#Strategy拟回购股票涨超12% Yes, after announcing a major capital management reform, Strategy (MSTR) saw its stock price surge over 12% on June 29, 2026, closing at $92.68. The core of this reform is breaking its "only buy, never sell" Bitcoin convention and shifting to a more flexible active management strategy.

📈 Core reason for the stock surge: massive $2 billion buyback

Its board of directors approved two $1 billion buyback plans each:

· Class A common stock (MSTR): Directly repurchasing company shares to boost the stock price.

· Digital credit securities (preferred stock): Repurchasing discounted preferred shares to optimize the capital structure.

🗝️ Key point of strategic shift: end of the "only buy, never sell" iron rule

To fund the above buybacks and dividend distributions, Strategy has authorized for the first time the sale of up to $1.25 billion in Bitcoin to replenish dollar reserves and pay dividend interest. This marks the complete end of the "only buy, never sell" strategy that has been in place for years.

💰 Financial supporting measures: raising dividends and building cash reserves

· Raising dividends: increasing the dividend rate of STRC preferred stock from 11.50% to 12.00% to enhance attractiveness.

· Cash reserves: establishing a dollar reserve policy requiring coverage of at least the next 12 months of expected dividend and interest payments (currently approximately $2.55 billion, covering 17.4 months).

💡 Market interpretation: short-term bullish, long-term bearish?

The market interprets this as a positive signal because active management can address severe stock price declines and discount issues, helping to restore confidence. However, it should also be noted that this shift in a sense acknowledges the unsustainability of its previous one-sided accumulation model, and the market's valuation logic for it may be undergoing reshaping.