Strategy (MSTR) Stock Drops 8% as Saylor Teases Yet Another Bitcoin Buy

TLDR

• Strategy holds 847,363 BTC worth ~$50.8 billion, but with an average cost basis of ~$75,646, the treasury is roughly $13 billion underwater with bitcoin near $60,000.
• Michael Saylor posted his usual “we’re gonna need more charts” signal on X, hinting at another BTC purchase filing as early as Monday.
• MSTR stock dropped to ~$82, its lowest since February 2024, and preferred stock STRC hit a record low around $71 last week.
• Strategy’s enterprise mNAV fell below 1 for the first time, meaning the market now values the company at less than the bitcoin it holds.
• Ripple CEO Brad Garlinghouse and on-chain firm CryptoQuant have both publicly criticised Strategy’s funding model, with CryptoQuant urging a pause on buying.

Strategy (MSTR) stock is sitting at its lowest level since February 2024, trading around $82 after dropping roughly 8% last Thursday. The preferred stock, STRC, also hit a record low near $71 last week.

Strategy Inc, MSTR

Yet Michael Saylor isn’t blinking.

On Sunday morning, Strategy’s executive chairman posted the company’s bitcoin acquisition tracker chart to X with the caption “We’re gonna need more charts.” It’s the same move he made before confirmed purchases on June 7 and June 21. A Monday 8-K filing could follow.

Strategy holds 847,363 BTC at an average cost of about $75,646 per coin. With bitcoin trading below $60,000, that puts the treasury roughly $13 billion underwater. The Block has estimated the unrealized loss could be as high as $14 billion as the selloff deepens.

The company’s most recent purchase was its smallest in recent weeks. On June 22, Strategy disclosed a 520 BTC buy for around $35 million and added $300 million to its dollar reserve, lifting that reserve to $1.4 billion. Saylor has said the company has about 10 months of reserves to cover STRC dividend obligations.

Funding Model Under Pressure

The combination of falling stock prices and a discounted preferred has pushed Strategy’s enterprise mNAV below 1 for the first time. That metric compares the company’s full market value — including debt and preferred stock — against the value of its bitcoin. When it drops below 1, raising fresh capital through share sales becomes much harder.

STRC carries an 11.5% annual dividend and was designed to trade near its $100 par value. It’s now around $74.57.

A Block Research analysis noted that MSTR common stock effectively ranks behind roughly $6.7 billion in convertible debt and about $15.5 billion in perpetual preferred stock, making it a leveraged residual claim rather than a clean bitcoin proxy.

Strategy recorded its first BTC sale since 2022 on June 1, offloading 32 coins for about $2.5 million to cover a STRC dividend payment, before resuming weekly purchases.

Critics Speak Out

Ripple CEO Brad Garlinghouse told CNBC on Friday that Saylor’s team “wasn’t focused on the right stuff” and that Strategy’s approach had hurt the broader market. He pointed to STRC’s discount as evidence of a flawed model.

On-chain analytics firm CryptoQuant went further on June 23, urging Strategy to pause buying entirely and rebuild its cash position. The firm’s head of research, Julio Moreno, said dividend obligations have quadrupled to about $1.2 billion annually, with STRC coverage dropping from over seven years to roughly 14 months. CryptoQuant estimated Strategy needs around $2.8 billion in reserves to restore two years of coverage.

Bitcoin was trading below $60,000 on Sunday, near its weakest level since October 2024.

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