Strategy's common stock MSTR has declined 79.17% over the last 12 months, falling 3.53% over the previous day to trade at $94.03 at the time of writing. The significant decline occurred as Strategy shifted from aggressive Bitcoin accumulation toward defensive capital management, with the company selling only 0.43% of its remaining Bitcoin holdings in recent months. According to AMBCrypto, the sales represented a fraction of total holdings, suggesting liquidity management rather than a broader Bitcoin exit strategy.
Strategy has strategically sold portions of its Bitcoin reserve in two consecutive reporting periods to strengthen its financial position. The company sold 3,620 BTC in July 2026, representing only 0.43% of remaining holdings, after initially selling 32 BTC in June 2026. Following these sales, Strategy's Bitcoin holdings fell to 843,775 BTC, which is worth $54.5 billion at current prices. The company has raised its cash reserve to approximately $3 billion after selling about $466.7 million of MSTR shares through its at-the-market (ATM) equity program, providing liquidity to cover dividends, interest payments and other obligations without relying entirely on Bitcoin holdings.
The Market to Net Asset Value (mNAV) has slipped to just 1.03x, representing a sharp decline from previous highs of 2.51x. This metric, which gauges how the market values a Digital Asset Treasury (DAT), has eroded the premium that once made equity issuances highly accretive. According to AMBCrypto, Strategy's Bitcoin holdings carry a $63.69 billion cost basis with an average purchase price of $75,482, shifting attention from accumulation toward the sustainability of the model. The company previously raised $25.3 billion during 2025 when mNAV climbed to 3.89x, but current conditions require a shift away from adding Bitcoin holdings toward creating balance sheet flexibility.
The changing financial dynamics are reshaping Strategy's performance metrics that once demonstrated the model's effectiveness. BTC yield has fallen from 9.4% in early 2026 to around 6.6% as of press time, while Bitcoin per share has declined from the previous high of 207,776 satoshi supported by 171,278 BTC in net accumulation. As reported by AMBCrypto, each new share issued now generates less incremental Bitcoin ownership than before, with investors focusing on whether Strategy can continue funding future purchases rather than simply expanding its treasury size. The company faces $1.76 billion annually in STRC dividend obligations plus convertible notes and continuing equity financing, creating a significant funding gap.
Former Goldman Sachs credit investor Khing Oei argues that the market has mispriced Strategy's STRC preferred stock, valuing it at $96 versus the current market price of $85. Oei, who spent 25 years valuing risky debt at Goldman Sachs and hedge funds, says the market's 14% yield calculation is flawed because it assumes STRC pays out forever without considering the company's ability to afford dividends. According to his analysis, STRC's $10.5 billion in preferred shares are backed by $50.2 billion in assets after stripping out senior claims, with a $1.73 billion annual dividend bill that can sustain payments for 29 years even if Bitcoin remains flat. The 13% mispricing between Oei's $96 valuation and the market's $85 price creates potential upside for investors collecting the 14% yield while the price climbs toward fair value.
