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BTC Bitcoin News
Strategy co-founder and executive chairman Michael Siler released a tracking chart of the company\'s Bitcoin positions on Platform X on Sunday with an accompanying text saying: \"We need more charts. \"This usually signals that he is about to disclose new purchase information.
Thaler used the same chart on June 7 and June 21, and Strategy confirmed new Bitcoin purchases through an 8-K file on Monday the following week. If a similar situation occurs again this week, it will mark the fourth consecutive week that the company continues to buy.
Financial pressure continues to intensify
According to a disclosure on June 22, Strategy holds 847363 bitcoins at an average cost of approximately US$75646 each. As the Bitcoin price fell below $60,000 on Sunday, the position lost about $13 billion on paper, but as the sell-off intensified, The Block estimated that its unrealized loss could be as high as $14 billion.
The double decline in Bitcoin and Strategy shares pulled the company\'s corporate-to-equity ratio (mNAV) below 1 for the first time. This means that the market\'s valuation of Strategy is already lower than the value of its Bitcoin holdings, making it more difficult for it to raise funds through new share offerings.
This signal came after Strategy\'s most recent smallest acquisition. On June 22, the company disclosed that it had purchased 520 bitcoins for approximately US$35 million, a fraction of the purchase in previous weeks. At the same time, its dollar reserves increased by $300 million, bringing the total to $1.4 billion.
Financing model under pressure
Strategy\'s common stock MSTR fell 8% to about $86 on Thursday before continuing to fall, closing Friday at $82.31, its lowest point since February 2024. The company\'s floating rate preferred stock STRC, which is designed to trade near a face value of $100, fell to a record low of about $71 last week and rebounded slightly to about $74.57 on Sunday. The STRC\'s annual dividend yield is 11.5%.
On-chain analyst firm CryptoQuant recommended on June 23 that Strategy suspend Bitcoin purchases and replenish cash. Research director Julio Moreno said the company\'s dividend obligations have quadrupled to about $1.2 billion per year, while STRC\'s coverage has dropped from more than seven years to about 14 months. Moreno estimates that Strategy needs about $2.8 billion in reserves to restore two-year coverage.
An analysis last week concluded that MSTR common stock traded more like leveraged residual equity than discounted bitcoin, ranking after approximately US$6.7 billion in convertible bonds and approximately US$15.5 billion in perpetual preferred shares.
Thaler has always positioned the company as a net holder, saying in an interview in early May that Strategy would buy 10 to 20 bitcoins for every bitcoin it sells. The company recorded its first sale since 2022 on June 1, selling 32 bitcoins for approximately $2.5 million to pay the STRC dividend, and then resumed its weekly purchase plan.
