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Strategy Inc, the company formerly known as MicroStrategy that turned itself into a Bitcoin holding vehicle, is trying to fix a problem of its own making. CEO Phong Le has outlined a plan to stabilize the company’s perpetual preferred stock, STRC, which has been trading below its $100 par value, while simultaneously rebuilding cash reserves and resuming its signature move: buying more Bitcoin.
Le is putting his money where his mouth is. The CEO personally purchased $1 million worth of STRC, signaling confidence that the stock will recover to par. For a company that holds roughly 843,000 to 845,000 BTC, the preferred stock situation is less of an existential crisis and more of a nagging credibility issue that needs addressing before the next wave of capital raising can begin.
The 32 BTC sale that raised eyebrows
Strategy sold 32 BTC for approximately $2.5 million in late May or early June 2026, marking its first Bitcoin sale since December 2022. Le framed the sale as a systems test rather than a distress signal. The company wanted to verify that its internal processes for managing and liquidating Bitcoin actually work when needed.
The STRC problem
STRC, Strategy’s perpetual preferred stock, pays an annualized dividend of around 11.5%. The stock has been trading below its $100 par value. The discount reflects two related concerns. First, Strategy’s USD reserves had dwindled, raising questions about whether the company can reliably cover its dividend obligations. Second, limited liquidity in the STRC market itself has made it harder for investors to enter and exit positions without moving the price.
Le’s plan to address this is straightforward: rebuild the cash cushion. By restoring USD reserves, the company aims to reassure STRC holders that their dividends are secure and that the stock deserves to trade at or near par. His personal $1 million investment is designed to underscore that conviction.
The $80 billion ambition
Le’s broader capital plan is nothing if not ambitious. Strategy aims to raise over $80 billion through a combination of debt and equity instruments, funding that would fuel further Bitcoin purchases and push the company toward its stated goal of holding 1 million BTC.
As of early May 2026, Strategy held over 818,000 BTC with a cost basis of approximately $61.81 billion. More recent figures suggest that number has climbed to somewhere between 843,000 and 845,000 BTC, keeping the company firmly entrenched as the largest Bitcoin holder among publicly traded firms. The 1 million BTC target would represent a roughly 18% increase from current levels.
Beyond buying more Bitcoin, the funds would help Strategy maintain its USD reserves, covering dividend payments on STRC and other financial obligations without needing to liquidate Bitcoin holdings.
What this means for investors
Strategy’s plan creates an interesting tension. The company wants to be both a leveraged Bitcoin play and a reliable issuer of income-producing securities like STRC.
The risk emerges during downturns. If Bitcoin drops significantly, Strategy’s ability to raise capital cheapens, its STRC dividends become harder to fund from reserves, and the pressure to sell Bitcoin grows substantially. The $80 billion fundraising target assumes continued market appetite for Strategy’s securities.
For STRC holders specifically, the near-term outlook hinges on whether Le can actually rebuild those USD reserves quickly enough. An 11.5% annualized yield is attractive, but only if investors believe the dividend is sustainable. Le’s personal purchase signals confidence, though $1 million is a rounding error relative to the company’s balance sheet.
Disclosure: This article was edited by Editorial Team. For more information on how we create and review content, see our Editorial Policy.
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