Pivot Bitcoin Strategy: Di Dalam Buku Panduan MSTR Baru

Sejak mengadopsi Bitcoin sebagai aset cadangan utama perbendaharaan enam tahun lalu, Strategy (MSTR ) telah mengumumkan salah satu perubahan paling signifikan pada filosofi alokasi modalnya.

Perusahaan publik terbesar di dunia yang memegang Bitcoin tidak lagi secara agresif terlibat dalam aksi beli BTC yang terkenal, yang terus menelan jumlah kriptokurensi yang semakin besar.

Alih-alih hanya fokus pada penerbitan ekuitas dan sekuritas preferen untuk mengakumulasi lebih banyak Bitcoin, perusahaan kini memperkenalkan apa yang disebutnya Kerangka Modal Kredit Digital. Kerangka ini berpusat pada “manajemen modal aktif” bukan akumulasi terus-menerus.

That doesn’t mean Bitcoin will stop acting as Strategy’s main financial safety net.

“Strategy tetap berkomitmen pada Bitcoin sebagai aset cadangan utama perbendaharaan.”

– Michael Saylor, pendiri dan ketua eksekutif Strategy, mengatakan dalam sebuah pernyataan resmi

But what can’t be overlooked is that “Digital Credit requires liquidity, discipline, and active capital management,” he added.

Strategy telah menciptakan kerangka ini, yang “dirancang untuk memperkuat kualitas kredit dan memungkinkan Perusahaan mengurangi pembayaran dividen saham preferen yang diharapkan ketika bersifat akretif. Kerangka ini juga menjelaskan bagaimana kami berencana menggunakan toolkit manajemen modal kami sambil mempertahankan komitmen pada eksposur Bitcoin jangka panjang,” kata Saylor.

Sebagai bagian dari kerangka baru, Strategy telah memberi wewenang hingga $1 miliar untuk pembelian kembali saham biasa dan $1 miliar untuk pembelian kembali sekuritas preferen.

Selain itu, perusahaan telah meningkatkan tingkat dividen tahunan pada Variable Rate Series A Perpetual Stretch Preferred Stock (STRC) dari 11,5% menjadi 12%, berlaku untuk periode dividen yang dimulai 1 Juli.

Pada saat yang sama, perusahaan kini secara resmi dapat menjual BTC untuk beberapa alasan tertentu, seperti membangun atau mengisi kembali “Cadangan USD,” yang menjadikan ini perubahan paling signifikan pada model perbendaharaan Bitcoin perusahaan.

With this move, Strategy is shifting from treating Bitcoin purely as a one-directional, “never sell” stockpile to managing it as an active capital resource that can be deployed, monetized, or used as collateral to manage liability. CEO Phong Le has called this move a transition from “unidirectional capital raises toward dynamic capital oversight.” According to Le:

“We intend to move between issuing securities when capital is attractive and repurchasing securities when our instruments trade at levels that make buybacks accretive. This flexibility is designed to create shareholder value, improve corporate performance, and strengthen the quality and market standing of Strategy’s securities in the eyes of investors.”

Importantly, Strategy hasn’t abandoned the crypto asset as its core treasury asset, as it’s still keeping the long-term holding mandate intact. Instead, it has expanded the toolkit available to management during periods when capital markets or Bitcoin prices become less favorable.

Lebih Banyak Penjualan BTC Akan Datang? Bitcoin Menjadi Aset Modal Strategis

It was in 2020 that Strategy first began buying Bitcoin, and since then, the company has continued to do so relentlessly. As a result of its almost-constant weekly purchases, Strategy now holds 847,363 BTC, representing just over 4% of Bitcoin’s total supply.

To fund these Bitcoin purchases, the company has been selling equity, both common and preferred stock. But now things have taken a turn. The company has explicitly stated that it will sell Bitcoin.

One of the major components of Strategy’s Digital Credit Capital Framework is the creation of a BTC Monetization Program. This is the biggest change made by Saylor’s company, as under this program, the board has authorized management to sell Bitcoin “from time to time” under defined circumstances.

