Strategy's | Crypto

US spot Bitcoin ETFs logged a record $4.5 billion in June outflows, pushing year-to-date totals to $5.5 billion, signaling an unprecedented pace of withdrawals. US-listed spot Bitcoin exchange-traded funds (ETFs) posted a record $4.5 billion in net outflows in June, more than three times the $1.25 billion Strategy is authorized to raise through its new Bitcoin monetization program. The record monthly withdrawals pushed US spot Bitcoin ETFs to roughly $5.5 billion in year-to-date net outflows for 2026, reducing cumulative net inflows since the funds launched to about $51.2 billion, according to SoSoValue data updated on Wednesday. BlackRock's iShares Bitcoin Trust (IBIT) accounted for about 79% of June's withdrawals, posting $3.55 billion in net outflows, according to Farside Investors. Read more

Strategy’s new Bitcoin capital framework draws Wall Street backing from Benchmark with a $570 per share target even as traders question long-term demand risk. Michael Saylor’s Strategy won support from some Wall Street analysts after unveiling a new capital framework, but the changes also sparked debate over the company’s long-term Bitcoin strategy and sustainability. Benchmark Equity Research on Monday reiterated its Buy rating on Strategy’s Class A stock MSTR and maintained a 12-month price target of $570, according to a report reviewed by Cointelegraph. Strategy's common Class A stock, MSTR, rose 12.6% to about $92.70 on Monday, while its STRC preferred shares climbed 12.2% to around $83.70, according to TradingView and Yahoo Finance. Read more

Bitcoin held below $60,000 as a surging dollar kept crypto pinned. Onchain demand stayed quiet through the week's losses, and Strategy's plan to possibly sell bitcoin added to the caution.

The price of Bitcoin rapidly fell to nearly $58,000 after Strategy's STRC preferred shares notched a new low and MSTR fell alongside.

Strategy's cash reserves are now enough to pay only 14 months of dividends from the previous seven-year level. CryptoQuant said the company should pause Bitcoin purchases and rebuild its reserves. Update, June 24, 2026, 2:14 pm UTC: This article was updated to include Strategy’s MSTR shares trading below $100 for the first time since March 1, 2024, according to Yahoo Finance data. After Strategy's dividend coverage fell to 14 months from seven years, CryptoQuant said the company led by Michael Saylor should pause Bitcoin purchases and focus on replenishing its cash reserve, which is down 38% year-to-date. Strategy's dividend obligations have nearly quadrupled to $1.2 billion, as the company issued substantial new STRC preferred stock, which carries an 11.5% yield. Read more

CryptoQuant says the cash cushion behind Strategy's STRC has thinned from seven years of coverage to 14 months, and buying BTC at cycle tops has left the company with a $10.6 billion paper loss.

Strategy's bitcoin-backed preferred stock remains well below par value as concerns over dividend coverage and stronger competition from Strive's SATA.

Strategy's recent Bitcoin sale appeared to clash with Saylor's "never sell" mantra, but he says the move reflects how the company's digital credit business works. Michael Saylor, executive chairman of Strategy, defended the company's recent Bitcoin sale, saying the ability to sell the asset is necessary to continue issuing "digital credit." Strategy disclosed its first reported Bitcoin sale since 2022 in a June 1 filing with the US Securities and Exchange Commission, offloading 32 BTC in a move that appeared at odds with Saylor's long-running "never sell your Bitcoin" mantra. In an interview with Cointelegraph at the BTC Prague conference, Saylor said that Bitcoin treasury companies must retain the ability to sell holdings when necessary to support dividend-paying securities and other Bitcoin-backed credit products.  Read more

The two bitcoin treasury leaders renewed the debate over Strategy's mNAV and dilution, with Saylor arguing that equity issuance for cash strengthens, rather than dilutes, shareholders.

Strategy's BTC Yield fell from 13.0% to 12.8% following its latest bitcoin purchase, prompting a debate on X over whether the purchase was dilutive to shareholders.

With Bitcoin falling hard this week and down nearly 50% from peak. Strategy's Michael Saylor is pointing the finger at the AI boom.

UMA voters ruled that Strategy's June 1 disclosure counted for the June contract, even though the company said it sold bitcoin during the final week of May.

Strategy's bitcoin sale may have rattled markets, but the bigger issue is missing demand from new buyers, Citi said.

Polymarket users are waiting for a resolution on whether Strategy's Bitcoin sale took place before the end of May—with over $50 million bet so far.

Strategy’s 32 BTC transaction has sparked debate over how investors value Bitcoin treasury companies as capital structure and liquidity considerations evolve. Shares of Michael Saylor’s Strategy fell Monday after the company disclosed its first Bitcoin sale since adopting a “never sell” philosophy, prompting fresh scrutiny of the corporate Bitcoin treasury model. Nasdaq-traded MSTR stock was down more than 6.5% to start off the week before paring back some of that decline by early afternoon on Monday. Although short-term price action rarely determines broader trends, Strategy’s sale of 32 Bitcoin (BTC) last week challenged the long-held perception that the company would only accumulate BTC and never liquidate its holdings, according to digital asset research and advisory firm Delphi Digital. Read more

Strategy could be set to announce it has resumed buying Bitcoin after pausing in recent weeks as the biggest crypto looks poised to close out the month down more than 3.5%. Strategy chairman Michael Saylor on Sunday signaled the Bitcoin treasury company would be announcing fresh purchases of the cryptocurrency in the coming days. The social media post comes just days ahead of a proxy vote that depends in large part on retailer shareholders to enable semi-monthly dividend payouts on the company’s STRC perpetual preferred stock. “Working Better” was Saylor's tweet late Sunday morning to accompany a bubble chart tracking Strategy’s Bitcoin (BTC) purchases over the past nearly six years. That chart, from Iceland-registered StrategyTracker.com, has been consistently posted by Saylor in the days ahead of news of a purchase by the biggest publicly traded Bitcoin holder. Read more

STRC has struggled to maintain its $100 target price, while Strategy's reduced cash reserves and dividend obligations are drawing increased investor attention.

MSTR is forming an ascending triangle pattern on its weekly price chart, pointing to a breakout move toward $350 in the coming months. Strategy's MSTR stock may rally by over 80% in the coming months despite suffering a $12.54 billion net loss in Q1 2026. Key takeaways: As of Friday, MSTR was trading inside what appeared to be an ascending triangle, a technical pattern formed when the price prints higher lows beneath a flat resistance zone. Read more

Bitmine bought $234 million of ether in its largest weekly purchase this year, closing in on Strategy's regular bitcoin buys once the firm's STRC-fueled spikes are stripped out.

The biggest Bitcoin treasury company's data shows holdings are profitable, having gained about 3.3% amid Bitcoin's rally to about $78,000. Michael Saylor, the co-founder of Strategy, the largest Bitcoin treasury company, as measured by total BTC holdings, signaled that the company will be boosting those holdings in the coming days. Saylor shared a chart of the company’s Bitcoin purchase history, showing 107 BTC transactions since 2020, which has previously signaled an impending purchase. Less than a week ago, Strategy completed its most recent BTC buy, purchasing 34,164 coins for more than $2.5 billion, bringing its total holdings to 815,061 BTC, valued at about $63.6 billion using spot market prices at the time of publication, according to the company. Read more