Michael Saylor’s Strategy Sets $2B Buyback Plan and Lifts STRC Dividend

Highlights:

• Michael Saylor’s Strategy lifted its USD reserve to $2.55 billion.
• The board cleared $2 billion across digital credit and MSTR buybacks.
• Strategy raised STRC’s dividend to 12% after pausing weekly bitcoin purchases.

Michael Saylor’s Strategy paused Bitcoin purchases last week and moved into a broader capital management plan. The company reported no BTC acquisitions for the week ending June 28, according to its Monday filing. Therefore, its holdings stayed at 847,363 BTC, bought for about $64.1 billion. That total gives the firm more than 4% of Bitcoin’s fixed 21 million supply cap.

Meanwhile, Strategy said it raised about $1.15 billion through at-the-market sales of 12.67 million MSTR shares. As a result, the company lifted its U.S. dollar reserve to $2.55 billion. Management said the reserve now covers about 17.4 months of preferred dividends and debt interest. Moreover, Strategy said $24.3 billion of MSTR shares remained available under its existing equity sale program.

The reserve carries strict limits. Strategy said it can only support preferred stock dividends and interest costs. Furthermore, management must keep at least 12 months of expected payments unless the board approves otherwise.

Strategy announces a Digital Credit Capital Framework designed to strengthen Digital Credit, enhance liquidity, preserve long-term Bitcoin exposure, and support long-term value creation. $MSTR $STRChttps://t.co/P770rd7fva

— Strategy (@Strategy) June 29, 2026

Michael Saylor’s Strategy Links BTC Sales to Liquidity

Strategy also authorized a Bitcoin monetization program under its new Digital Credit Capital Framework. However, the company stressed that the program does not require any Bitcoin sale.

Under the plan, Strategy may sell BTC from time to time for three main purposes. First, it may rise to $1.25 billion to fund or replenish the USD reserve. Second, it may cover preferred dividends and interest expense when management sees BTC sales as better than issuing stock. Third, it may fund repurchases of digital credit securities or MSTR shares.

Strategy noted that any Bitcoin sale outside those uses would need fresh board approval. In addition, the program has no fixed expiration date. The board can change, pause, or end it at any time. Saylor said the current reserve, together with possible BTC monetization, gives Strategy about $3.8 billion in dividend coverage. That equals nearly 25.9 months of current preferred stock dividend liquidity.

With $2.55B of USD Reserve and $1.25B of BTC monetization capacity for reserve-building, Strategy has $3.80B of dividend coverage, representing 25.9 months.

— Michael Saylor (@saylor) June 29, 2026

Chief Executive Phong Le said Strategy now plans to move between issuing and repurchasing securities. He said the framework should improve capital flexibility and support shareholder value. Meanwhile, Chief Financial Officer Andrew Kang said Bitcoin gives Strategy another funding option when equity issuance looks less attractive.

Buyback Programs Add Room for Capital Moves

Strategy also approved two separate repurchase programs worth up to $1 billion each. One covers digital credit securities, including STRC, STRF, STRD, and STRK. The other covers its Class A common stock, MSTR. The company said STRC will likely receive early focus under the credit securities repurchase plan. STRC has traded below its $100 stated amount since mid-May. Therefore, management wants room to buy securities when prices create accretive opportunities.

However, neither buyback program forces Strategy to purchase any set amount. The company said repurchases will depend on market conditions, liquidity, trading prices, legal limits, and capital needs. Also, Strategy said it will not fund buybacks from the protected USD reserve.

The company raised STRC’s annual dividend rate to 12% from 11.5%, effective for the July 2026 record dates. Management said it will review that rate monthly. However, Strategy added that a discount to par will not automatically trigger another dividend increase.

The filing followed pressure around Strategy’s capital structure. MSTR shares have fallen sharply this year, while STRC recently traded at a wide discount to par. Currently, MSTR is up more than 5%, while STRC has gained in early trading action. Meanwhile, BTC is trading below the $60K level following the broader market downturn.