🚨 BREAKING: Strategy sold $108M worth of BTC and now holds $4.65B in cash.
Saylor’s Strategy sold 1,690 BTC and $653M worth of MSTR stock, using the BTC sale proceeds to repurchase $STRC.
What do you think Strategy is planning next? 👀
🚨 BREAKING: $DOT has only moved $54M today.
What’s going on? 😈
Low volume = low liquidity + reduced market activity.
Is the market losing interest in $DOT, or is something bigger brewing behind the scenes? 🧐
Bitcoin worked exactly as designed. BIP-110 was free to fork, and the network was free not to follow. The result was decisive: about 99.85% of Bitcoin's hashpower stayed with Bitcoin. The BIP-110 branch mined only two blocks and is already more than 80 blocks behind.
🚨 BREAKING: $DOT has only moved $54M today.
What’s going on? 😈
Low volume = low liquidity + reduced market activity.
Is the market losing interest in $DOT, or is something bigger brewing behind the scenes? 🧐
Every crypto bull run started with these 2 signals.
- ISM Manufacturing above 55
- Russell 2000 breaking out
When both happened in 2016, crypto had its first bull run.
The same setup appeared again in 2020, sending the market from $400 billion to over $2.5 trillion.
In 2025, it never happened as ISM stayed below 50.
Now it's back.
- ISM just hit 55.6
- Russell 2000 just reached an ATH
If history repeats, we're a few months away from a major bull run.
How does Strategy navigate a challenging Bitcoin market, return $STRC to par, and continue compounding Bitcoin per share?
In our Q2 earnings call, we laid out the strategy, reviewed our financial position and capital-management framework, and answered questions from equity analysts and industry experts.
Prepared Remarks
00:00:00 - Welcome
00:01:20 - 843,775 BTC, 203,683 sats per share, $17B raised year to date, and Strategy’s position as the largest institutional holder of Bitcoin
00:03:27 - Q2 balance sheet: $49.7B of digital assets, $3.75B current USD reserve, lower debt, higher preferred equity, and strong stress-case coverage
00:08:57 - Bitcoin KPIs: 4.5% BTC Yield, 29,997 BTC Gain, and ~3.6x growth in Bitcoin per share since 2020
00:12:47 - Q2 execution: higher Bitcoin holdings, lower debt, larger USD reserves, stronger Bitcoin per share, and active capital management
00:15:03 - Strategy as a net buyer of Bitcoin and net issuer of Digital Credit: 48x more BTC bought than sold and 300x more Digital Credit issued than repurchased
00:18:47 - Returning $STRC to $99–$100 through USD reserves, Bitcoin monetization, repurchases, dividend management, and disciplined issuance
00:24:50 - Bitcoin liquidity: why Strategy’s bitcoin purchases and sales are not material to overall Bitcoin trading volume
00:33:03 - Bitcoin as Digital Capital: website metrics, the 200-week moving average, current headwinds, Bitcoin Dominance, banking adoption, and security coordination
00:44:08 - $STRC as flagship Digital Credit: liquidity, lower volatility, market depth, yield, investor base, path to par, and updated credit metrics
01:05:04 - Equity framework: hurdle rate, breakeven rate, floor rate, market skepticism, $MSTR outperformance, franchise advantages, and Strategy’s long-term ambition
Q&A
01:19:31 - Why Bitcoin-backed borrowing is not currently the preferred path to build USD reserves
01:23:11 - Why Strategy is consolidating around $STRC instead of creating more instruments or selling volatility
01:40:37 - Equitizing, repaying, or refinancing convertible debt
01:43:18 - Covered calls, cash-secured puts, Digital Credit, Bitcoin as money, and marketing products to the 99% outside Bitcoin
01:59:22 - USD reserve minimums and the path to $STRC trading at par
02:00:55 - Amplification, USD/BTC reserve mix, and countercyclical capital management
02:12:04 - Why Strategy does not intend to issue $STRC below par
02:20:34 - Lessons from 2022 and 2026, tokenized securities, Digital Money, and the June 26 $STRC dislocation
02:34:54 - Closing remarks
Crypto has spent 9 months in a downtrend giving back 2 trillion in marketcap. We've seen no new money enter all summer, just rotation between what currently exists. If we can't even get crypto enthusiasts to buy here we are so far away from convincing outsiders to return.