The proceeds from the BTC sales will be used for three main purposes. One is to build the company’s USD Reserve. This means Strategy will accumulate cash by selling Bitcoin, which the company called “superior to cash” back in 2020 when it announced its first Bitcoin purchase.

According to Strategy, its US dollar reserves currently total about $2.55 billion. Designated just for preferred-stock dividends and interest expense, the reserves are enough to cover about 17.4 months of these obligations.

When combined with $1.25 billion of authorized BTC monetization capacity, this further increases to roughly 25.9 months of current preferred stock dividend liquidity coverage.

In addition to building up to $1.25 billion in USD reserves, proceeds can be used to fund preferred stock dividends and interest obligations when management determines that selling Bitcoin is preferable to raising new capital, or to repurchase common and preferred securities.

“Bitcoin is capital,” said CFO Andrew Kang. “This program gives Strategy the flexibility to use a portion of its BTC Reserve to strengthen Digital Credit, fund or replenish the USD Reserve, fund dividend payments and interest expense, and fund accretive repurchases when BTC monetization is more advantageous than issuing common equity.”

Any further Bitcoin sales, or sales for any other purpose, will require additional Board authorization. There’s also no fixed expiration date to this program, and it may be modified, suspended, or terminated at any time.

In its announcement, the company points out that the program “does not obligate Strategy to sell any BTC” and that any sales will be subject to liquidity needs, tax and accounting considerations, market conditions, and management’s evaluation of long-term shareholder value.

It’s important to note that, under the new framework, the company won’t begin systematically liquidating its Bitcoin holdings. Rather, the board has granted management authorization to sell Bitcoin if doing so represents the most efficient way to manage liquidity or capital allocation under specified conditions.

As stated above, the authorization itself does not obligate the company to conduct any sale. This distinction matters because we have already seen Strategy sell Bitcoin without giving up its accumulation strategy.

On June 1, the company disclosed that it had sold some BTC, for the first time in four years, to help fund dividend payments on its perpetual preferred stock, STRC. Strategy had sold 32 BTC in the last week of May at an average of $77,135, totaling $2.5 million. Despite the sale, Strategy remains the largest holder of Bitcoin.

The move came after Saylor alluded to such a step during the company’s first-quarter earnings call this year. “We will probably sell some bitcoin to pay a dividend just to inoculate the market and send the message that we did it,” he said during the call.

While the sale came as a surprise, the company had divested once before, during another bear market. In Desember 2022, Strategy sold 704 Bitcoin as part of a tax-loss harvesting strategy.

The transaction made last month was also an extremely small fraction (less than 0.004%) of Strategy’s overall holdings, and just a few days later, the company began purchasing Bitcoin again, reinforcing the message that occasional monetization could coexist with long-term accumulation.

The latest framework announcement could be seen as the company essentially formalizing that approach.

Rather than maintaining an implicit “never sell” principle, Strategy now explicitly recognizes Bitcoin as an asset that can sometimes be monetized when doing so improves overall capital efficiency.

Moreover, Strategy has committed to disclosing material monetization or balance-sheet activity through standard SEC Form 8-K filings going forward, so the market will gain near-real-time visibility into whether and how the new sale authorizations are used.

Mengapa Perubahan? Dari Pertumbuhan Tanpa Batas ke Disiplin Neraca

If Strategy were to raise the entire $1.25 billion through BTC sales, it would require selling about 2.5% of its 847,363 BTC holdings, or roughly 20,800 BTC at current prices.

That’s not happening, but the BTC monetization program still marks a major shift for Strategy, showing just how dramatically the company has evolved over the past six years.

It all began in Agustus 2020, when Strategy, then called MicroStrategy, transformed itself from an enterprise software company into the world’s largest corporate Bitcoin holder under the leadership of Saylor.

