MSTR
New deal, same old Strategy
Michael Saylor’s company just showed off the playbook again: sell stock, buy Bitcoin, repeat. Strategy said shareholders approved an amendment that shifts STRC preferred dividends from monthly to semi-monthly, with the first record date landing on June 30 and the first payment due July 15.
The ATM keeps doing its thing
In a separate 8-K filed Monday, Strategy disclosed it sold roughly 1.4 million MSTR shares for about $181 million through its at-the-market program last week. That cash went right back into the Bitcoin pile, funding another purchase of 1,550 BTC. If you were wondering whether the “buy more Bitcoin” button still works, yep — very much so.
Why investors are squinting at the math
The company also set aside a $1 billion cash reserve to backstop preferred dividends and interest payments. That’s the part that makes this more than just another crypto-booster headline. Strategy is trying to reassure holders that the dividend engine can keep chugging even if the funding mix gets a little weird — which, to be fair, is a pretty on-brand sentence for this company.
The Schiff-sized side-eye
Not everyone is buying the victory lap. Peter Schiff argued the structure is increasingly dependent on fresh capital and even suggested common shareholders may be taking on a negative Bitcoin yield to keep the whole setup alive. In plain English: the critics think this is less a flywheel and more a hamster wheel with better branding.
Big picture: Strategy is still leaning hard into its role as the market’s most financially engineered Bitcoin proxy. If you own the stock, you’re not just betting on BTC — you’re betting that the capital stack can keep feeding the beast without tripping over itself.