Strategy CEO Phong Le lays out plan to lift STRC back to par and restart Bitcoin buying

Strategy Inc., the company formerly known as MicroStrategy and now effectively a Bitcoin treasury vehicle, is working to resolve a self-inflicted issue in its capital structure. CEO Phong Le said the company's priority is to stabilize STRC, its perpetual preferred stock that has been trading below the $100 par value, while rebuilding U.S. dollar liquidity and returning to its core playbook of accumulating more Bitcoin. Le is also sending a signal to the market with his own capital: he bought $1 million of STRC personally, a move meant to underscore his view that the preferred should recover toward par. With Strategy holding roughly 843,000 to 845,000 BTC, the STRC discount is viewed less as a balance-sheet threat and more as a credibility problem that needs to be addressed ahead of the next round of fundraising. A small BTC sale that drew attention In late May or early June 2026, Strategy sold 32 BTC for about $2.5 million, its first Bitcoin sale since December 2022. Le characterized the transaction as a systems check, saying the company wanted to confirm its internal processes for managing and liquidating Bitcoin function as intended, rather than signaling financial stress. Why STRC is trading below $100 STRC carries an annualized dividend of roughly 11.5%. Despite the high yield, the preferred has been pricing at a discount to par, reflecting two concerns: Strategy's USD reserves had been drawn down, prompting questions about dividend coverage, and STRC's limited market liquidity can make it difficult for investors to enter or exit positions without moving the price. Le's fix: rebuild the cash cushion Management's response is centered on rebuilding USD reserves. The aim is to reassure STRC holders that dividend payments are well covered and to support a trading price at or near par. Le's $1 million purchase is intended to reinforce that message. An $80 billion capital plan tied to a 1 million BTC goal Le also reiterated a broader funding ambition: Strategy wants to raise more than $80 billion through a mix of debt and equity instruments. The proceeds would finance additional Bitcoin purchases and support the company's stated objective of reaching 1 million BTC. As of early May 2026, Strategy reported holding more than 818,000 BTC at a cost basis of about $61.81 billion. More recent figures indicate holdings have increased to roughly 843,000 to 845,000 BTC, maintaining Strategy's position as the largest Bitcoin holder among publicly traded companies. Reaching 1 million BTC would imply about an 18% increase from current levels. Beyond further Bitcoin accumulation, the financing is also intended to preserve USD reserves so the company can meet STRC dividends and other obligations without having to sell Bitcoin. What investors should watch Strategy's plan highlights a tension: it wants to function as a leveraged Bitcoin vehicle while also being a dependable issuer of income-producing securities like STRC. The strain tends to surface in down cycles. A sharp Bitcoin decline can weaken Strategy's ability to raise capital on favorable terms, pressure USD reserves used for dividends, and increase the incentive to sell Bitcoin. The $80 billion fundraising target ultimately depends on sustained investor demand for Strategy's securities. For STRC holders, the near-term focus is whether management can rebuild USD reserves fast enough to support an 11.5% annualized dividend. Le's personal purchase signals confidence, even if $1 million is small relative to the company's overall balance sheet.