Calling Bitcoin a “dependable store of value and an attractive investment asset” that is “useful to both individuals and institutions,” Saylor demonstrated a dramatic shift from his stance years earlier, when he said it’s only “a matter of time before it suffers the same fate as online gambling.”

With that, the company created a multi-layered capital-raising model to satisfy its appetite for Bitcoin. Over the years, Strategy repeatedly raised capital through convertible debt, common equity offerings, and, more recently, multiple preferred-stock instruments branded as Digital Credit.

Digital Credit refers to Bitcoin-backed, income-generating securities. Issuers like Strategy hold BTC as their primary reserve asset and issue preferred equity instruments, such as STRC, STRF, STRD, and STRK, against that collateral, creating structured products that offer investors yield and potential growth opportunity.

Almost all the proceeds from these financing instruments were used exclusively to purchase additional Bitcoin.

This approach worked wonderful during bull markets, as Strategy’s shares often traded at a substantial premium to the value of its Bitcoin holdings, allowing it to issue stock and expand its BTC treasury.

The mechanism worked like this: the company would issue MSTR stock at a premium to the value of its Bitcoin holdings (its mNAV multiple), use the proceeds to buy more BTC, watch Bitcoin-per-share rise, and let the resulting premium justify the next raise. But this mechanism rewarded shareholders only when MSTR traded above roughly 1.0x mNAV.

When conditions changed materially late in 2025, and especially in the first half of 2026, the premium collapsed.

Bitcoin’s price has been in a downtrend over the last eight months, and so have Strategy’s shares and several of the company’s preferred securities, including STRC. Because Strategy increasingly relied on preferred securities to finance BTC purchases, weaker prices made raising fresh capital both more difficult and more expensive.

Just last week, Strategy’s enterprise mNAV fell below 1 for the first time in its history. This means the market began valuing the entire company at less than the value of its Bitcoin holdings. At sub-1.0x mNAV, issuing new shares to buy more Bitcoin actually dilutes existing shareholders’ Bitcoin per share rather than increasing it, so the core funding engine of the original strategy stopped working.

On top of this, Strategy’s preferred-stock dividend obligations had grown sharply, and its STRC preferred shares collapsed to $75. Marketed as a low-volatility income product designed to trade near $100, STRC’s sharp decline further undermined investor trust and raised coverage concerns.

Research firm CryptoQuant even publicly urged the company to halt its Bitcoin buying and focus on rebuilding cash.

Sitting on a $14 billion unrealized loss, “any forced BTC sale at current prices would crystallize large losses and destroy shareholder value,” said CryptoQuant, advising Strategy to adopt a systematic approach to timing its Bitcoin purchases instead of buying whenever it gets its hands on capital.

The company has already begun shifting fresh capital toward cash reserves, and the new framework is effectively management’s formal acknowledgment that it can’t simply keep issuing and buying while its stock trades at or below the value of its underlying Bitcoin.

As Strategy recognized its need for new, more flexible ways to protect preferred-shareholder obligations and defend the common stock without relying solely on dilutive equity issuance, it announced the new framework. This isn’t a rejection of the Bitcoin accumulation strategy, but a recognition that the company has matured into a much larger financial platform whose balance sheet requires active management across market cycles.

Bagaimana Pasar Bereaksi? Saham Menguat Meskipun Bitcoin Menghadapi Angin Lawan

The potential sale of Bitcoin by Strategy under the new framework drew a broadly positive response.

Strategy shares jumped almost 7% in pre-market trading on the news and rose about 4.7% following the announcement, breaking an extended losing streak, the longest one since Desember 2022.

Just last week, MSTR shares had fallen below $82, the lowest level since Feb. 2024. That represented an almost 85% decline from its peak of $543, hit in Nov. 2024.

The latest bounce shows that investors are welcoming increased financial flexibility, a larger cash buffer, and the authorization for share repurchases, not to mention more tools to support both the balance sheet and shareholder value during periods of market stress.

