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Strategy Inc, the company formerly known as MicroStrategy, is continuing its Bitcoin acquisition strategy and is planning to raise substantial new capital to fund additional purchases. CEO Phong Le has outlined a financing plan that combines debt issuances and equity offerings, with the stated aim of raising more than $80 billion within a single year.
Strategy’s funding approach centers on two main levers: debt and stock. On the debt side, the company has used instruments such as convertible bonds. On the equity side, it issues new shares, typically timed to periods when the company’s stock trades at a premium to its net asset value (NAV).
The company’s stated mechanism is to sell shares when the stock price is higher than the value of the Bitcoin the company holds per share. In that scenario, investors effectively pay an additional amount for the Strategy wrapper around Bitcoin, and the company uses the proceeds to buy more BTC.
Strategy has also introduced a perpetual preferred stock called STRC, which pays a variable annualized dividend of approximately 11.5%. The instrument is intended to broaden the investor base by appealing to yield-seeking investors who may not otherwise invest in a Bitcoin-focused company.
As of early May 2026, Strategy holds more than 818,000 BTC, with a cost basis of approximately $61.81 billion.
In late May or early June 2026, Strategy sold 32 BTC for approximately $2.5 million. The sale was the company’s first Bitcoin liquidation since December 2022.
Le said Bitcoin sales would occur only if the stock price falls below NAV and all other funding options have been exhausted. The small size of the liquidation suggests those conditions were met only briefly, reinforcing the company’s position that selling BTC is a last resort rather than a routine action.
Strategy’s overarching objective is to improve what it calls “Bitcoin per share” metrics. The concept is to increase the amount of Bitcoin backing each share of Strategy stock without diluting existing shareholders too aggressively. Selling Bitcoin runs counter to that goal, which is why it is treated as an emergency lever.
Strategy began accumulating Bitcoin in 2020, when it was still primarily known as a business intelligence software firm. The company has since rebranded itself as the “world’s first and largest Bitcoin Treasury Company.” The pivot was cemented at the corporate level when the company changed its name from MicroStrategy to Strategy Inc.
Phong Le, who serves as President and CEO, has been central to operationalizing the treasury strategy. Raising tens of billions through convertible debt, preferred stock, and at-the-market equity offerings requires ongoing capital and balance-sheet management.
Strategy’s model depends on its shares trading at a premium to NAV. If Bitcoin experiences a prolonged downturn and the stock falls to or below NAV, the company’s capital-raising engine could stall.
The first BTC sale since 2022, while small, is a concrete reminder that even companies with a long-term Bitcoin commitment can be forced to liquidate under certain balance-sheet conditions. For investors in MSTR, the exposure is effectively a leveraged bet on Bitcoin, layered with corporate execution risk, dilution risk, and interest rate sensitivity.
Ready Card users outside the European Economic Area have reportedly faced an abrupt service halt after a transition involving the card issuer disrupted the USDC spending product, according to user notices shared on X.
A notice shared…
