Michael Saylor broke his public silence on June 26 with a post on X reaffirming Strategy’s commitment to Bitcoin, as the company faces a securities investigation and widening pressure across its capital structure.
Rosen Law Firm launched the probe, examining whether Strategy executives made materially misleading statements across five linked securities. The company has issued no formal response.
Saylor Doubles Down on Bitcoin Focus
On X, Saylor offered no direct comment on the probe. Instead, he framed volatility as a structural test. He signaled continued commitment to credit quality and long-term value creation.
The statement is notable for what it omits. It makes no mention of the class action interest gathering around the firm or the sharp declines across Strategy’s preferred securities. Saylor focuses on capital discipline, a message directed at both equity holders and creditors.
Strategy holds 847,363 Bitcoin (BTC), more than 4% of all Bitcoin that will ever exist. Its average acquisition cost sits near $75,500 per coin, well above current prices. That gap compressed the MSTR premium investors once paid for leveraged Bitcoin exposure. It also sharpened scrutiny on how the company continues to fund new purchases.
Strategy built much of that position through multiple classes of publicly traded preferred stock. Those instruments now sit under pressure as Bitcoin prices weaken and investor confidence in the dividend model erodes.
Market Pressure Tests That Conviction
The day before Saylor posted, critic Peter Schiff escalated his criticism of Strategy’s declining market performance.
He argued MSTR has fallen 84% from its all-time high. Schiff also noted that STRC dropped 25% from par, now carrying an implied yield of 15.3%. Saylor’s post served as an indirect rebuttal to those attacks without addressing them directly.
Questions about STRC’s long-term sustainability have grown sharper. The preferred stock’s dividend structure costs an estimated $1.2 billion annually. Strategy disclosed a $1.4 billion cash reserve on June 22, barely a year of cover at current rates.
Whether Saylor’s reaffirmation steadies investor confidence or the probe escalates into a formal complaint may define Strategy’s near-term trajectory.
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