MicroStrategy reported a $12.54 billion net loss, or $38.25 per share, after the value of its Bitcoin holdings declined. At the same time, its crypto-backed special stock STRC fell below $100 for the first time since April 15. That move removed the company’s ability to issue new STRC shares to fund additional Bitcoin purchases, putting that financing channel on hold.
Michael Saylor responded by using the company’s ATM program and selling regular MSTR shares to raise cash. The report said no additional Bitcoin purchases were made over the past week, marking a break from the company’s well-known pattern of continued accumulation.
Capital rules now include authority to sell Bitcoin
CEO Phong Le outlined six new principles for capital management. The final principle formally authorizes the company to sell Bitcoin when necessary. According to the report, management is using the updated framework to send a clearer message to both investors and regulators that the company wants greater flexibility in how it manages capital.
The article cited management’s view that allowing BTC sales under favorable business conditions represents a clear strategic shift. Saylor described the new approach as “the most important chart” in the financial world. He also framed the company model as one that uses Bitcoin as digital capital to generate both STRC digital credit and MSTR equity.
Focus expands beyond long-term accumulation
Under this approach, MicroStrategy’s main goal is no longer limited to long-term Bitcoin accumulation. The report said the company now aims to use Bitcoin to strengthen both its credit structure and its equity structure. It also described the formula of “never selling more than you buy” as an attempt to balance optimism toward crypto with shareholder expectations around dividends.
With dividend payments approaching and market turbulence increasing, these decisions are being viewed as a way to give the company more room to act. Analysts quoted in the report said volatility in financial statements and share prices has pushed management toward a more flexible stance. As the largest publicly owned institutional holder of Bitcoin mentioned in the article, MicroStrategy has again drawn market attention with this change.