Strategy Authorizes Up to $1.25B BTC Sale, Announces $2B Buyback and New Capital Framework

Unverified — auto-generated summary, not yet reviewedBitcoinJun 30, 2026

Strategy is navigating a crisis in its Bitcoin treasury model, oscillating between forced BTC sales, purchase pauses, and resumed accumulation as STRC preferred stock stress and unrealized losses reshape its capital framework.

Strategy authorized the sale of up to $1.25 billion in Bitcoin and announced a $2 billion share repurchase program as part of a new capital framework. The company's MSTR and STRC shares closed up over 12% on the day the framework was disclosed. Strategy ended a nine-day losing streak following the announcement, with its market-to-NAV ratio having previously fallen below 1 and unrealized Bitcoin losses exceeding $13 billion.

Related storylines

Corporate Bitcoin treasury strainCorporate Bitcoin treasury model facing valuation pressure and exits

15 sources

Strategy's stock and preferred surge after its new capital framework · bsc.news · T2
Strategy’s MSTR, STRC shares recover after brutal week as Saylor unveils new buyback plans · theblock.co · T1
CROWDFUNDINSIDER: Bitcoin Treasury Firm Strategy's Valuation Now Below its BTC Holdingshttps · crowdfundinsider.com · T2
Michael Saylor Says Strategy Will Stay Disciplined On MSTR Issuance, But Peter Schiff Warns It Has Become A 'Bitcoin Seller' · benzinga.com · T2
Strategy Authorizes up to $1.25B of Bitcoin Sales as Saylor Formalizes Capital Pivot · thedefiant.io · T2
THE INFORMATION: Strategy Says It May Sell Up to $1.25 Billion of Bitcoin · theinformation.com · T2
Strategy authorizes massive BTC sale after 52-week lows · protos.com · T2
Strategy (MSTR) Surges Over 12% As Bitcoin-Linked Stocks Have Green Day · bitcoinmagazine.com · T2
THE INFORMATION: Saylor's Strategy to Sell Some Bitcoin; Comcast Is Splitting in Two, Again · theinformation.com · T2
BARRONS: MicroStrategy Just Unveiled a Financial Overhaul: Bitcoin Sales, Dividends, and Stock Buybacks · barrons.com · T2
Strategy ends 9-day losing streak as Bitcoin capital framework adopted · cryptobriefing.com · T2
MSTR and STRC both close up over 12%, edge higher after hours · panewslab.com · T2
Strategy’s STRC hits $83.60 after share repurchase plan and dividend hike · cryptobriefing.com · T2
WSJ: Michael Saylor's Strategy plans to buy back stock and sell bitcoin among many moves aimed at stemming the loss of confidence in the crypto-hoarding company · wsj.com · T2
FT: Bitcoin-hoarder Strategy unveils $2bn buyback as share price tumbles · ft.com · T2

