Strategy holds firm amid investigation and market pressure as Saylor reaffirms commitment to Bitcoin
Michael Saylor, founder and visionary of Strategy, has emerged from the information shadows for the first time in a long while. On June 26, he published a statement on X that can be seen as a public declaration of loyalty to the company's strategy: the bet on Bitcoin remains unchanged. This statement came amid several serious challenges — a legal investigation by Rosen Law Firm, growing pressure on preferred securities, and a general market cooldown toward the dividend model.
In his post, Saylor avoided direct mentions of the investigation, the class-action lawsuit from investors, and the decline in value of STRC preferred shares. Instead, he emphasized "market volatility as a test" and reaffirmed the company's commitment to "high credit quality and long-term value creation." This was a signal primarily aimed at shareholders and creditors: capital management discipline remains a priority.
Numbers speak louder than words
Strategy holds 847,363 BTC on its balance sheet, accounting for over 4% of all Bitcoin that will ever be mined. The average purchase price is around $75,500 per coin, significantly higher than the current market rate. This gap has led to a compression of the MSTR stock premium, which investors previously paid for indirect leveraged exposure to Bitcoin. That premium has now nearly vanished, and the market is asking: how will the company finance new purchases?
The bulk of the Bitcoin was acquired through several issuances of preferred shares traded on the exchange. These securities are now under serious pressure. According to recent data, STRC preferred shares have lost 25% of their face value, with their yield soaring to 15.3%. Dividend payments on these shares cost the company approximately $1.2 billion per year, while Strategy's cash reserves are disclosed at $1.4 billion. This is enough for about a year under current conditions.
Market pressure and criticism
The day before Saylor's post, prominent critic Peter Schiff once again pointed out the weak performance of MSTR shares, stating they had fallen 84% from their all-time high. 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 the company's model are becoming increasingly acute.
Expert comment: Saylor is betting that the market underestimates his long-term strategy and is trying to shift the focus from operational issues to the fundamental value of Bitcoin. However, the compression of the premium and the rise in preferred share yields are warning signs. If the Rosen Law Firm investigation uncovers violations in the issuance of securities, it could become not just a reputational blow but a serious legal case that calls the entire financing model into question. The coming months will be decisive for Strategy: either Saylor will restore investor confidence, or legal risks will escalate to a new level.