As of writing, Strategy’s stock, with a $33.3 billion market cap, is trading at $92.68, down almost 39% year-to-date (YTD) and 75.80% over the past year. It has an EPS (TTM) of -39.90 and a P/E (TTM) of -2.32.

As for STRC, it also jumped 12.20% to $83.67 but is still trading at a discount to its peg. With Strategy sweetening the deal by raising the STRC dividend rate to 12% annualized, the instrument may find support near its $100 par value.

But according to David Dziekanski, CEO at Quantify Funds, “It’s now going to take a significantly higher yield for STRC to get back to 100.”

“There’s a higher Michael Saylor risk factor being priced in right now after he touted STRC as a strategy to avoid selling bitcoin but then moved away from that, spending cash he said would be on the balance sheet to buy back bonds, and then selling bitcoin,” he told CNBC.

When it comes to BTC itself, it didn’t show much reaction, though the price of the trillion-dollar market-cap cryptocurrency spiked to about $60,500 before falling back under $60K.

Bitcoin has actually been trading in the $60,000-$67,000 range through most of Juni 2026, well below Strategy’s roughly $75,651 average cost basis per coin.

The cryptocurrency is now trading at levels last seen in Sept. 2024, right before it made its ascent to $100,000 in Dec. 2024 and then to a new all-time high (ATH) of just above $126,000 in Oktober 2025.

But that was during the bull run, and Bitcoin is currently in the middle of its bear market, down 53% from its peak, according to CoinGecko. As altcoins fell in tandem, the total cryptocurrency market cap has dropped to $2.145 trillion, down from the $4.37 trillion ATH in Oct. 2025.

Apa Artinya Ini bagi Pemegang Korporat Bitcoin Terbesar?

The question now is whether this new approach will allow Strategy to serve as a buoy for digital assets or continue to be viewed as an anchor. Well, it largely depends on market conditions.

For starters, Strategy still holds a massive Bitcoin stash and remains by far the largest corporate holder, so its continued solvency and structural stability matter, especially for sentiment around broader corporate adoption of Bitcoin.

With its new framework, which protects and maintains substantial cash reserves, allows selective selling of BTC, and approves share repurchases, Strategy is becoming a more resilient institutional Bitcoin holder. It also enables the company to survive a prolonged drawdown without being forced to liquidate its Bitcoin.

Notably, Strategy has explicitly said that it intends to remain disciplined about MSTR issuance “particularly when the stock trades at or near 1x mNAV,” which means the old playbook of issuing stock regardless of valuation is over, at least for now.

A stronger balance sheet and a more resilient “bitcoin treasury company” model can also reduce the risk of a single large forced seller destabilizing the crypto market.

Saylor’s Strategy, after all, owns 4% of a decentralized currency with a fixed supply, even more than the world’s largest spot Bitcoin ETF, BlackRock’s iShares Bitcoin Trust, which holds BTC on behalf of hundreds of thousands of retail and institutional investors.

But then there are the dividend hikes and reserve-coverage policies, in addition to the serious walk-back of the “never sell” narrative, which point to Strategy experiencing real financial strain.

In that light, the new framework could lead to Strategy being seen as just another financial institution managing assets opportunistically, a perception that could become particularly important if future Bitcoin sales grow larger or more frequent.

The more realistic picture, however, is somewhere in between: Strategy is trying to shift from a pure one-way accumulation vehicle to something closer to an active balance-sheet manager. This transformation could make it a steadier, longer-term holder of Bitcoin, but at the cost of losing the structural advantage that made it a uniquely powerful demand engine for Bitcoin.

Kesimpulan

Strategy’s announcement of the Digital Credit Capital Framework marks the company’s biggest strategic change since embracing Bitcoin in 2020. While it doesn’t represent a retreat from its core thesis, it does establish formal, board-approved mechanisms for selling Bitcoin, buying back its own securities, and managing a protected cash reserve.

Investors are welcoming the shift, with markets reacting favorably to this added flexibility.

It remains to be seen just how successfully Strategy can balance financial discipline with long-term conviction through the next market cycle.