Overview
- Strategy funded a $1.44 billion U.S. dollar reserve via at‑the‑market stock sales to cover dividend and interest obligations for about 21 months, with a goal of reaching 24 months.
- The company trimmed its 2025 assumptions to a year‑end Bitcoin range of $85,000 to $110,000 and bought 130 BTC, lifting holdings to roughly 650,000 coins.
- Shares swung lower by as much as about 12% during the latest selloff as mNAV hovered near 1.13–1.15 and the company’s market cap fell below the value of its Bitcoin stack in some snapshots.
- CEO Phong Le said Bitcoin sales would be a last resort only if mNAV drops below 1 and capital markets become inaccessible.
- Benchmark reiterated a buy rating and argued true distress would require Bitcoin near $12,700, while critics including Peter Schiff cast the reserve and equity sales as signs of structural weakness.