Strategy (MSTR) shares surged on 29 Jun after the company scrapped its "never sell Bitcoin" policy, saying it would tap its vast store of the largest cryptocurrency to boost reserves, fund dividends and buy back securities as needed.
Strategy Shares Jump as Investors Back Capital Plan, Bitcoin Sales
29 June 2026 - 23:39 CEST
By Matt Neill
Strategy's Class A shares closed up 12.6% at $92.68 on 29 Jun after the Bitcoin treasury company unveiled a new 'Digital Credit Capital Framework' aimed at strengthening its preferred securities, improving liquidity and preserving long-term Bitcoin exposure.
Under its 'BTC Monetization Program', Strategy said it may sell Bitcoin to fund corporate obligations, including its USD Reserve, dividend and interest payments and repurchases of its Digital Credit securities or common stock.
The framework was well received by investors. STRC, Strategy's variable rate perpetual stretch preferred stock that the company had been using to fund its BTC purchases, ended the trading day at $83.67, up 12.20%. Bitcoin's reaction was more muted, trading at around $60,250 at 21:14UTC, up 1.3% over the past 24 hours.
Strategy remains the world's largest corporate holder of Bitcoin, with 847,363 BTC.
mNAV Slips Below One
The rally follows a sharp sell-off in crypto markets that pushed Strategy's mNAV below one and drove STRC further away from its intended $100 trading price, a decline that raised alarms among investors.
Strategy's website showed its mNAV at 0.98 on 29 Jun, down 3.0%, indicating the company's market value had fallen below the implied value of its Bitcoin holdings and capital structure. An mNAV below one means investors are valuing Strategy at less than the estimated value of its underlying assets.
Even with today's gain, shares of Strategy are down by more than a third in 2026 and roughly 85% below their all-time high set in November 2024.
Bitcoin sales become explicit tool
The programme includes adding up to $1.25bn to Strategy's reserve-building capacity. Together with its existing $2.55bn USD Reserve, the company said it has $3.80bn of dividend coverage, enough to fund payments for about 25.9 months.
Strategy also said it may buy back up to $1bn in its digital credit securities, without giving any timeframe for such repurchases or even committing to do so. Strategy also set a $1bn repurchase programme for its common shares but again did not give any timetable or commit to making any purchases.
The move to sell Bitcoin marks a shift for a company long associated with Bitcoin accumulation. Strategy disclosed earlier this month the sale of 32 BTC between 26 and 31 May to fund preferred stock dividend payments – its first Bitcoin sale since 2022.
Investors appeared to welcome the added liquidity and buyback capacity, even as the plan confirms that Bitcoin sales are now part of the company's capital structure.
Capital plan lifts shares
The company also raised the STRC dividend rate by 50 basis points to 12% for July's record dates. Strategy said its corporate objective is for STRC to trade over time at $99 to $100.
The target had come under pressure after STRC fell as low as about $73 last week, more than 25% below its $100 target. The decline raised concerns over whether preferred securities could continue supporting Strategy's Bitcoin acquisition programme as originally intended.
Ripple chief executive Brad Garlinghouse criticized Strategy's financing model in a post on X, writing that "financial engineering doesn't drive long-term value. Utility does." In a separate interview with CNBC, Garlinghouse said he remains bullish on Bitcoin but argued that Strategy's approach had "hurt the overall market."
