Strategy Authorizes $1.25B Bitcoin Sale in Capital Framework Overhaul

Bitcoin News

Strategy Inc., the largest corporate holder of Bitcoin (BTC), unveiled a Digital Credit Capital Framework on June 29 that for the first time authorizes selling up to $1.25 billion of its Bitcoin to bolster liquidity. The company's investor-relations disclosure confirms a newly funded $2.55 billion U.S. dollar reserve, earmarked solely for preferred dividends and debt interest of roughly $1.76 billion a year. Strategy also lifted the annual dividend on its STRC preferred shares by 50 basis points to 12%, effective July 1, and approved $1 billion in common-stock and $1 billion in preferred-security buybacks. Management framed the shift as a move from one-way issuance toward active capital management.

Shares of Strategy jumped as much as 14% on Monday to about $94, their strongest single session in weeks, leading a broad rally across Bitcoin-linked equities. The bounce arrived even as Bitcoin itself stayed under pressure near $60,000, underscoring that the move was driven by the capital plan rather than spot-price strength. Other treasury and exchange names rode the tailwind: Nakamoto climbed more than 10% intraday, Strive added over 3.5%, and Coinbase posted a more muted gain near 2%. The stock had ground down from a May peak near $200, dragged lower by Bitcoin weakness and a broader risk-off mood spreading across global markets.

The overhaul follows a structural break in Strategy's funding engine, as its enterprise mNAV — a valuation gauge that folds in debt, perpetual preferred stock and cash alongside its coin holdings — slipped below 1. That signals the market valued the company's capital structure beneath the worth of its underlying Bitcoin, shattering the premium that once let it issue equity and accumulate coins cheaply. The STRC preferred, a financing workhorse since 2025, sank to a record low near $71 against its $100 face value. Strategy still holds 847,363 BTC bought for $64.1 billion at an average $75,651, leaving the entire stack deep underwater near current prices.

Separately, research from Grayscale argued that Bitcoin may be approaching a cyclical bottom rather than the start of a deeper bear market, even after the asset slid below $60,000. The note observed that Bitcoin has fallen more than 50% from its all-time-high zone near $125,000 last October, pressured by shifting Federal Reserve expectations as traders now price a possible rate hike this year instead of cuts. The analysis tied the floor to three variables: passage of the CLARITY Act in the Senate, Strategy reinforcing its balance sheet, and the Fed pausing. Failure on those fronts, it cautioned, could extend a slow grind lower.

Corporate accumulation elsewhere continued despite the downturn. Bitmine Immersion Technologies disclosed it added 27,084 ETH last week, lifting its Ethereum holdings to 5,700,040 ETH as of June 28 — roughly 4.7% of total supply. The company's broader treasury, spanning crypto, cash and securities, stands near $9.8 billion and includes about $555 million in cash, 4.879 million staked ETH and 206 BTC. The disclosure underscores how some treasury operators keep buying the largest altcoin through weakness while Strategy recalibrates, a divergence that highlights differing conviction levels across the corporate cohort even as Bitcoin's market dominance sits elevated.

In exchange news, BitMEX replaced its chief executive, chief financial officer and growth head, installing former global general counsel and operating chief Peter Wilkinson as CEO. The venue, founded in 2014 and later penalized in the United States over anti-money-laundering failures, is reported to be seeking a buyer and trimming costs to court bidders. Meanwhile in India, a sudden squeeze in USDT supply pushed local stablecoin premiums above 8.5%, up from a typical 3% to 4%, after an enforcement crackdown on virtual-asset transfers curbed inflows. Local USDT quoted near 102.88 rupees against a 94.65 official dollar rate, reflecting a hardening regulatory risk premium.

COINOTAG's proprietary 42-indicator composite scoring engine rates the $58,174 support at 85/100 (STRONG), the firmest level on our board, anchored by the confluence of the S1 pivot, the lower Bollinger Band and the lower Keltner channel — sitting right at the live spot near $58,476. Overhead, our engine scores the $60,844 resistance at 75/100, built on the prior-day high and the R2 pivot. Derivatives data shows funding near flat at 0.0009% with $11.6 billion in open interest and a long/short account ratio of 2.71 (73.1% long) — a crowded posture that risks a squeeze if support fails. With RSI at 30.8, a bearish MACD and Fear & Greed at 15 (Extreme Fear), a daily close below $58,174 invalidates the bullish case and opens $56,750.