Strategy’s move also aligns with the recent acceleration in corporate Bitcoin buying. The idea of holding BTC on company balance sheets is back on the table. Macro signals from the US are mixed, interest-rate expectations remain cloudy. After the latest jobs data, volatility in risk assets picked up. Right at this point, Strategy’s financing structure becomes more visible.

In short, while continuing its BTC accumulation strategy, the company is turning to new tools designed to partially shield investors from volatility.

Why Is MSTR Sliding While Bitcoin Falls?

In Phong Le’s interview with Bloomberg Television, the standout topic was “Stretch (STRC).” Strategy is preparing to issue more STRC perpetual preferred stock (perpetual preferred shares) to fund BTC purchases.

Le described the structure like this:

“We’ve engineered something for investors who want access to digital capital without that volatility.”

The critical detail here is STRC’s monthly-adjusted dividend structure. The goal is to keep the price trading around $100. Currently, the monthly reset dividend rate stands at 11.25%.

STRC closing at $100 today also sent a symbolic signal: more BTC buying is likely on the way from Strategy.

Looking at the company’s recent financing activity, the picture is somewhat fragmented. Roughly $370 million in MSTR common stock sales and just $7 million in preferred shares were used for recent BTC purchases. So STRC still represents a small slice. But Le’s message is clear: that slice will grow.

At this point, Michael Saylor also stepped in. Strategy’s executive chairman reiterated that the company has no plans to sell its BTC holdings.

MSTR Under Pressure: Another 5% Lower

Market sentiment is even more tense.

MSTR shares dropped another 5.16% on Wednesday to $126.14. Year to date, the stock is down about 20%. Since the October crypto crash, the picture is harsher: losses are approaching 70%.

Strategy’s market capitalization has fallen to around $40 billion during this period.

Bitcoin’s slide from a peak above $126,000 to below $65,000 has directly impacted the company’s balance sheet. In Q4 2025 earnings:

• Net loss: $12.4 billion
• Loss per share: $42.93
• Unrealized loss from digital assets: $17.4 billion

This quarter doesn’t look much different. Strategy is currently sitting on nearly $6 billion in unrealized losses on its BTC positions.

BTC purchases funded through ongoing share dilution are naturally weighing on investor psychology. Analysts are cutting targets. Volatility isn’t just showing up in crypto—it’s echoing across the MSTR chart as well.

Bitcoin Holds the $66K Zone

Bitcoin has slipped another 1% over the past 24 hours and is trading around $66,803 at the time of writing. The intraday range stands between $65,757 and $68,650.

What’s notable: trading volume is up more than 20%. Dip buyers are active. Still, on-chain data tells a more cautious story.

According to Glassnode, Bitcoin is showing structural weakness. Price remains defensive within the $60K–$72K range. Spot volumes are reactive, futures markets are cooling, and treasury outflows are suppressing demand.

CoinGlass data paints a similar picture. Selling pressure returned in derivatives markets over the past few hours. Total BTC futures open interest rose 1% over 24 hours but dropped 1% in the last four hours to $45.21 billion, with declines seen on both CME and Binance.

A Small Side Note

Strategy’s approach is increasingly shifting away from a traditional corporate model toward a kind of “Bitcoin proxy.” Tools like STRC aim to soften that structure. Will it work? Time will tell.

What’s clear is this: despite short-term balance-sheet pain, Phong Le and Michael Saylor are not backing away from their long-term BTC thesis. MSTR is swinging, Bitcoin is choppy, investors are uneasy. Yet Strategy is holding its course.

The market, for now, remains unconvinced.

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Long-Term Fundamentals Over Short-Term Noise

Phong Le emphasizes that Bitcoin’s price behavior can often be difficult to interpret in the short run. Market fluctuations, he argues, do not always align with fundamental progress. From his perspective, investors who treat Bitcoin as a long-term asset class should avoid overreacting to temporary volatility and instead focus on structural trends shaping the ecosystem.

Bitcoin reached a record high of $125,100 on October 5 before experiencing a pullback of nearly 30%, settling around the $87,000 range. During the same period, market sentiment deteriorated sharply, with the Crypto Fear & Greed Index remaining in the “Extreme Fear” zone since mid-December. Despite these indicators, Le maintains that price sentiment and fundamentals are not always synchronized.

