#Strategy拟回购股票 Event Core: Ending the "Only Buy, Never Sell" Myth, Shifting to Active Capital Management

Strategy (formerly MicroStrategy, MSTR), the world's largest corporate Bitcoin holder, announced a major capital management reform on June 29. The board approved a total of $2 billion in stock buyback plans — $1 billion each for common and preferred stock. At the same time, it authorized the sale of up to $1.25 billion in Bitcoin to supplement cash reserves. This is the first formal authorization to sell large amounts of Bitcoin since the company began purchasing Bitcoin in 2020.

🔍 Three-Dimensional In-Depth Analysis

1. The End of the "Only Buy, Never Sell" Era, with mNAV Falling Below 1 as the Direct Trigger

Strategy has long financed Bitcoin purchases through stock and debt issuance, but the company's enterprise value (mNAV) fell below its holding value for the first time, landing at 0.99 — meaning the market no longer pays a valuation premium for the Bitcoin strategy. The stock price has dropped over 45% year-to-date, with market cap shrinking from a peak of $71 billion to $29.5 billion. Meanwhile, unrealized losses on Bitcoin holdings amount to approximately $13.2 billion. The old model is no longer sustainable.

2. Buyback + Coin Sale + Interest Hike: A Three-Pronged Move to Stabilize Confidence

The new "Digital Credit Capital Framework" includes five core measures: ① $2.55 billion in cash reserves, covering 17.4 months of dividend and interest payments; ② STRCRC preferred stock dividend rate raised from 11.5% to 12%; ③ Two $1 billion buyback authorizations. If all $1.25 billion in BTC is sold, it would account for only 2.5% of its 847,363 BTC holdings — far more symbolic than actual selling pressure.

3. Market "Votes Approval" with a Sharp Stock Price Surge

After the announcement, MSTR stock, which had plunged 37.2% over nine consecutive trading days, surged 12.6% in a single day, closing at $92.68. Bitcoin also rebounded about 1.9% to around $60,286. Benchmark maintained a price target of $570, with analysts calling it a "responsible and positive signal."

Conclusion

Strategy has not abandoned Bitcoin — the CEO made clear that BTC remains the primary reserve asset. However, this adjustment marks a company that had expanded for a decade on "faith-based financing," forced back to capital discipline and liquidity management after a harsh market reassessment. The $2 billion buyback plan is both a counterattack against the discount and a clear signal to the market: even the most steadfast Bitcoin believers cannot forever ignore the fundamental rules of the balance sheet.