Saylors stays silent about the investigation but reaffirms loyalty to Bitcoin: Strategy under pressure
Michael Saylor broke his silence for the first time in a long while and made a public statement. On June 26, on social network X, he confirmed that the company Strategy remains committed to its Bitcoin strategy. This came amid several alarming signals: a legal investigation by Rosen Law Firm and growing pressure on the company's capital structure.
Notably, in his post, Saylor sidestepped the very fact of the investigation. Instead, he focused on market volatility, calling it a "test for the company." His main message: Strategy continues to bet on high credit quality and the creation of long-term value. This is an indirect but clear signal to both shareholders and creditors: discipline in capital management remains a priority.
Numbers that speak louder than words
On Strategy's balance sheet — 847,363 bitcoins, which is more than 4% of the total volume that will ever be issued. The average purchase price is about $75,500 per coin, noticeably higher than the current market rate. This gap has already led to a compression of the premium on MSTR shares, which investors paid for indirect leveraged exposure to Bitcoin.
At the same time, interest is growing in exactly how the company finances new purchases. Most of the bitcoins were acquired through the issuance of preferred shares traded on the exchange. These securities are now under pressure due to the weakening of the BTC exchange rate and a decline in market confidence in the dividend model.
The market tests Strategy's strength
A day before Saylor's statement, well-known critic Peter Schiff once again pointed out the weak dynamics of Strategy's shares. According to his data, MSTR common shares have fallen 84% from their all-time high, and STRC preferred shares have dropped 25% from par value, while their yield has reached 15.3%. Saylor's post appears to be an indirect response to this criticism, although he does not comment on it directly.
Questions about the long-term sustainability of STRC are becoming increasingly acute. Dividend payments on these securities cost the company approximately $1.2 billion per year. Meanwhile, Strategy recently disclosed only $1.4 billion in cash reserves — enough for about a year under current conditions.
Analyst's comment: Saylor is betting that the market will reassess his discipline when Bitcoin returns to growth. But the compression of the premium and the growing dividend burden are structural problems that cannot be solved with a single tweet. If the Rosen Law Firm investigation moves into the legal arena, pressure on the company's capital could become critical. Strategy's fate in the coming months will depend on whether Saylor can restore investor confidence — or whether regulatory risks will prevail.