A Disciplined Approach to Short-Term Price Action

While long-term conviction remains central to Strategy’s outlook, Le acknowledges that some investors focus on short-term movements. For those participants, he recommends a disciplined and data-driven approach rather than emotional decision-making. Metrics such as mNAV — the ratio between a company’s market value and the value of its Bitcoin holdings — play a key role in Strategy’s evaluation framework.

Currently, Strategy’s mNAV sits below 1, around 0.93. The company holds approximately 671,268 Bitcoin, valued at roughly $58.6 billion. According to Le, this gap suggests that the market is not fully pricing in the company’s Bitcoin exposure, reflecting broader inefficiencies during periods of fear-driven selling.

Institutional and Government Momentum Builds

Looking beyond market charts, Le highlights growing institutional and governmental engagement as a major long-term catalyst. He notes that the stance of the U.S. government toward Bitcoin is more supportive than ever before. At the same time, traditional financial institutions are actively seeking ways to adapt to Bitcoin’s expanding role.

Strategy’s leadership has reportedly held discussions with banks in both the United States and the United Arab Emirates, where institutions are evaluating how to remain competitive in an increasingly digital financial landscape.

Although the U.S. has taken formal steps toward establishing a Strategic Bitcoin Reserve, a fully defined implementation plan has yet to be announced. Even so, many analysts believe further clarity could emerge in 2025 or 2026.

Looking Ahead to 2026

According to Phong Le, these developments point to a strengthening foundation for Bitcoin in the years ahead. While volatility may persist, Bitcoin’s position within the global financial system continues to mature — a trend long-term investors are watching closely.

What is MicroStrategy (Strategy)?

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Addressing Dividend Concerns Before They Escalate

In an interview with CNBC, Phong Le explained the motivation behind raising such a large amount in a short period. He noted that recent market discussions, particularly on social platforms, had cast doubt on Strategy’s capacity to sustain its dividend payments during a period of Bitcoin weakness.

Le emphasized that these claims had also fueled the perception that the company might be forced to liquidate part of its Bitcoin holdings. He rejected this notion, stressing that Strategy had no immediate need to sell any assets. To quiet the growing uncertainty, the company raised the equivalent of 21 months’ worth of dividend obligations in only eight days. Management also revealed plans to extend this reserve to cover 24 months in the near future.

Bitcoin Sales Considered Only Under Exceptional Conditions

Although Strategy maintains sizable Bitcoin reserves, Le reiterated that selling these assets is not part of the firm’s operational plans. Such a step, he explained, would only be considered under rare circumstances—specifically if the company’s stock were to fall below its net asset value and access to fresh capital were no longer available. Until then, the firm intends to preserve its long-term Bitcoin strategy.

Demonstrating Long-Term Dividend Stability

Following the announcement, Strategy introduced a new “BTC Credit” dashboard to further reassure stakeholders. According to the company’s calculations, its current asset position could theoretically support dividend payments for more than 70 years.

This strategic move signals the firm’s intent to remain resilient through market cycles while strengthening trust in its financial stability and long-term vision.

What is MicroStrategy (Strategy)?

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The post Strategy Strengthens Its Position With a Major Cash Reserve appeared first on Coin Engineer.

What Does “Last-Resort” Mean?

Phong Le emphasized that the company’s strategy of buying and holding Bitcoin is inherently long-term, and that this approach is both intentional and necessary. The desire to sell is not the company’s main strategy; rather, it would only be an option in case of necessity. A possible scenario in such a case can be described as follows:

If the market value of MSTR shares falls below the company’s net asset value (NAV) and the company cannot find other sources to meet dividend or debt obligations. In such a situation, selling Bitcoin would be considered “mathematically” justifiable. However, Le does not expect this to happen easily.

This article may also interest you: Are Low Stablecoin Yields a Signal for Ethereum’s Rise?

Saylor’s Bitcoin Purchases Continue

Despite the decline in share prices, there is no change in MicroStrategy’s Bitcoin-based roadmap.

The company’s founder and chairman, Michael Saylor, reiterated his commitment on X, stating that he will not back down.

On November 17, the company announced the purchase of 8,178 Bitcoins. The value of this purchase is $835.6 million, representing a significant increase compared to previous weeks, as recent weekly average purchases were around 400–500 BTC.

With this latest acquisition, MicroStrategy’s total Bitcoin holdings have risen to 649,870 BTC, valued at approximately $56 billion at current prices.

MicroStrategy (Strategy) Nedir?

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