these expectations can be countered by sustained buying will determine whether today's pre-market "good news" is a starting point or simply an emotional clearance.
Can a company betting on bitcoin survive until the next bull market?
Faced with the reality of bitcoin's market cap falling from its peak, 847,363 positions suffering over 12.9 billion dollars in floating losses, and having about 2.55 billion dollars in cash that can barely cover a year and a half of interest, Strategy chooses to extend its life using the "Digital Credit Capital Framework": on one hand, writing asset sales into corporate rules to raise up to 1.25 billion dollars to supplement dollar reserves through the bitcoin monetization plan, and on the other hand, preparing to buy back digital credit securities worth up to 1 billion dollars at the same time, attempting to stabilize debt prices and holder confidence. Selling a small portion of assets with one hand creates space for repurchasing and interest payments with the other; essentially, it exchanges 2%-3% of bitcoin holdings for a longer survival timeline and smoother debt curve, rather than withdrawing from the game. On the day of the announcement, STRC rose nearly 9.41% in pre-market trading, bitcoin saw a short-term increase, and the market gave this self-rescue plan a somewhat optimistic trial period. However, the ultimate outcome will still hinge on the path of bitcoin prices, the actual pace and scale of Strategy's sales, and whether the buyback plan can effectively materialize within the set limits — these three variables will collectively answer a key question: whether this "self-rescue through bitcoin sales" is the starting point of a turning point or merely the last round of delaying tactics before a larger wave hits.
Join our community to discuss and grow stronger together!
AiCoin exclusive Hyperliquid benefits: https://app.hyperliquid.xyz/join/AICOIN88
AiCoin exclusive Aster benefits: https://www.asterdex.com/zh-CN/referral/9C50e2
On-chain Telegram community: https://t.me/AiCoinWhaleData
On-chain community: https://www.aicoin.com/link/chat?cid=N6OVMor5g
AiCoin on-chain Twitter: https://x.com/aicoinwhaledata
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