Story timeline · 22 entries

Sep 9, 2026✦ Take
STRC's Test Reported: The Paper Won
Sept 8 par-test verdict by 8-K: no BTC bought/sold; $176M STRC repurchased, buyback DOUBLED to $2B; reserves −$176M to ~$6.5B; 845,050 BTC unchanged — the war chest chose the preferred
Sep 1, 2026✦ Take 2 clips
Strategy Buys Back What It Sold
Strategy resumes buying after ten weeks — 4,603 BTC at ~$80,318 ($369.7M) from a $603M MSTR sale, remainder to STRC support; holdings 845,050 — still below June's 846,000 after summer sales of ~5,278 BTC at $59–64K
Aug 25, 2026✦ Take
Strategy Builds $6.69B Cash Reserve
Strategy raises $2B via MSTR sales, opens a discretionary $1.59B "USD Cash" pool (total USD reserves ~$6.69B, ~47 months of obligations), second straight week of no BTC purchases; 840,447 BTC unchanged
Aug 22, 2026✦ Take
Strategy Back in the Black — By 2%
BTC's move above Strategy's ~$75,385 average cost flips a reported $13B paper loss to a ~$1.4B paper profit — about 2% — while STRC hits a two-month high near its $100 September target and MSTR runs ~32% in three days
Aug 18, 2026
Strategy Pauses Coin Sales, Not the Flywheel
Strategy raises $334M via share sales while making no Bitcoin purchases and no BTC sales for the week.
Aug 11, 2026 4 clips
Strategy Sells Again, STRC Nears Par
Strategy sells another 1,690 BTC (~$108M) below cost and raises $653M from MSTR shares, lifting its reserve to $4.75B and buying $109M more STRC — now within ~$5 of the $100 par its September deadline targets
Aug 4, 2026 2 clips
Strategy Sells Below Cost, Reserve Hits $4B
Strategy sells 1,638 BTC (~$105M) at roughly $64,000 a coin — below its ~$75,400 average cost — repurchasing $81.2M of STRC near $89 and lifting its dollar reserve to $4B as the buying pause extends
Aug 1, 2026✦ Take
Strategy's $8B Loss, First BTC Sales
Strategy posts an $8.22B unrealized Q2 loss, confirms its first bitcoin sales in four years (~$218M, to fund preferred dividends), pauses buying to build a $3.75B reserve, and gives STRC until September to recover toward par
Jul 26, 2026
Strategy Plans $1.25B Bitcoin Buy
Strategy unveils $1.25B Bitcoin acquisition plan, sending MSTR shares surging 27% as purchase pause ends.
Jul 25, 2026 1 clip
Strategy Reveals BTC Floor Metric
Strategy publishes minimum BTC return threshold below which restructuring may be required, alongside new Net Bitcoin Per Share metric and $54.88B holdings dashboard
Jul 16, 2026
Strategy CEO Sets BTC Buy Trigger
Strategy CEO states debt concerns only activate below $10,000 BTC and ties Bitcoin purchase resumption to STRC reaching $100 par value
Jul 14, 2026
Strategy Pauses Bitcoin Buying Again
Strategy completes a third consecutive week without Bitcoin purchases while raising $467 million through MSTR share sales, bringing its total cash reserve to approximately $3 billion.
Jul 9, 2026
Saylor Pitches to Middle East
Saylor presents Bitcoin-funded dividend model to sovereign Middle Eastern audience and discloses $1.25B BTC sale authorization.
Jul 8, 2026
Strategy BTC Capacity and Sale Scrutinized
Mizuho cut Strategy's price target to $213 while citing 110% upside, and a VanEck executive clarified that last week's $135M BTC sale did not consume any of the board-approved monetization program quota.
Jul 7, 2026
Strategy Sells BTC, Eyes Bigger Buy
Strategy executed a confirmed 3,588 BTC sale for $216M, with Saylor publicly hinting at a larger subsequent purchase and analyst Jiang Zhuoer warning the full approved 20,000 BTC may be sold.
Jul 6, 2026✦ Take
Saylor Tracker Signals Possible BTC Buy
Saylor released a new Bitcoin Tracker post on July 6, historically preceding confirmed BTC purchases; he also published a statement on Bitcoin's four-year cycle and released a nine-point thesis on Bitcoin's next decade.
Jun 30, 2026This story
Strategy Sells BTC, Launches $2B Buyback
Strategy formally authorized up to $1.25B in Bitcoin sales and unveiled a $2B stock buyback alongside a new capital framework, breaking its longstanding no-sell posture.
Jun 26, 2026✦ Take
MSTR Hits 16-Month Low on BTC Losses
STRC slides 26% below par and MSTR hits a 16-month low at $85; unrealized BTC losses reported at over $13B; a securities lawsuit filed against MSTR; a director sold shares at the record-low price.
Jun 25, 2026
Strategy Hits Two-Year Low on BTC Losses
MSTR shares fell below $100 to a two-year low, unrealized losses widened to $12.6B, and analysts publicly called for a halt to BTC purchases; STRC hit new lows.
Jun 22, 2026✦ Take
Strategy Holds 846K BTC After Stress Event
Saylor confirmed Strategy holds 846,842 BTC worth $54.3B with $9.7B unrealized loss and hinted at further purchases; STRC stress context continues.
Jun 18, 2026
Strategy BTC Covers 32 Years of Dividends
Strategy confirmed its BTC reserves are sufficient for 32 years of dividends; Saylor confirmed ongoing BTC sales to fund dividends with no margin call risk; STRC preferred stock fell to a new record low below $85.
Jun 15, 2026
Strategy Buys 1,587 More Bitcoin
Strategy buys 1,587 BTC for $100M, lifting total holdings to 846,842 BTC