Saylor's $48B Glow-Up Proves Diamond Hands Pay — But STRC Still Won't Hold $100 🎯

Strategy co-founder Michael Saylor defended the company's Bitcoin accumulation model this week, pointing to a swing from a roughly $300 million reserve shortfall in late 2022 to a combined $BTC and USD reserve cushion of approximately $48 billion above its debt today. Saylor's remarks, posted on X, framed the rebound as a vindication of the firm's long-term buying strategy, noting that the company did not sell any $BTC even when debt briefly outpaced its combined Bitcoin and cash holdings during the market drawdown following the FTX collapse.

According to Saylor, the company held about 130,000 $BTC in October 2022 when the price traded near $20,000, with MSTR shares at roughly $24 on a split-adjusted basis. After $BTC fell below $16,000 later that year, MSTR dropped into the $13 range by year-end and debt exceeded reserves by about $300 million. Saylor said Strategy has since raised more than $60 billion and increased its holdings to approximately 843,700 $BTC, the largest public-company treasury position. "When I gave this speech in October 2022, Bitcoin traded near $20,000… Today, our BTC and USD reserves exceed debt by ~$48 billion. Thank you to everyone who believed, endured, and took the long view," Saylor wrote.

The defense comes as critics question the company's ongoing issuance of common stock under the MSTR ticker and its preferred security STRC to fund additional $BTC purchases. STRC, formally the Variable Rate Series A Perpetual Stretch Preferred Stock, was designed to trade near $100, with Strategy resetting its monthly dividend to defend that level. The company has raised the dividend repeatedly, most recently to 11.5%, though Strategy's filings note STRC is not collateralized by its Bitcoin and carries only a preferred claim on residual assets. The stock has traded in the high $80s, slipping below its $100 floor during a recent sell-off that pulled $BTC to around $63,700.

The mechanics of the instrument limit Strategy's options when the price weakens. Because the company can issue new STRC only at or above par, a sustained discount effectively pauses a key funding channel for further $BTC accumulation. Analyst James Van Straten argued that the slide reflects messaging more than structure, noting that retail investors hold roughly 80% of the stock and that "$STRC is not a stablecoin, it does not 'de-peg.'" Michaël van de Poppe, founder of MN Capital, said he expects STRC to return near par within a week absent a drop in $BTC toward $10,000, though Saylor's critics continue to press the company on its leverage and issuance pace.