Seilor Holds the Line: Strategy Confirms Bitcoin Course Amid Investigation
Michael Saylor made a public statement for the first time in a long while. On June 26, he wrote on X that the company Strategy remains committed to Bitcoin. This came amid an investigation by Rosen Law Firm into the company's capital structure and its securities.
Strategy itself has not yet officially commented on the situation. But Saylor's silence was telling: he did not mention the class-action lawsuit from investors or the decline in the value of preferred securities. Instead, he focused on discipline in capital management and long-term value — a clear signal to both shareholders and creditors.
Numbers on the table: 847,363 BTC
Strategy holds 847,363 Bitcoin on its balance sheet, representing more than 4% of the total supply that will ever be issued. The average purchase price is around $75,500 per coin, significantly higher than the current exchange rate. This gap has reduced the premium on MSTR shares that investors paid for indirect leveraged exposure to Bitcoin. At the same time, interest is growing in how the company finances new purchases.
Market pressure and Schiff's criticism
The day before Saylor's statement, Peter Schiff once again criticized the weak performance of Strategy's stock. According to him, MSTR shares have fallen 84% from their all-time high, while STRC preferred securities have dropped 25% from par value — with their yield reaching 15.3%. Saylor's post appears to be an indirect response to this criticism, though he did not address it directly.
Questions about the long-term sustainability of STRC are becoming more pressing. Dividend payments on these securities cost approximately $1.2 billion per year, while the company recently disclosed only $1.4 billion in cash reserves — enough for about a year under current conditions.
My opinion as an analyst
Saylor is clearly betting that Bitcoin will recover faster than reserves run out. But if the price remains below $75,500 for another 6–9 months, pressure on preferred securities will become critical. The Rosen Law Firm investigation is not just a formality; it could uncover systemic risks in Strategy's financing model. The company's fate in the coming months will depend on whether Saylor can restore market confidence or if legal consequences escalate to a new level.