Saylor Unveils Bitcoin Sell-O-Meter, Market Cheers Like It Just Found Extra Sats 🧾

Strategy (MSTR) shares ended a nine-day losing streak on Monday, climbing 12.6% to $92.68 after the Bitcoin treasury firm introduced a new capital management framework aimed at formalizing how and when it would sell its digital asset holdings. The company disclosed that its USD Reserve had grown to $2.55 billion and outlined a "BTC Monetization Program" under which it could generate up to $1.25 billion in proceeds by selling Bitcoin to bolster cash, service preferred-stock dividends, retire debt and repurchase securities. The board has approved selling as much as $1.25 billion in Bitcoin for those purposes.

The announcement also detailed conditions for issuing common shares, stating they would only be sold when the company trades at a premium relative to its enterprise value, and authorized occasional buybacks of common and preferred stock during "market dislocations." Strategy Executive Chairman and co-founder Michael Saylor said the dividend on Stretch (STRC) had been raised for the eighth time, putting the preferred product on pace to deliver 12% annually across twice-monthly distributions. STRC itself rose 12.2% to $83.67, recovering from a low of $71.25 last week, well below its $100 par value at which Strategy typically issues more shares to acquire additional Bitcoin.

Analysts framed the move as a response to months of investor concern over the firm's thinning cash cushion. Mark Palmer, managing director and senior research analyst at Benchmark-StoneX, called Strategy's new "Digital Credit Capital Framework" "robust," reiterated a "Buy" rating and maintained a $570 price target. "The upshot is that Strategy is now an active manager of both sides of its capital structure, an approach that we view as a significant positive for its shareholders," Palmer wrote, describing the framework as "a direct, point-by-point answer to the concerns investors have been voicing."

Bitcoin traded near $60,200 at the time of the announcement, up 1.1% over the prior 24 hours according to CoinGecko, recovering from a weekly low of $58,200 reached as selling pressure around STRC and MSTR intensified. The framework arrives as Strategy's preferred-stock costs have climbed, leaving the firm under closer scrutiny over how it funds payouts and debt obligations going forward.